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 SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2003
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LAFAYETTE, LA -- August 18, 2003 -- Petroleum Helicopters, Inc. (PHI) today
reported net earnings of $0.6 million ($0.11 per diluted share) on operating
revenues of $66.3 million for the quarter ended June 30, 2003. For the same
period of 2002, the Company reported net earnings of $1.6 million ($0.29 per
diluted share) on operating revenues of $71.1 million.
For the six months ended June 30, 2003, net earnings were $1.3 million ($0.24
per diluted share) on operating revenues of $130.9 million. This compares to net
earnings of $3.6 million ($0.67 per diluted share) on operating revenues of
$139.3 million for the same six-month period in 2002.
Certain statements in this release constitute forward-looking statements or
statements which may be deemed or construed to be forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. The
words "forecast", "anticipate", "estimate", "project", "intend", "expect",
"should", "believe", and similar expressions are intended to identify
forward-looking statements. These forward-looking statements involve, and are
subject to known and unknown risks, uncertainties and other factors which could
cause the Company's actual results, performance (financial or operating) or
achievements to differ from the future results, performance (financial or
operating) or achievements expressed or implied by such forward-looking
statements. The above factors are more fully discussed in the Company's SEC
filings.
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, 2003.
<Table>
<Caption>
QUARTER ENDED JUNE 30, SIX MONTHS ENDED JUNE 30,
----------------------------- -----------------------------
2003 2002 2003 2002
------------ ------------ ------------ ------------
Operating revenues $ 66,339 $ 71,136 $ 130,946 $ 139,315
Gain on disposition of property
and equipment 520 285 1,438 848
Other 235 1,026 368 1,092
------------ ------------ ------------ ------------
67,094 72,447 132,752 141,255
------------ ------------ ------------ ------------
Expenses:
Direct expenses 56,230 58,507 110,805 117,921
Selling, general, and
administrative expenses 4,836 5,319 9,738 10,032
Interest expense 5,025 5,983 9,988 7,291
------------ ------------ ------------ ------------
66,091 69,809 130,531 135,244
------------ ------------ ------------ ------------
Earnings before income taxes 1,003 2,638 2,221 6,011
Income taxes 401 1,058 888 2,403
------------ ------------ ------------ ------------
Net earnings $ 602 $ 1,580 $ 1,333 $ 3,608
============ ============ ============ ============
Weighted average common shares outstanding:
Basic 5,383 5,319 5,383 5,299
Diluted 5,486 5,434 5,476 5,410
Net earnings per common share:
Basic $ 0.11 $ 0.30 $ 0.25 $ 0.68
Diluted $ 0.11 $ 0.29 $ 0.24 $ 0.67
</Table>
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