Petroleum Helicopters Reports 3Q05 Results
Petroleum Helicopters, Inc. (NASDAQ: PHELK) reported net earnings of $5.5 million ($0.53 per diluted share) on operating revenues of $100.0 million for the quarter ended September 30, 2005. For the same period of 2004, PHI reported net earnings of $2.7 million ($0.48 per diluted share) on operating revenues of $77.7 million. Fully diluted shares outstanding at September 30, 2005, were 10,295,000, compared to 5,486,000 at September 30, 2004.
For the nine months ended September 30, 2005, net earnings were $7.8 million ($1.06 per diluted share) on operating revenues of $261.0 million. This compares to net earnings of $3.8 million ($0.69 per diluted share) on operating revenues of $214.9 million for the same nine-month period in 2004. Average fully diluted shares outstanding for the nine months ended September 30, 2005, were 7,314,000 compared to 5,486,000 for the nine months ended September 30, 2004.
PHI also reported that during the quarter two significant hurricanes affected operations. Hurricane Katrina made landfall in southeastern Louisiana on August 29, 2005 and caused substantial flooding at the base in Boothville, Louisiana which is expected to be out of service for approximately twelve months as repairs are made. Other bases incurred some damage, all of which is expected to be repaired in the next several months. Flight hours were adversely affected initially as aircraft were evacuated and parked until the storm passed. When flights resumed, there was an increase in flight hours as customers began assessing damage and making repairs to facilities in the Gulf of Mexico. Additionally, the Air Medical segment experienced higher than normal flight activity while assisting with the evacuation of New Orleans following the hurricane.
Additionally, on September 24, 2005, Hurricane Rita made landfall in southwestern Louisiana destroying the base in Cameron, Louisiana and causing flooding and wind damage at other bases. Initially, flight hours were also adversely affected by this storm, but once flights resumed, they returned to post-Katrina activity levels. The Air Medical segment also experienced additional flight activity both before and after Hurricane Rita related to the evacuation of certain areas of Texas.
Operations at bases that are currently out of service have been
relocated to other bases that were unaffected or did not sustain
significant damage. All employees were accounted for and there were no
injuries reported. All aircraft were evacuated prior to both storms,
and as a result there was no damage to aircraft. PHI expects that
substantially all of the damage incurred at all bases will be covered
by insurance, and is discussed in more detail in Form 10Q.
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