Exhibit 99.1
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| | | | News Release |
| | CONTACT: | | Michael J. McCann |
| | | | CFO and Treasurer |
| | | | (337) 235-2452 |
FOR IMMEDIATE RELEASE
PETROLEUM HELICOPTERS, INC. ANNOUNCES RESULTS
FOR THE SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2004
LAFAYETTE, LA — August 9, 2004 — Petroleum Helicopters, Inc. (PHI) today reported net earnings of $1.1 million ($0.20 per diluted share) on operating revenues of $70.2 million for the quarter ended June 30, 2004. For the same period of 2003, the Company reported net earnings of $0.6 million ($0.11 per diluted share) on operating revenues of $66.3 million.
For the six months ended June 30, 2004, net earnings were $1.1 million ($0.20 per diluted share) on operating revenues of $137.2 million. This compares to net earnings of $1.3 million ($0.24 per diluted share) on operating revenues of $130.9 million for the same six-month period in 2003.
PHI provides helicopter transportation and related services to a broad range of customers including the oil and gas industry, air medical programs and the third-party maintenance business. PHI Common Stock is traded on The Nasdaq SmallCap Market (symbols PHEL and PHELK).
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Petroleum Helicopters, Inc. released the following earnings figures for the second quarter and six months ended June 30, 2004.
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| | | Quarter Ended June 30,
| | Six Months Ended June 30,
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| | | 2004
| | 2003
| | 2004
| | 2003
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| Operating revenues | | $ | 70,186 | | | $ | 66,339 | | | $ | 137,159 | | | $ | 130,946 | |
| Gain on disposition of property and equipment | | | 507 | | | | 520 | | | | 1,180 | | | | 1,438 | |
| Other | | | 62 | | | | 235 | | | | 145 | | | | 368 | |
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| | | | 70,755 | | | | 67,094 | | | | 138,484 | | | | 132,752 | |
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| Expenses: | | | | | | | | | | | | | | | | |
| Direct expenses | | | 58,048 | | | | 56,230 | | | | 115,333 | | | | 110,805 | |
| Selling, general, and administrative expenses | | | 5,610 | | | | 4,836 | | | | 10,754 | | | | 9,738 | |
| Interest expense | | | 5,010 | | | | 5,025 | | | | 10,026 | | | | 9,988 | |
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| | | | 68,668 | | | | 66,091 | | | | 136,113 | | | | 130,531 | |
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| Earnings before income taxes | | | 2,087 | | | | 1,003 | | | | 2,371 | | | | 2,221 | |
| Income taxes | | | 974 | | | | 401 | | | | 1,255 | | | | 888 | |
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| Net earnings | | $ | 1,113 | | | $ | 602 | | | $ | 1,116 | | | $ | 1,333 | |
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| Weighted average common shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 5,383 | | | | 5,383 | | | | 5,383 | | | | 5,383 | |
| Diluted | | | 5,486 | | | | 5,486 | | | | 5,486 | | | | 5,476 | |
| Net earnings per common share: | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.21 | | | $ | 0.11 | | | $ | 0.21 | | | $ | 0.25 | |
| Diluted | | $ | 0.20 | | | $ | 0.11 | | | $ | 0.20 | | | $ | 0.24 | |
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