EX-99.1 2 h25293exv99w1.htm PRESS RELEASE exv99w1
 

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 1st 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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