=============================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: October 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____to _____
Commission file number 0-9827
PETROLEUM HELICOPTERS, INC.
(Exact name of registrant as specified in its charter)
Louisiana 72-0395707
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2121 Airline Highway, Suite 400
P. O. Box 578
Metairie, Louisiana 70001-5979
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (504)828-3323
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15 (d) of
the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
YES X NO
-- ---
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the
Issuer's classes of common stock, as of the latest
practicable date.
Class Outstanding at December 11, 1997
------ --------------------------------
Voting Common Stock 2,800,886 shares
Non-Voting Common Stock 2,316,582 shares
=============================================================
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
PETROLEUM HELICOPTERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of Dollars)
(Unaudited)
October 31, April 30,
---------- ---------
1997 1997(1)
ASSETS ---------- ---------
Current assets:
Cash and cash equivalents $ 1,142 $ 2,437
Accounts receivable - net of allowance 39,359 35,547
Inventory 33,079 30,202
Prepaid expenses 1,587 1,115
Refundable income taxes - 1,344
Notes receivable - investee companies 781 1,313
------- -------
Total current assets 75,948 71,958
------- -------
Notes receivable 22 22
Investments 2,583 2,480
Property and equipment:
Cost 252,386 244,047
Less accumulated depreciation (123,792) (122,220)
------- -------
128,594 121,827
------- -------
Other 537 344
------- -------
$ 207,684 $ 196,631
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 18,496 $ 21,059
Accrued vacation pay 4,659 4,784
Income taxes payable 958 -
Current maturities of long-term debt 4,899 4,868
------- -------
Total current liabilities 29,012 30,711
------- -------
Long-term debt, net of current maturities 64,135 57,592
Deferred income taxes 18,239 18,239
Other long-term liabilities 5,784 2,673
Shareholders' equity:
Voting common stock - par value of $ 0.10;
authorized 12,500,000; issued shares
of 2,800,866 at October 31 and April 30 280 280
Non-voting common stock - par value of $ 0.10;
authorized 12,500,000; issued shares of
2,316,582 and 2,294,066 at October 31 and
April 30, respectively 232 229
Additional paid-in capital 11,087 10,810
Retained earnings 78,915 76,097
------- -------
90,514 87,416
------- -------
$ 207,684 $ 196,631
======= =======
(1)The balance sheet at April 30, 1997 is condensed from the
audited financial statements at that date. The accompanying
notes are an integral part of these condensed consolidated
financial statements.
PETROLEUM HELICOPTERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Thousands of dollars, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
October 31, October 31,
------------------ ----------------
1997 1996 1997 1996
---- ---- ---- ----
REVENUES
Operating revenues $ 57,521 $ 55,161 $ 113,435 $ 105,401
Gain on equipment
disposals 65 46 417 50
Equity in net earnings
of investee companies 5 171 99 200
------ ------ ------- -------
57,591 55,378 113,951 105,651
------ ------ ------- -------
EXPENSES:
Direct expenses 49,687 47,246 97,984 89,811
Selling, general and
administrative 3,985 3,265 7,885 6,245
Interest expense 1,244 1,152 2,426 2,019
------ ------ ------- ------
54,916 51,663 108,295 98,075
------ ------ ------- ------
Earnings before income taxes 2,675 3,715 5,656 7,576
Income taxes 1,121 1,430 2,327 3,013
------ ------ ------- -------
Net earnings $ 1,554 $ 2,285 $ 3,329 $ 4,563
====== ====== ======= =======
Net earnings per share $ 0.30 $ 0.45 $ 0.65 $ 0.90
====== ====== ======= =======
Weighted average common
shares outstanding
(thousands) 5,104 5,076 5,099 5,076
====== ====== ======= =======
Dividends declared per
common share $ 0.05 $ 0.05 $ 0.10 $ 0.10
====== ====== ======= =======
The accompanying notes are an integral part of these condensed consolidated
financial statements.
