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 THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2004
LAFAYETTE, LA — November 9, 2004 — Petroleum Helicopters, Inc. (PHI) today reported net earnings of $2.7 million ($0.48 per diluted share) on operating revenues of $77.7 million for the quarter ended September 30, 2004. For the same period of 2003, the Company reported net earnings of $0.1 million ($0.01 per diluted share) on operating revenues of $69.6 million.
For the nine months ended September 30, 2004, net earnings were $3.8 million ($0.69 per diluted share) on operating revenues of $214.9 million. This compares to net earnings of $1.4 million ($0.25 per diluted share) on operating revenues of $200.6 million for the same nine-month period in 2003.
We saw improvement in the Oil and Gas Division relative to deepwater operations. Additionally, the expansion in the Air Medical division continues to look promising in all geographic areas.
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 third quarter and nine months ended September 30, 2004.
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| | | Quarter Ended | | Nine Months Ended |
| | | September 30,
| | September 30,
|
| | | 2004
| | 2003
| | 2004
| | 2003
|
| Operating revenues | | $ | 77,733 | | | $ | 69,640 | | | $ | 214,892 | | | $ | 200,586 | |
| Gain on disposition of property and equipment | | | 1,091 | | | | 273 | | | | 2,271 | | | | 1,711 | |
| Other | | | 76 | | | | 165 | | | | 221 | | | | 533 | |
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| | | | 78,900 | | | | 70,078 | | | | 217,384 | | | | 202,830 | |
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| Expenses: | | | | | | | | | | | | | | | | |
| Direct expenses | | | 63,805 | | | | 59,952 | | | | 179,138 | | | | 170,758 | |
| Selling, general, and administrative expenses | | | 5,403 | | | | 5,048 | | | | 16,157 | | | | 14,786 | |
| Interest expense | | | 5,026 | | | | 4,984 | | | | 15,052 | | | | 14,972 | |
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| | | | 74,234 | | | | 69,984 | | | | 210,347 | | | | 200,516 | |
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| Earnings before income taxes | | | 4,666 | | | | 94 | | | | 7,037 | | | | 2,314 | |
| Income taxes | | | 2,007 | | | | 38 | | | | 3,262 | | | | 925 | |
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| Net earnings | | $ | 2,659 | | | $ | 56 | | | $ | 3,775 | | | $ | 1,389 | |
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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 | | $ | 0.49 | | | $ | 0.01 | | | $ | 0.70 | | | $ | 0.26 | |
| Diluted | | $ | 0.48 | | | $ | 0.01 | | | $ | 0.69 | | | $ | 0.25 | |
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