-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GwP03J+RD10XXpbOm4i/0nWTjFOtKZQkRDSH2PWFhCUR34rRUS2jQyWS0fPp0NzB tE0VMWGAUroHnWUQ5S4KIQ== 0000350403-97-000012.txt : 19971216 0000350403-97-000012.hdr.sgml : 19971216 ACCESSION NUMBER: 0000350403-97-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971031 FILED AS OF DATE: 19971215 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PETROLEUM HELICOPTERS INC CENTRAL INDEX KEY: 0000350403 STANDARD INDUSTRIAL CLASSIFICATION: AIR TRANSPORTATION, NONSCHEDULED [4522] IRS NUMBER: 720395707 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-11581 FILM NUMBER: 97737967 BUSINESS ADDRESS: STREET 1: 113 BORMAN DRIVE STREET 2: P O BOX 23502 CITY: LAFAYETTE STATE: LA ZIP: 70508 BUSINESS PHONE: 5047336790 MAIL ADDRESS: STREET 1: 113 BORMAN DRIVE CITY: LAFAYETTE STATE: LA ZIP: 70508 10-Q 1 10Q FOR PERIOD ENDING 10/31/97 ============================================================= SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: October 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission file number 0-9827 PETROLEUM HELICOPTERS, INC. (Exact name of registrant as specified in its charter) Louisiana 72-0395707 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2121 Airline Highway, Suite 400 P. O. Box 578 Metairie, Louisiana 70001-5979 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (504)828-3323 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO -- --- APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the Issuer's classes of common stock, as of the latest practicable date. Class Outstanding at December 11, 1997 ------ -------------------------------- Voting Common Stock 2,800,886 shares Non-Voting Common Stock 2,316,582 shares ============================================================= PART I - FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS PETROLEUM HELICOPTERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Thousands of Dollars) (Unaudited) October 31, April 30, ---------- --------- 1997 1997(1) ASSETS ---------- --------- Current assets: Cash and cash equivalents $ 1,142 $ 2,437 Accounts receivable - net of allowance 39,359 35,547 Inventory 33,079 30,202 Prepaid expenses 1,587 1,115 Refundable income taxes - 1,344 Notes receivable - investee companies 781 1,313 ------- ------- Total current assets 75,948 71,958 ------- ------- Notes receivable 22 22 Investments 2,583 2,480 Property and equipment: Cost 252,386 244,047 Less accumulated depreciation (123,792) (122,220) ------- ------- 128,594 121,827 ------- ------- Other 537 344 ------- ------- $ 207,684 $ 196,631 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 18,496 $ 21,059 Accrued vacation pay 4,659 4,784 Income taxes payable 958 - Current maturities of long-term debt 4,899 4,868 ------- ------- Total current liabilities 29,012 30,711 ------- ------- Long-term debt, net of current maturities 64,135 57,592 Deferred income taxes 18,239 18,239 Other long-term liabilities 5,784 2,673 Shareholders' equity: Voting common stock - par value of $ 0.10; authorized 12,500,000; issued shares of 2,800,866 at October 31 and April 30 280 280 Non-voting common stock - par value of $ 0.10; authorized 12,500,000; issued shares of 2,316,582 and 2,294,066 at October 31 and April 30, respectively 232 229 Additional paid-in capital 11,087 10,810 Retained earnings 78,915 76,097 ------- ------- 90,514 87,416 ------- ------- $ 207,684 $ 196,631 ======= ======= (1)The balance sheet at April 30, 1997 is condensed from the audited financial statements at that date. The accompanying notes are an integral part of these condensed consolidated financial statements. PETROLEUM HELICOPTERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Thousands of dollars, except per share data) (Unaudited) Three Months Ended Six Months Ended October 31, October 31, ------------------ ---------------- 1997 1996 1997 1996 ---- ---- ---- ---- REVENUES Operating revenues $ 57,521 $ 55,161 $ 113,435 $ 105,401 Gain on equipment disposals 65 46 417 50 Equity in net earnings of investee companies 5 171 99 200 ------ ------ ------- ------- 57,591 55,378 113,951 105,651 ------ ------ ------- ------- EXPENSES: Direct expenses 49,687 47,246 97,984 89,811 Selling, general and administrative 3,985 3,265 7,885 6,245 Interest expense 1,244 1,152 2,426 2,019 ------ ------ ------- ------ 54,916 51,663 108,295 98,075 ------ ------ ------- ------ Earnings before income taxes 2,675 3,715 5,656 7,576 Income taxes 1,121 1,430 2,327 3,013 ------ ------ ------- ------- Net earnings $ 1,554 $ 2,285 $ 3,329 $ 4,563 ====== ====== ======= ======= Net earnings per share $ 0.30 $ 0.45 $ 0.65 $ 0.90 ====== ====== ======= ======= Weighted average common shares outstanding (thousands) 5,104 5,076 5,099 5,076 ====== ====== ======= ======= Dividends declared per common share $ 0.05 $ 0.05 $ 0.10 $ 0.10 ====== ====== ======= ======= The accompanying notes are an integral part of these condensed consolidated financial statements. PETROLEUM HELICOPTERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Thousands of Dollars) (Unaudited) Six Months Ended October 31, ---------------------------- 1997 1996 ---- ---- Cash flows from operating activities: Net earnings $ 3,329 $ 4,563 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 5,931 4,717 Gain on equipment disposals (417) (50) Equity in net earnings of investee companies (99) (200) Changes in operating assets and liabilities (6,294) (7,239) Other 247 108 ------- ------- Net cash provided by operating activities 2,697 1,899 ------- ------- Cash flows from investing activities: Investments - (657) Purchases of property and equipment (13,223) (26,445) Proceeds from asset dispositions 2,895 280 ------- ------- Net cash used in investing activities (10,328) (26,822) ------- ------- Cash flows from financing activities: Proceeds from long-term debt 16,000 30,925 Payments on long-term debt (9,426) (4,384) Dividends paid (511) (508) Other 273 - ------- ------- Net cash provided by financing activities 6,336 26,033 ------- ------- Increase(decrease)in cash and cash equivalents (1,295) 1,110 Cash and cash equivalents at beginning of period 2,437 1,899 ------- ------- Cash and cash equivalents at end of period $ 1,142 $ 3,009 ======= ======= The accompanying notes are an integral part of these condensed consolidated financial statements. PETROLEUM HELICOPTERS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SIX MONTHS ENDED OCTOBER 31, 1997 AND 1996 (1) General The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Form 10-Q instructions of the Securities and Exchange Commission ("SEC") from the books and records of Petroleum Helicopters, Inc. ("PHI" or the "Company"). In the opinion of management, these financial statements reflect all adjustments, consisting of only normal, recurring adjustments, necessary to present fairly the financial results for the interim periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations of the SEC; however, the Company believes that this information is fairly presented. These condensed consolidated financial statements should be read in conjunction with the financial statements contained in the Company's Annual Report on Form 10-K for the year ended April 30, 1997 and the accompanying notes and Management's Discussion and Analysis of Financial Condition and Results of Operations. Certain reclassifications have been made to the prior year's financial statements in order to conform to the classifications adopted for reporting in fiscal 1998. These reclassifications had no impact on net income or shareholders' equity. The Company's financial results, particularly as it relates to its domestic oil and gas operations, are influenced by seasonal fluctuations. During the winter, there are more days of adverse weather conditions and fewer hours of daylight than the other months of the year. Consequently, flight hours are generally lower during the Company's third fiscal quarter than at other times of the year. This produces a seasonal aspect to the Company's business and typically results in reduced revenues from operations during those months. Therefore, the results of operations for interim periods are not necessarily indicative of the operating results that may be expected for the full fiscal year. (2) Commitments and Contingencies On Monday, June 2, 1997, the Company was notified by the National Mediation Board ("NMB") that the Office and Professional Employees International Union (OPEIU) filed an application to represent flight deck crew members (helicopter pilots) of PHI. On September 4, 1997 the NMB reported that the Company's helicopter pilots voted to reject union representation. The OPEIU filed objections with the NMB seeking to require a new election. The Company is vigorously contesting the OPEIU's objections. The NMB is still investigating the OPEIU's objections and as of the date of this report has not rendered a decision. On August 6, 1997, the domestic pilots of one of the Company's chief competitors voted to become members of this union. This vote was certified by the NMB. (3) New Accounting Pronouncements In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, Earnings Per Share ("FAS 128"). FAS 128 will change the computation, presentation and disclosure requirements for earnings per share amounts. FAS 128 requires presentation of "basic" and "diluted" earnings per share, as defined, on the face of the income statement for all entities with complex capital structures. FAS 128 is effective for financial statements issued for periods ending after December 15, 1997 and requires restatement of all prior period earnings per share amounts. Management does not believe that this pronouncement will have a material impact on the Company's calculation or presentation of its earning per share amounts. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company is engaged in providing helicopter transportation and related services. The predominant portion of its revenue is derived from transporting offshore oil and gas production and drilling workers on a worldwide basis. The Company also performs helicopter transportation services for a variety of hospital and medical programs and aircraft maintenance to outside parties. This discussion should be read in conjunction with the accompanying financial statements and with the financial statements for the year ended April 30, 1997 and the related notes and Management's Discussion and Analysis and in the Company's Annual Report on Form 10-K. RESULTS OF OPERATIONS The following is a comparison of the second quarter of the fiscal year ending April 30, 1998 with the comparable period of the prior fiscal year. Second Quarter Fiscal 1998 to Second Quarter Fiscal 1997 - --------------------------------------------------------- Revenues The Company generates flight revenues from both ongoing service contracts with established customers and non-contract flights referred to as Specials. Oil and Gas Aviation Services contracts are generally on a month to month basis and consist of a fixed fee plus an hourly charge for actual flight time. Specials are customer flights, provided on an as needed basis that are not provided pursuant to contractual commitments and which generally carry higher rates. Aeromedical contracts also provide for fixed and hourly charges, but are generally for longer terms and impose early cancellation fees to encourage customers to fulfill the contract term and cover the Company's additional up-front costs in the event of early termination. The following table summarizes and compares the Company's operating revenues by certain markets for the quarters ended October 31, 1997 and 1996: Operating Revenues for the Quarter Ended October 31, ---------------------------------------------------- (Thousands of dollars, except percentages and flight hours) Increase ---- ---- ------------- 1997 1996 $ % ---- ---- ----- --- Oil and Gas Aviation Services $ 49,769 $ 47,682 $ 2,087 4 Aeromedical Services 7,752 7,479 273 4 ------ ------ ----- Total Operating Revenues $ 57,521 $ 55,161 $ 2,360 4 ====== ====== ===== = Total Flight Hours 67,435 64,948 2,487 4 ====== ====== ===== = Earnings for the quarter were adversely impacted by flood damage caused by Hurricane Danny to twenty-six aircraft located at one of the Company's field bases. The estimated effect of this damage was $ 0.21 per share and primarily relates to the incremental effect of lost revenue. Although most of the damaged aircraft were repaired and generating revenue by the end of the quarter, the ensuing quarter could be negatively impacted as well, as three of these aircraft will not be fully operational until late in the third quarter. Oil and Gas Aviation Services Oil and Gas revenues for the quarter ended October 31, 1997 increased 4% to $ 49.8 million from $ 47.7 million. Flight hours increased 4% to 62,677 hours from 60,492 hours for the quarter ended October 31, 1997. The Company primarily attributes the increase to better economic conditions in the Gulf of Mexico. As of October 31, 1997, the Company had fifteen more aircraft under contract than at October 31, 1996. Aeromedical Services Aeromedical revenues increased slightly to $ 7.8 million, or 4%, from $ 7.5 million. Total Aeromedical programs and aircraft as of October 31, 1997 were fifteen and thirty-eight, respectively. Aeromedical flight hours for the quarter increased 302 hours to 4,758 hours. Direct Expenses Direct expenses increased $ 2.4 million, or 5%, to $49.7 million primarily as a result of increased activity levels. Direct expenses as a percentage of operating revenues increased slightly decreasing the Company's operating margin to 13.6% from 14.4% in the prior year's comparable quarter. The Company is incurring higher than expected maintenance costs as rapid fleet expansion caused more maintenance to be performed at outside vendors. In addition, the margin was negatively impacted by the incremental effect of