PHELK Petroleum Helicopters - Non-Voting Common Stock (MM)

Petroleum Helicopters, Inc. (NASDAQ:PHEL) (NASDAQ:PHELK) ("PHI") today reported net earnings of $2.0 million ($0.31 per diluted share) on operating revenues of $86.8 million for the quarter ended June 30, 2005. For the same period of 2004, the Company reported net earnings of $1.1 million ($0.20 per diluted share) on operating revenues of $70.2 million. For the six months ended June 30, 2005, net earnings were $2.3 million ($0.40 per diluted share) on operating revenues of $161.0 million. This compares to net earnings of $1.1 million ($0.20 per diluted share) on operating revenues of $137.2 million for the same six-month period in 2004. Mr. Al A. Gonsoulin, Chairman and CEO, stated, "We were pleased with the progress in the second quarter as our flight hours and level of contracted aircraft increased in the Domestic Oil and Gas segment, and the volume of patient transports improved substantially in our Air Medical group over the first 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 on The Nasdaq National Market System (symbols PHEL and PHELK). -0- *T Petroleum Helicopters, Inc. released the following earnings figures for the second quarter and six months ended June 30, 2005. Quarter Ended Six Months Ended June 30, June 30, ----------------- ------------------- 2005 2004 2005 2004 -------- -------- --------- --------- Operating revenues $86,783 $70,186 $161,022 $137,159 Gain on disposition of property and equipment (186) 507 460 1,180 Other 198 62 293 145 -------- -------- --------- --------- 86,795 70,755 161,775 138,484 -------- -------- --------- --------- Expenses: Direct expenses 72,896 58,048 136,931 115,333 Selling, general, and administrative expenses 5,472 5,610 10,701 10,754 Interest expense 5,159 5,010 10,276 10,026 -------- -------- --------- --------- 83,527 68,668 157,908 136,113 -------- -------- --------- --------- Earnings before income taxes 3,268 2,087 3,867 2,371 Income taxes 1,307 974 1,547 1,255 -------- -------- --------- --------- Net earnings $1,961 $1,113 $2,320 $1,116 ======== ======== ========= ========= Weighted average common shares outstanding: Basic 6,158 5,383 5,773 5,383 Diluted 6,246 5,486 5,858 5,486 Net earnings per common share: Basic $0.32 $0.21 $0.40 $0.21 Diluted $0.31 $0.20 $0.40 $0.20 *T