PETROLEUM HELICOPTERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Dollars)
(Unaudited)
Six Months Ended October 31,
----------------------------
1997 1996
---- ----
Cash flows from operating activities:
Net earnings $ 3,329 $ 4,563
Adjustments to reconcile net earnings
to net cash provided by operating
activities:
Depreciation 5,931 4,717
Gain on equipment disposals (417) (50)
Equity in net earnings of investee companies (99) (200)
Changes in operating assets and liabilities (6,294) (7,239)
Other 247 108
------- -------
Net cash provided by operating activities 2,697 1,899
------- -------
Cash flows from investing activities:
Investments - (657)
Purchases of property and equipment (13,223) (26,445)
Proceeds from asset dispositions 2,895 280
------- -------
Net cash used in investing activities (10,328) (26,822)
------- -------
Cash flows from financing activities:
Proceeds from long-term debt 16,000 30,925
Payments on long-term debt (9,426) (4,384)
Dividends paid (511) (508)
Other 273 -
------- -------
Net cash provided by financing activities 6,336 26,033
------- -------
Increase(decrease)in cash and cash equivalents (1,295) 1,110
Cash and cash equivalents at beginning of period 2,437 1,899
------- -------
Cash and cash equivalents at end of period $ 1,142 $ 3,009
======= =======
The accompanying notes are an integral part of these
condensed consolidated financial statements.
PETROLEUM HELICOPTERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
SIX MONTHS ENDED OCTOBER 31, 1997 AND 1996
(1) General
The accompanying unaudited condensed consolidated
financial statements have been prepared in accordance with
Form 10-Q instructions of the Securities and Exchange
Commission ("SEC") from the books and records of Petroleum
Helicopters, Inc. ("PHI" or the "Company").
In the opinion of management, these financial statements
reflect all adjustments, consisting of only normal, recurring
adjustments, necessary to present fairly the financial
results for the interim periods presented. Certain
information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations of the SEC; however,
the Company believes that this information is fairly
presented. These condensed consolidated financial statements
should be read in conjunction with the financial statements
contained in the Company's Annual Report on Form 10-K for the
year ended April 30, 1997 and the accompanying notes and
Management's Discussion and Analysis of Financial Condition
and Results of Operations. Certain reclassifications have
been made to the prior year's financial statements in order
to conform to the classifications adopted for reporting in
fiscal 1998. These reclassifications had no impact on net
income or shareholders' equity.
The Company's financial results, particularly as it
relates to its domestic oil and gas operations, are
influenced by seasonal fluctuations. During the winter,
there are more days of adverse weather conditions and fewer
hours of daylight than the other months of the year.
Consequently, flight hours are generally lower during the
Company's third fiscal quarter than at other times of the
year. This produces a seasonal aspect to the Company's
business and typically results in reduced revenues from
operations during those months. Therefore, the results of
operations for interim periods are not necessarily indicative
of the operating results that may be expected for the full
fiscal year.
(2) Commitments and Contingencies
On Monday, June 2, 1997, the Company was notified by the
National Mediation Board ("NMB") that the Office and
Professional Employees International Union (OPEIU) filed an
application to represent flight deck crew members (helicopter
pilots) of PHI. On September 4, 1997 the NMB reported that
the Company's helicopter pilots voted to reject union
representation. The OPEIU filed objections with the NMB
seeking to require a new election. The Company is vigorously
contesting the OPEIU's objections. The NMB is still
investigating the OPEIU's objections and as of the date of
this report has not rendered a decision. On August 6, 1997,
the domestic pilots of one of the Company's chief competitors
voted to become members of this union. This vote was
certified by the NMB.
(3) New Accounting Pronouncements
In February 1997, the Financial Accounting Standards
Board issued Statement of Financial Accounting Standards No.
