PHI, Inc. Announces Results for the Second Quarter Ended June 30, 2019
LAFAYETTE, La.--(BUSINESS WIRE)-- PHI, Inc. (OTC: PHIIQ (voting) PHIKQ (non-voting)) today reported financial results for the quarter ended June 30, 2019.
Consolidated operating revenues for the quarter ended June 30, 2019 were $165.2 million, compared to $169.3 for the quarter ended June 30, 2018, a decrease of $4.1 million. Oil and Gas segment operating revenues decreased $7.1 million for the quarter ended June 30, 2019. Revenues from our Gulf of Mexico operations decreased $6.0 million, primarily due to fewer aircraft on contract. Revenues from our international Oil and Gas operations decreased $1.1 million primarily due to lower flight hours in Australia, New Zealand, Trinidad, Canada and the cessation of a contract in Papua New Guinea. Air Medical segment operating revenues increased $2.4 million due principally from our newly-opened operating bases of $6.5 million, partially offset by revenue decreases of $4.1 million from existing and closed bases. Technical Services segment operating revenues increased $0.6 million due primarily to an increase in technical services provided to a third party customer.
Oil and Gas segment loss was $3.7 million for the quarter ended June 30, 2019, compared to a loss of $1.8 million for the quarter ended June 30, 2018. The $1.9 million increase in segment loss is primarily attributable to a $7.1 million decrease in revenues, partially offset by a $5.2 million decrease in aggregate segment expenses.
Air Medical segment profit was $6.1 million for the quarter ended June 30, 2019, compared to a segment profit of $7.1 million for the quarter ended June 30, 2018. The $1.0 million decrease in profit is attributable to a decrease in profit from our independent provider model bases of $2.4 million, partially offset by an increase in profit from our traditional bases and other air medical programs, net.
Technical Services segment profit was $1.4 million for the quarter ended June 30, 2019, compared to $0.9 million for the quarter ended June 30, 2018.
As a result of filing the Chapter 11 Cases in mid-March 2019, we incurred net reorganization expenses of $26.5 million during the quarter ended June 30, 2019, most of which related to the payment of professionals. Excluding these one-time charges, the resulting adjusted net loss for the quarter ended June 30, 2019 was $5.6 million, or $0.36 per share.
For additional information, please see (i) the attachments hereto and (ii) Form 10-Q for the quarter ended June 30, 2019 that we filed today with the U.S. Securities and Exchange Commission.
PHI provides helicopter transportation and related services to a broad range of customers including the oil and gas and air medical industries, and also provides third-party maintenance services to select customers. PHI Voting Common Stock and Non-Voting Common Stock are traded in the OTC Markets Pink Sheets (symbols PHIIQ and PHIKQ).