PHI (PHIG) 8-K Results of Operations and Financial Condition

Exhibit 99.1

	News Release
CONTACT:	Michael J. McCann
	CFO and Treasurer
	(337) 235-2452

FOR IMMEDIATE RELEASE

PETROLEUM HELICOPTERS, INC. ANNOUNCES RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2004

      LAFAYETTE, LA – March 15, 2005 – Petroleum Helicopters, Inc. (“PHI”) today reported net earnings of $4.0 million ($0.72 per diluted share) on operating revenues of $291.3 million for the year ended December 31, 2004, compared to net earnings of $1.1 million ($0.21 per diluted share) on operating revenues of $269.4 million for the year ended December 31, 2003, which is further discussed in the Company’s 10-K for 2004.

      Mr. Al A. Gonsoulin, Chairman and CEO, stated; “We are pleased with our progress in 2004 with the Air Medical expansion and will continue this expansion in 2005. We are particularly pleased with the outlook for our Domestic Oil and Gas segment and will be adding new transport category aircraft in 2005 as a result of these developments.”

      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 in The NASDAQ SmallCap Market (symbols PHEL and PHELK)

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Petroleum Helicopters, Inc. released the following earnings figures for the year ended December 31, 2004.

(All figures, except per share data, are shown in thousands.)

	For the Year Ended
	December 31,
	2004		2003
Operating revenues	$	291,308	$	269,392
Gain, net on disposition of property and equipment		2,569		1,988
Other		392		686
		294,269		272,066
Expenses:
Direct expenses		245,374		230,229
Selling, general and administrative		21,034		19,983
Interest expense		20,109		19,952
		286,517		270,164
Earnings before income taxes		7,752		1,902
Income taxes		3,780		763
Net earnings	$	3,972	$	1,139
BASIC:
Net earnings per share	$	0.74	$	0.21
DILUTED:
Net earnings per share	$	0.72	$	0.21

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