128, Earnings Per Share ("FAS 128"). FAS 128 will change the
computation, presentation and disclosure requirements for
earnings per share amounts. FAS 128 requires presentation of
"basic" and "diluted" earnings per share, as defined,
on the face of the income statement for all entities with
complex capital structures. FAS 128 is effective for
financial statements issued for periods ending after December
15, 1997 and requires restatement of all prior period
earnings per share amounts. Management does not believe that
this pronouncement will have a material impact on the
Company's calculation or presentation of its earning per
share amounts.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The Company is engaged in providing helicopter
transportation and related services. The predominant portion
of its revenue is derived from transporting offshore oil and
gas production and drilling workers on a worldwide basis.
The Company also performs helicopter transportation services
for a variety of hospital and medical programs and aircraft
maintenance to outside parties.
This discussion should be read in conjunction with the
accompanying financial statements and with the financial
statements for the year ended April 30, 1997 and the related
notes and Management's Discussion and Analysis and in the
Company's Annual Report on Form 10-K.
RESULTS OF OPERATIONS
The following is a comparison of the second quarter of
the fiscal year ending April 30, 1998 with the comparable
period of the prior fiscal year.
Second Quarter Fiscal 1998 to Second Quarter Fiscal 1997
- ---------------------------------------------------------
Revenues
The Company generates flight revenues from both ongoing
service contracts with established customers and non-contract
flights referred to as Specials. Oil and Gas Aviation
Services contracts are generally on a month to month basis
and consist of a fixed fee plus an hourly charge for actual
flight time. Specials are customer flights, provided on an
as needed basis that are not provided pursuant to contractual
commitments and which generally carry higher rates.
Aeromedical contracts also provide for fixed and hourly
charges, but are generally for longer terms and impose early
cancellation fees to encourage customers to fulfill the
contract term and cover the Company's additional up-front
costs in the event of early termination.
The following table summarizes and compares the
Company's operating revenues by certain markets for the
quarters ended October 31, 1997 and 1996:
Operating Revenues for the Quarter Ended October 31,
----------------------------------------------------
(Thousands of dollars, except
percentages and flight hours)
Increase
---- ---- -------------
1997 1996 $ %
---- ---- ----- ---
Oil and Gas Aviation
Services $ 49,769 $ 47,682 $ 2,087 4
Aeromedical Services 7,752 7,479 273 4
------ ------ -----
Total Operating Revenues $ 57,521 $ 55,161 $ 2,360 4
====== ====== ===== =
Total Flight Hours 67,435 64,948 2,487 4
====== ====== ===== =
Earnings for the quarter were adversely impacted by
flood damage caused by Hurricane Danny to twenty-six aircraft
located at one of the Company's field bases. The estimated
effect of this damage was $ 0.21 per share and primarily
relates to the incremental effect of lost revenue. Although
most of the damaged aircraft were repaired and generating
revenue by the end of the quarter, the ensuing quarter could
be negatively impacted as well, as three of these aircraft
will not be fully operational until late in the third
quarter.
Oil and Gas Aviation Services
Oil and Gas revenues for the quarter ended October 31,
1997 increased 4% to $ 49.8 million from $ 47.7 million.
Flight hours increased 4% to 62,677 hours from 60,492 hours
for the quarter ended October 31, 1997. The Company
primarily attributes the increase to better economic
conditions in the Gulf of Mexico. As of October 31, 1997,
the Company had fifteen more aircraft under contract than at
October 31, 1996.
Aeromedical Services
Aeromedical revenues increased slightly to $ 7.8
million, or 4%, from $ 7.5 million. Total Aeromedical
programs and aircraft as of October 31, 1997 were fifteen and
thirty-eight, respectively. Aeromedical flight hours for the
quarter increased 302 hours to 4,758 hours.
Direct Expenses
Direct expenses increased $ 2.4 million, or 5%, to
$49.7 million primarily as a result of increased activity
levels. Direct expenses as a percentage of operating
revenues increased slightly decreasing the Company's
operating margin to 13.6% from 14.4% in the prior year's
comparable quarter. The Company is incurring higher than
expected maintenance costs as rapid fleet expansion caused
more maintenance to be performed at outside vendors. In
addition, the margin was negatively impacted by the
incremental effect of lost revenue caused by Hurricane Danny.
