EX-99.1 3 d13692exv99w1.txt PRESS RELEASE DATED MARCH 15, 2004 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, 2003 -------------------------------------------------------------------------------- LAFAYETTE, LA - March 15, 2004 - Petroleum Helicopters, Inc. (PHI) today reported 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, compared to net earnings of $9.2 million ($1.70 per diluted share) on operating revenues of $283.8 million for the year ended December 31, 2002, which is further discussed in the Company's 10-K for 2003. 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) # # # Petroleum Helicopters, Inc. released the following earnings figures for the year ended December 31, 2003. (All figures, except per share data, are shown in thousands.)
For the Year Ended December 31, 2003 2002 ------------ ------------ Operating revenues $ 269,392 $ 283,751 Gain, net on disposition of property and equipment 1,988 586 Other 686 1,675 ------------ ------------ 272,066 286,012 ------------ ------------ Expenses: Direct expenses 230,229 235,189 Selling, general and administrative 19,983 18,189 Interest expense 19,952 17,250 ------------ ------------ 270,164 270,628 ------------ ------------ Earnings before income taxes 1,902 15,384 Income taxes 763 6,153 ------------ ------------ Net earnings $ 1,139 $ 9,231 ============ ============ BASIC: Net earnings per share $ 0.21 $ 1.73 ============ ============ DILUTED: Net earnings per share $ 0.21 $ 1.70 ============ ============
# # #