SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 28, 1995
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PETROLEUM HELICOPTERS, INC.
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(Exact name of registrant as specified in its charter)
Louisiana 0-9827 72-0395707
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
5728 Jefferson Highway, P.O. Box 23502, New Orleans, Louisiana 70123
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (504) 733-6790
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Item 5. Other Events.
On February 28, 1995, Petroleum Helicopters, Inc. issued the
following press release:
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NEWS -- For Immediate Release FROM: Petroleum Helicopters, Inc.
NEW ORLEANS, February 28, 1995 5728 Jefferson Highway
P. O. Box 23502
New Orleans, LA 70183
Phone: 318/272-4427
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Petroleum Helicopters, Inc. (NASDAQ: PHEL/PHELK) announced today
that it has purchased 413,308 shares of its voting common stock
from ONI International, Inc. ("ONI") for $4,339,734 ($10.50 per
share). Prior to the acquisition, these shares represented
approximately 12.6% of the Company's outstanding voting common
stock and 7.5% of all outstanding common stock.
Carroll W. Suggs, Chairman and Chief Executive Officer of the
Company, sated "The repurchase of these shares was made possible
as a result of the pending liquidation of ONI, which since
January 1995, has been engaged in disposing of its remaining
assets and business units. The Board of Directors of PHI
believed the liquidation of ONI presented the Company with the
opportunity to repurchase a significant number of its shares at a
time when the Company's common stock is trading at prices
substantially below the Board's view of the underlying value of
the Company."
The purchase price is substantially below the Company's per share
book value and, based on historical financial information and
management estimates of future Company performance, will result
in increases in both earnings and book value per share. The
transaction also provides for the orderly disposition of these
shares by ONI without adversely affecting the trading markets for
the Company's voting and non-voting common stock.
PHI provides helicopter transportation services worldwide to a
broad range of customers primarily in the oil and gas and
aeromedical industries.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
PETROLEUM HELICOPTERS, INC.
Date: March 3, 1995 By: /s/ John H. Untereker
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John H. Untereker
Vice President and
Chief Financial Officer
