PHI INC
			Symbol			PHII

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PHI, Inc. Announces Results for the Third Quarter Ended September 30, 2009

2009-11-09 16:41 ET - News Release

LAFAYETTE, La., Nov. 9, 2009 (GLOBE NEWSWIRE) -- PHI, Inc. (Nasdaq:PHII) (voting) (Nasdaq:PHIIK) (non-voting) today reported financial results for the quarter ended September 30, 2009.

Oil and Gas segment revenues were $79.2 million for the three months ended September 30, 2009, compared to $86.7 million for the three months ended September 30, 2008, a decrease of $7.5 million. Operating income was $13.2 million for the three months ended September 30, 2009, compared to $18.3 million for the three months ended September 30, 2008. The decrease in Oil and Gas segment operating revenues and income was due to a decrease in medium aircraft revenues resulting from a decrease in activity on the continental shelf and completion of a foreign contract in 2008. These were offset in part by an increase in deepwater activity and an increase in light aircraft flight hours.

Air Medical segment revenues were $43.3 million for the three months ended September 30, 2009, compared to $47.5 million for the three months ended September 30, 2008, a decrease of $4.2 million. Operating income was $7.5 million for the three months ended September 30, 2009, compared to $4.4 million for the three months ended September 30, 2008. The decrease in Air Medical segment operating revenues was due to a decrease in transport volume related to the economic environment and also the closure of six locations. The improvement in Air Medical operating income was due to reductions in cost, but also due to a pre-tax credit of $3.6 million related to termination of a manufacturer's warranty program.

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