Human Resource costs including employee benefit costs,
decreased $ 0.7 million, or 3% to 18.9 million. Salary
expense increased slightly by $ 0.1 million due to the
addition of employees which was needed to support increased
flight activity. This increase was primarily offset by a
decline in the Company's gain sharing program expense which
was $ 0.6 million lower than the previous year period due to
lower than planned earnings.
Spare parts usage and repairs and maintenance increased
$ 2.6 million, or 25% to $ 12.8 million. The Company is
incurring higher than expected maintenance costs due to fleet
expansion over the past year. In order to meet current
aircraft utilization requirements, the Company has
significantly increased the amount of outside repair work
which is more costly than performing the work in-house.
Aircraft depreciation increased $ 0.5 million, or 21% to
$ 2.9 million, due to the purchase of additional aircraft.
The Company purchased twenty-eight aircraft in fiscal year
1997 and has purchased five aircraft during fiscal year 1998.
Helicopter rental expense increased $ 0.7 million, or
22%, to $ 3.6 million, due to the addition of several newly
leased aircraft. There were eighty-six leased aircraft as of
October 31, 1997 as compared to sixty-five at October 31,
1996.
All other aircraft costs decreased $ 0.4 million, or 4%,
to $ 9.0 million. These decreases were primarily due to a
decline in fuel prices and insurance costs.
Selling, General, and Administrative Expenses
Selling, general and administrative expenses increased
$ 0.7 million, or 22%, to $ 4.0 million. This increase was
primarily ascribable to the following: $ 0.2 million due to
consulting fees related to the information system upgrade
programs, which commenced in 1996 and will continue through
fiscal 1998; and $ 0.3 million due to legal and other
consulting fees.
Interest Expense
Interest expense increased $ 0.1 million, or 8%, to
$ 1.2 million. This was primarily related to the increase in
the Company's long-term debt. Average long-term debt
increased $ 9.8 million over the prior year second quarter.
First Six Months Fiscal 1998 to First Six Months Fiscal 1997
- ------------------------------------------------------------
The following table summarizes and compares the
Company's revenues by certain markets for the six months
ended October 31, 1997 and 1996:
Revenues for the Six Months Ended October 31,
---------------------------------------------
(Thousands of dollars, except
percentages and flight hours)
Increase
------ ------ ----------
1997 1996 $ %
------ ------ ------ -
Oil and Gas Aviation
Services $ 97,786 $ 90,286 $ 7,500 8
Aeromedical Services 15,649 15,115 534 4
------- ------- -----
Total Operating Revenues $ 113,435 $ 105,401 $ 8,034 8
======= ======= ===== =
Total Flight Hours 134,549 127,824 6,725 5
======= ======= ===== =
Oil and Gas Aviation Services
Oil and Gas revenues for the six months ended October
31, 1997 increased 8% to $ 97.8 million from $ 90.3 million.
Flight hours increased 5% to 125,084 hours from 118,646 hours
for the six months ended October 31, 1997. The increase is
primarily attributable to better economic conditions in the
Gulf of Mexico. As of October 31, 1997, the Company had
fifteen more aircraft under contract than at October 31,
1996.
Aeromedical Services
The Company operates fifteen programs and a total of
thirty-eight aircraft in the Aeromedical Services industry.
Aeromedical revenues increased slightly to $ 15.6 million, or
4%, from $ 15.1 million. Aeromedical flight hours increased
287 hours, or 3%, to 9,465 hours. The increase in revenue is
due primarily to the addition of one new program and two
additional aircraft under existing contracts, as compared to
October 31, 1996.
Direct Expenses
Direct expenses increased $ 8.2 million, or 9%, to
$ 98.0 million associated with increased activity levels.
Direct expenses as a percentage of operating revenues
increased slightly decreasing the Company's operating margin
to 13.6% from 14.8% in the prior year. The Company is
incurring higher than expected maintenance costs as rapid
fleet expansion caused more maintenance to be performed at
outside vendors.