lost revenue caused by Hurricane Danny. Human Resource costs including employee benefit costs, decreased $ 0.7 million, or 3% to 18.9 million. Salary expense increased slightly by $ 0.1 million due to the addition of employees which was needed to support increased flight activity. This increase was primarily offset by a decline in the Company's gain sharing program expense which was $ 0.6 million lower than the previous year period due to lower than planned earnings. Spare parts usage and repairs and maintenance increased $ 2.6 million, or 25% to $ 12.8 million. The Company is incurring higher than expected maintenance costs due to fleet expansion over the past year. In order to meet current aircraft utilization requirements, the Company has significantly increased the amount of outside repair work which is more costly than performing the work in-house. Aircraft depreciation increased $ 0.5 million, or 21% to $ 2.9 million, due to the purchase of additional aircraft. The Company purchased twenty-eight aircraft in fiscal year 1997 and has purchased five aircraft during fiscal year 1998. Helicopter rental expense increased $ 0.7 million, or 22%, to $ 3.6 million, due to the addition of several newly leased aircraft. There were eighty-six leased aircraft as of October 31, 1997 as compared to sixty-five at October 31, 1996. All other aircraft costs decreased $ 0.4 million, or 4%, to $ 9.0 million. These decreases were primarily due to a decline in fuel prices and insurance costs. Selling, General, and Administrative Expenses Selling, general and administrative expenses increased $ 0.7 million, or 22%, to $ 4.0 million. This increase was primarily ascribable to the following: $ 0.2 million due to consulting fees related to the information system upgrade programs, which commenced in 1996 and will continue through fiscal 1998; and $ 0.3 million due to legal and other consulting fees. Interest Expense Interest expense increased $ 0.1 million, or 8%, to $ 1.2 million. This was primarily related to the increase in the Company's long-term debt. Average long-term debt increased $ 9.8 million over the prior year second quarter. First Six Months Fiscal 1998 to First Six Months Fiscal 1997 - ------------------------------------------------------------ The following table summarizes and compares the Company's revenues by certain markets for the six months ended October 31, 1997 and 1996: Revenues for the Six Months Ended October 31, --------------------------------------------- (Thousands of dollars, except percentages and flight hours) Increase ------ ------ ---------- 1997 1996 $ % ------ ------ ------ - Oil and Gas Aviation Services $ 97,786 $ 90,286 $ 7,500 8 Aeromedical Services 15,649 15,115 534 4 ------- ------- ----- Total Operating Revenues $ 113,435 $ 105,401 $ 8,034 8 ======= ======= ===== = Total Flight Hours 134,549 127,824 6,725 5 ======= ======= ===== = Oil and Gas Aviation Services Oil and Gas revenues for the six months ended October 31, 1997 increased 8% to $ 97.8 million from $ 90.3 million. Flight hours increased 5% to 125,084 hours from 118,646 hours for the six months ended October 31, 1997. The increase is primarily attributable to better economic conditions in the Gulf of Mexico. As of October 31, 1997, the Company had fifteen more aircraft under contract than at October 31, 1996. Aeromedical Services The Company operates fifteen programs and a total of thirty-eight aircraft in the Aeromedical Services industry. Aeromedical revenues increased slightly to $ 15.6 million, or 4%, from $ 15.1 million. Aeromedical flight hours increased 287 hours, or 3%, to 9,465 hours. The increase in revenue is due primarily to the addition of one new program and two additional aircraft under existing contracts, as compared to October 31, 1996. Direct Expenses Direct expenses increased $ 8.2 million, or 9%, to $ 98.0 million associated with increased activity levels. Direct expenses as a percentage of operating revenues increased slightly decreasing the Company's operating margin to 13.6% from 14.8% in the prior year. The Company is incurring higher than expected maintenance costs as rapid fleet expansion caused more maintenance to be performed at outside vendors. Human Resource costs including employee benefit costs, increased $ 0.1 million to $ 37.9 million. Salary expense increased by $ 1.3 million due to the addition of employees which was needed to support increased flight activity. This increase was primarily offset by a decline in the Company's gain sharing program expense which was $ 1.3 million lower than the previous year period due to lower than planned earnings. Spare parts usage and