8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported)   May 9, 2005 (May 6, 2005)

Petroleum Helicopters, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Louisiana

(State of Other Jurisdiction of Incorporation)

0-9827	72-0395707
(Commission File Number)	(IRS Employer Identification No.)
2001 SE Evangeline Thruway, Lafayette, LA	70508
(Address of Principal Executive Offices)	(Zip Code)

(800) 235-2452

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02. Results of Operations and Financial Condition
	Item 9.01. Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
Press Release

Item 2.02. Results of Operations and Financial Condition

     On May 6, 2005, Petroleum Helicopters, Inc. issued a press release announcing its first quarter 2005 earnings. The press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

     (a) Financial Statements of Business Acquired.

          None.

     (b) Pro Forma Financial Information.

          None.

(c) Exhibits

Exhibit No.	Description
99.1	Press Release of Petroleum Helicopters, Inc. dated May 6, 2005 announcing earnings for first quarter 2005.

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 hereunto duly authorized.

	Petroleum Helicopters, Inc. (Registrant)
Date: May 9, 2005	By:	/s/ Michael J. McCann
		Name:	Michael J. McCann
		Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release of Petroleum Helicopters, Inc. dated May 6, 2005 announcing earnings for first quarter 2005.

EX-99.1

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 FIRST QUARTER ENDED MARCH 31, 2005

     LAFAYETTE, LA — May 6, 2005 — Petroleum Helicopters, Inc. (PHI) today reported net earnings of $0.4 million ($0.07 per diluted share) on operating revenues of $74.2 million for the three months ended March 31, 2005. For the same period of 2004, the Company reported net earnings of less than $0.1 million on operating revenues of $67.0 million, which is further discussed in the Company’s 10-Q for the 1^st Quarter 2005.

     Mr. Al A. Gonsoulin, Chairman and CEO, stated; “Although we had a weak first quarter in large part due to extreme weather, we feel because of new contracts in Oil & Gas Deepwater and new programs in Air Medical that show increased flight volumes subsequent to the end of the quarter, that these increased flight hours should result in increased revenue and earnings in the second quarter.”

     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).

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Petroleum Helicopters, Inc. released the following earnings figures for the three months ended March 31, 2005. (All figures, except per share data, are shown in thousands.)

	For the Quarter Ended
	March 31,
	2005		2004
Operating revenues	$	74,239	$	66,973
Gain, net on disposition of property and equipment, net		646		673
Other		96		83
		74,981		67,729
Expenses:
Direct expenses		64,036		57,285
Selling, general and administrative expenses		5,229		5,144
Interest expense		5,117		5,016
		74,382		67,445
Earnings before income taxes		599		284
Income taxes		240		231
Net earnings	$	359	$	3
BASIC:
Net earnings per share	$	0.07	$	—
DILUTED:
Net earnings per share	$	0.07	$	—

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