Human Resource costs including employee benefit costs,
increased $ 0.1 million to $ 37.9 million. Salary expense
increased by $ 1.3 million due to the addition of employees
which was needed to support increased flight activity. This
increase was primarily offset by a decline in the Company's
gain sharing program expense which was $ 1.3 million lower
than the previous year period due to lower than planned
earnings.
Spare parts usage and repairs and maintenance increased
$ 4.9 million, or 25% to $ 24.6 million. The Company is
incurring higher than expected maintenance costs due to the
increase in fleet size over the past year. In order to meet
current aircraft utilization requirements, the Company has
significantly increased the amount of work sent for outside
repair, which is more costly than performing the work in-
house.
Aircraft depreciation increased $ 1.0 million, or 21% to
$ 5.6 million, due to the purchase of additional aircraft.
The Company purchased twenty-eight aircraft in fiscal year
1997 and has purchased five aircraft during fiscal year 1998.
Helicopter rental expense increased $ 1.1 million, or
18%, to $ 7.1 million, due to the addition of several newly
leased aircraft. There were eighty-six leased aircraft as of
October 31, 1997 as compared to sixty-five at October
31, 1996.
All other aircraft costs increased $ 0.7 million, or 4%,
to $ 18.4 million. These increases were primarily due to
increased flight activity and additional costs incurred for
the Company's training program offset by a decline in fuel
prices and insurance costs. The Company incurred an
additional $ 0.1 million in outside training costs in the
fiscal 1998 period as compared to the same period in the
prior year.
Selling, General, and Administrative Expenses
Selling, general and administrative expenses increased
$ 1.6 million, or 26%, to $ 7.9 million. This increase was
primarily ascribable to the following: $ 0.5 million due to
consulting fees related to information system upgrade
programs, which commenced in 1996 and will continue through
fiscal 1998; and $ 0.7 million due to legal and other
consulting fees.
Interest Expense
Interest expense increased $ 0.4 million or 20% to $ 2.4
million. This was primarily related to the increase in the
Company's long-term debt. Average long-term debt increased
$ 14.8 million over the prior year period.
LIQUIDITY AND CAPITAL RESOURCES
The following is a comparison of the first six months of
the fiscal year ending April 30, 1998 with the year ending
April 30, 1997.
The Company's cash position as of October 31, 1997 was
$ 1.1 million compared to $ 2.4 million at April 30, 1997, the
Company's fiscal year end. Working capital increased $ 5.7
million from $ 41.2 million at fiscal year end to $ 46.9
million. The increase was primarily related to an increase
in accounts receivable, prepaid expenses and inventory of
$ 3.8 million, $ 0.5 million, and $ 2.9 million,
respectively, and a decrease in accounts payable and accrued
expenses of $ 2.6 million. This was partially offset by the
combined changes in refundable income taxes/income taxes
payable and notes receivable of $ 2.8 million and a $ 1.3
million decline in the Company's cash position.
Total long-term debt increased $ 6.5 million to $ 64.1
million as a result of the investing activities described
below. The Company's current debt obligation totals $ 4.9
million, payable in equal quarterly installments, which the
Company intends to pay with cash flow from operations. At
October 31, 1997, the Company had $ 17 million of credit
capacity available under its credit facility. The Company
believes its cash flow from operations in conjunction with
its credit capacity is sufficient to meet its planned
requirements for the foreseeable future. The Company is in
compliance with the provisions of its loan agreement.
Cash provided by operating activities was $ 2.7 million.
Investing activities primarily included the purchase and
completion of several aircraft, aircraft improvements, and
engines for $ 13.2 million. Proceeds from asset dispositions
were primarily due to the sale of two aircraft that no longer
met PHI fleet requirements. A gain of $ 0.3 million was
recognized relating to the sale transactions. Investing
activities were primarily funded through increased borrowings
under the Company's credit facility. The Company also paid
dividends of $ 0.05 per share during both the first and
second quarters of fiscal 1998.