repairs and maintenance increased $ 4.9 million, or 25% to $ 24.6 million. The Company is incurring higher than expected maintenance costs due to the increase in fleet size over the past year. In order to meet current aircraft utilization requirements, the Company has significantly increased the amount of work sent for outside repair, which is more costly than performing the work in- house. Aircraft depreciation increased $ 1.0 million, or 21% to $ 5.6 million, due to the purchase of additional aircraft. The Company purchased twenty-eight aircraft in fiscal year 1997 and has purchased five aircraft during fiscal year 1998. Helicopter rental expense increased $ 1.1 million, or 18%, to $ 7.1 million, due to the addition of several newly leased aircraft. There were eighty-six leased aircraft as of October 31, 1997 as compared to sixty-five at October 31, 1996. All other aircraft costs increased $ 0.7 million, or 4%, to $ 18.4 million. These increases were primarily due to increased flight activity and additional costs incurred for the Company's training program offset by a decline in fuel prices and insurance costs. The Company incurred an additional $ 0.1 million in outside training costs in the fiscal 1998 period as compared to the same period in the prior year. Selling, General, and Administrative Expenses Selling, general and administrative expenses increased $ 1.6 million, or 26%, to $ 7.9 million. This increase was primarily ascribable to the following: $ 0.5 million due to consulting fees related to information system upgrade programs, which commenced in 1996 and will continue through fiscal 1998; and $ 0.7 million due to legal and other consulting fees. Interest Expense Interest expense increased $ 0.4 million or 20% to $ 2.4 million. This was primarily related to the increase in the Company's long-term debt. Average long-term debt increased $ 14.8 million over the prior year period. LIQUIDITY AND CAPITAL RESOURCES The following is a comparison of the first six months of the fiscal year ending April 30, 1998 with the year ending April 30, 1997. The Company's cash position as of October 31, 1997 was $ 1.1 million compared to $ 2.4 million at April 30, 1997, the Company's fiscal year end. Working capital increased $ 5.7 million from $ 41.2 million at fiscal year end to $ 46.9 million. The increase was primarily related to an increase in accounts receivable, prepaid expenses and inventory of $ 3.8 million, $ 0.5 million, and $ 2.9 million, respectively, and a decrease in accounts payable and accrued expenses of $ 2.6 million. This was partially offset by the combined changes in refundable income taxes/income taxes payable and notes receivable of $ 2.8 million and a $ 1.3 million decline in the Company's cash position. Total long-term debt increased $ 6.5 million to $ 64.1 million as a result of the investing activities described below. The Company's current debt obligation totals $ 4.9 million, payable in equal quarterly installments, which the Company intends to pay with cash flow from operations. At October 31, 1997, the Company had $ 17 million of credit capacity available under its credit facility. The Company believes its cash flow from operations in conjunction with its credit capacity is sufficient to meet its planned requirements for the foreseeable future. The Company is in compliance with the provisions of its loan agreement. Cash provided by operating activities was $ 2.7 million. Investing activities primarily included the purchase and completion of several aircraft, aircraft improvements, and engines for $ 13.2 million. Proceeds from asset dispositions were primarily due to the sale of two aircraft that no longer met PHI fleet requirements. A gain of $ 0.3 million was recognized relating to the sale transactions. Investing activities were primarily funded through increased borrowings under the Company's credit facility. The Company also paid dividends of $ 0.05 per share during both the first and second quarters of fiscal 1998. The Company continues to review selected domestic bases for possible fuel contamination resulting from routine flight operations. The Company has expensed, including provisions for environmental costs, $ 0.7 million for the six months ended October 31, 1997 as compared to $ 0.8 million for the comparable period in fiscal year 1997. The aggregate liability for environmental related costs at October 31, 1997 is $ 1.9 million which the Company believes is adequate for probable and estimable environmental costs. The Company will make additional provisions in future periods to the extent appropriate as further information regarding these costs