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 THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2003
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LAFAYETTE, LA -- November 14, 2003 -- Petroleum Helicopters, Inc. (PHI) today
reported net earnings of $0.06 million ($0.01 per diluted share) on operating
revenues of $69.6 million for the quarter ended September 30, 2003. For the same
period of 2002, the Company reported net earnings of $3.3 million ($0.61 per
diluted share) on operating revenues of $69.7 million. For the quarter ended
September 30, 2003, there was a decrease in flight hour activity in the Domestic
Oil and Gas segment due to a decrease in activity in the Gulf of Mexico as
compared to the same period prior year. Included in the results for the quarter
were pre-tax severance charges ($2.1 million) related to a reduction in the work
force, and additional insurance premium cost for the quarter ($2.0 million).
For the nine months ended September 30, 2003, net earnings were $1.4 million
($0.25 per diluted share) on operating revenues of $200.6 million. This compares
to net earnings of $6.9 million ($1.27 per diluted share) on operating revenues
of $209.0 million for the same nine-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
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, 2003.
<Table>
<Caption>
QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
----------------------- -----------------------
2003 2002 2003 2002
---------- ---------- ---------- ----------
Operating revenues $ 69,640 $ 69,663 $ 200,586 $ 208,978
Gain on disposition of property
and equipment 273 (29) 1,711 819
Other 165 159 553 1,251
---------- ---------- ---------- ----------
70,078 69,793 202,830 211,048
---------- ---------- ---------- ----------
Expenses:
Direct expenses 59,952 55,244 170,758 173,165
Selling, general, and
administrative expenses 5,048 4,035 14,786 14,067
Interest expense 4,984 4,995 14,972 12,286
---------- ---------- ---------- ----------
69,984 64,274 200,516 199,518
---------- ---------- ---------- ----------
Earnings before income taxes 94 5,519 2,314 11,530
Income taxes 38 2,209 925 4,612
---------- ---------- ---------- ----------
Net earnings $ 56 $ 3,310 $ 1,389 $ 6,918
========== ========== ========== ==========
Weighted average common shares outstanding:
Basic 5,383 5,362 5,383 5,320
Diluted 5,486 5,461 5,476 5,427
Net earnings per common share:
Basic $ 0.01 $ 0.62 $ 0.26 $ 1.30
Diluted $ 0.01 $ 0.61 $ 0.25 $ 1.27
</Table>
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