The Company continues to review selected domestic bases
for possible fuel contamination resulting from routine flight
operations. The Company has expensed, including provisions
for environmental costs, $ 0.7 million for the six months
ended October 31, 1997 as compared to $ 0.8 million for the
comparable period in fiscal year 1997. The aggregate liability
for environmental related costs at October 31, 1997 is $ 1.9
million which the Company believes is adequate for probable
and estimable environmental costs. The Company will make
additional provisions in future periods to the extent
appropriate as further information regarding these costs
becomes available.
The Company has considered the impact of Year 2000
issues on its computer systems and applications. A
remediation plan has been developed and conversion activities
are in process in conjunction with the current information
systems upgrade and is expected to be completed and tested in
1998.
FORWARD LOOKING STATEMENTS
All statements other than statements of historical fact
contained in this Form 10-Q, other periodic reports filed by
the Company under the Securities Act of 1934 and other
written or oral statements made by it or on its behalf, are
forward looking statements. When used herein, the words
"anticipates", "expects", "believes", "intends", "plans", or
"projects" and similar expressions are intended to identify
forward looking statements. It is important to note that
forward looking statements are based on a number of
assumptions about future events and are subject to various
risks, uncertainties and other factors that may cause the
Company's actual results to differ materially from the views,
beliefs and estimates expressed or implied in such forward
looking statements. Although the Company believes that the
assumptions reflected in forward looking statements are
reasonable, no assurance can be given that such assumptions
will prove correct. Factors that could cause the Company's
results to differ materially from the results discussed in
such forward looking statements include but are not limited
to the following: flight variances from expectations,
volatility of oil and gas prices, the substantial capital
expenditures required to fund its operations, environmental
risks, competition, government regulation, unionization and
the ability of the Company to implement its business
strategy. All forward looking statements in this document
are expressly qualified in their entirety by the cautionary
statements in this paragraph. PHI undertakes no obligation
to update publicly any forward looking statements, whether as
a result of new information, future events or otherwise.
RESULTS AT A GLANCE (Unaudited)
The following table provides a summary of critical
operating and financial statistics (thousands of dollars,
except per share amounts, financial ratios, flight hours and
general statistics):
Six Months Ended October 31,
---------------------------
Operations 1997 1996
------- -------
Operating revenues $ 113,435 $ 105,401
Net earnings 3,329 4,563
Net earnings per share 0.65 0.90
Book value per share 17.45 16.46
Annualized return on
shareholders' equity 7.5% 10.9%
Total flight hours - operated 134,549 127,824
Financial Summary October 31, 1997 April 30,1997
---------------- -------------
Net working capital $ 46,936 $ 41,247
Net book value of property
and equipment 128,594 121,827
Long-term debt 64,135 57,592
General Statistics
Aircraft Operated 319 314
Employees 1,875 1,851
Part II - OTHER INFORMATION
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The annual meeting of the stockholders of the Company
was held on October 21, 1997, at which time the stockholders
elected the following directors:
Nominees For Withheld
- -------- --- ---------
Carroll W. Suggs 2,529,216 7,645
Leonard M. Horner 2,529,137 7,724
Robert G. Lambert 2,329,206 7,655
James W. McFarland 2,529,159 7,702
Bruce N. Whitman 2,529,174 7,687
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
3.1 (i) Articles of Incorporation of the Company
(incorporated by reference to Exhibit No. 3.1 (i)
to PHI's Report on Form 10-Q for the quarterly period
ended October 31, 1994).
(ii) By-laws of the Company (incorporated by reference
to Exhibit No. 3.1 (ii) to PHI's Report on Form
10-Q for the quarterly period ended July 31, 1996).
27 Financial Data Schedule
(b) Reports on Form 8-K
No reports were filed on Form 8-K for the quarter ending
October 31, 1997.
SIGNATURES
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.
December 11, 1997 By: /s/ Carroll W. Suggs
-------------------------------
Carroll W. Suggs
Chairman of the Board, President
and Chief Executive Officer
(duly authorized officer)
December 11, 1997 By: /s/ John H. Untereker
-------------------------------
John H. Untereker
Vice President and Chief Financial
Officer (principal financial officer)
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