becomes available. The Company has considered the impact of Year 2000 issues on its computer systems and applications. A remediation plan has been developed and conversion activities are in process in conjunction with the current information systems upgrade and is expected to be completed and tested in 1998. FORWARD LOOKING STATEMENTS All statements other than statements of historical fact contained in this Form 10-Q, other periodic reports filed by the Company under the Securities Act of 1934 and other written or oral statements made by it or on its behalf, are forward looking statements. When used herein, the words "anticipates", "expects", "believes", "intends", "plans", or "projects" and similar expressions are intended to identify forward looking statements. It is important to note that forward looking statements are based on a number of assumptions about future events and are subject to various risks, uncertainties and other factors that may cause the Company's actual results to differ materially from the views, beliefs and estimates expressed or implied in such forward looking statements. Although the Company believes that the assumptions reflected in forward looking statements are reasonable, no assurance can be given that such assumptions will prove correct. Factors that could cause the Company's results to differ materially from the results discussed in such forward looking statements include but are not limited to the following: flight variances from expectations, volatility of oil and gas prices, the substantial capital expenditures required to fund its operations, environmental risks, competition, government regulation, unionization and the ability of the Company to implement its business strategy. All forward looking statements in this document are expressly qualified in their entirety by the cautionary statements in this paragraph. PHI undertakes no obligation to update publicly any forward looking statements, whether as a result of new information, future events or otherwise. RESULTS AT A GLANCE (Unaudited) The following table provides a summary of critical operating and financial statistics (thousands of dollars, except per share amounts, financial ratios, flight hours and general statistics): Six Months Ended October 31, --------------------------- Operations 1997 1996 ------- ------- Operating revenues $ 113,435 $ 105,401 Net earnings 3,329 4,563 Net earnings per share 0.65 0.90 Book value per share 17.45 16.46 Annualized return on shareholders' equity 7.5% 10.9% Total flight hours - operated 134,549 127,824 Financial Summary October 31, 1997 April 30,1997 ---------------- ------------- Net working capital $ 46,936 $ 41,247 Net book value of property and equipment 128,594 121,827 Long-term debt 64,135 57,592 General Statistics Aircraft Operated 319 314 Employees 1,875 1,851 Part II - OTHER INFORMATION Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The annual meeting of the stockholders of the Company was held on October 21, 1997, at which time the stockholders elected the following directors: Nominees For Withheld - -------- --- --------- Carroll W. Suggs 2,529,216 7,645 Leonard M. Horner 2,529,137 7,724 Robert G. Lambert 2,329,206 7,655 James W. McFarland 2,529,159 7,702 Bruce N. Whitman 2,529,174 7,687 Item 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits 3.1 (i) Articles of Incorporation of the Company (incorporated by reference to Exhibit No. 3.1 (i) to PHI's Report on Form 10-Q for the quarterly period ended October 31, 1994). (ii) By-laws of the Company (incorporated by reference to Exhibit No. 3.1 (ii) to PHI's Report on Form 10-Q for the quarterly period ended July 31, 1996). 27 Financial Data Schedule (b) Reports on Form 8-K No reports were filed on Form 8-K for the quarter ending October 31, 1997. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Petroleum Helicopters, Inc. December 11, 1997 By: /s/ Carroll W. Suggs ------------------------------- Carroll W. Suggs Chairman of the Board, President and Chief Executive Officer (duly authorized officer) December 11, 1997 By: /s/ John H. Untereker ------------------------------- John H. Untereker Vice President and Chief Financial Officer (principal financial officer) EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION FROM CONDENSED FINANCIAL STATEMENTS FOR THE PERIOD ENDING OCTOBER 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000350403 GEOFF STANFORD 1000 6-MOS APR-30-1998 OCT-31-1997 1142 0 39359 0 33079 75948 252386 123792 207684 29012 0 0 0 512 90002 207684 113435 113951 97984 97984 0 0 2426 5656 2327 3329 0 0 0 3329 .65 .65
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