PHI, Inc. has reported financial results for the quarter ended Sept. 30, 2016.
Consolidated operating revenues for the quarter ended Sept. 30, 2016, were $158.1 million, compared to $214.7 million for the quarter ended Sept. 30, 2015, a decrease of $56.6 million.
Oil-and-gas segment operating revenues decreased $43.6 million for the quarter ended Sept. 30, 2016, related primarily to decreased aircraft flight revenues for all model types resulting predominately from fewer aircraft on contract and decreased flight hours.
Air medical segment operating revenues decreased $11 million due principally to decreased traditional provider program revenues resulting from reduced overseas operations. Technical services segment operating revenues decreased $2 million due primarily to a decrease in technical services provided to a third party customer.
Oil-and-gas segment loss was $7 million for the quarter ended Sept. 30, 2016, compared to segment profit of $10.3 million for the quarter ended Sept. 30, 2015. The decrease in segment profit was due to decreased revenues, which were only partially offset by decreased expenses.
Air medical segment profit was $14.9 million for the quarter ended Sept. 30, 2016, compared to a segment profit of $17.7 million for the quarter ended Sept. 30, 2015. The $2.8 million decrease in profit is attributable to the decreased operating revenues, partially offset by decreased expenses.
Technical services segment profit was less than $0.1 million for the quarter ended Sept. 30, 2016, compared to segment profit of $0.6 million for the quarter ended Sept. 30, 2015. The $0.5 million decrease in profit is attributable to decreased revenues described above, partially offset by decreased expenses.
Consolidated operating revenues for the nine months ended Sept. 30, 2016 were $489.2 million, compared to $617.5 million for the nine months ended Sept. 30, 2015, a decrease of $128.3 million.
Oil-and-gas segment operating revenues decreased $105.3 million for the nine months ended Sept. 30, 2016, related primarily to decreased aircraft flight revenues for all model types resulting predominately from fewer aircraft on contract and decreased flight hours for these aircraft.
Air medical segment operating revenues decreased $19.5 million due principally to decreased traditional provider program revenues resulting from reduced overseas operations.
This decrease was partially offset by increased revenues attributable to our independent provider programs, driven principally by increased transports. Technical services segment operating revenues decreased $3.5 million due to fewer services provided to a third party customer.
Oil-and-gas segment loss was $17.8 million for the nine months ended Sept. 30, 2016, compared to segment profit of $40.5 million for the nine months ended Sept. 30, 2015
The decrease in segment profit was due to decreased revenues, which were only partially offset by decreased expenses.
Air medical segment profit was $39.2 million for the nine months ended Sept. 30, 2016, compared to a segment profit of $43.0 million for the nine months ended Sept. 30, 2015. The decrease in profit is primarily attributable to decreased revenues, which were only partially offset by the decreased aircraft operating expenses.
Technical services segment profit was $3.8 million for the nine months ended Sept. 30, 2016, compared to $1.8 million for the nine months ended Sept. 30, 2015. The $2 million increase in profit is primarily due to decreased expenses, partially offset by decreased revenues described above.
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.
