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: July 31, 1998
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, 70001-5979
Louisiana
(Address of principal executive (Zip Code)
offices)
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 September 1, 1998
________________________________
Voting Common Stock 2,800,886 shares
Non-Voting Common Stock 2,368,175 shares
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
PETROLEUM HELICOPTERS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands of dollars, except share data)
(Unaudited)
<TABLE>
<CAPTION>
July 31, April 30,
-------- ---------
1998 1998(1)
-------- ---------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 1,223 $ 2,753
Accounts receivable - net of allowance 46,203 49,119
Inventory 35,776 34,016
Prepaid expenses 1,457 1,478
Notes receivable - investee companies 1,583 1,151
---------- ----------
Total current assets 86,242 88,517
---------- ----------
Investments 2,878 2,705
Property and equipment:
Cost 269,117 256,042
Less accumulated depreciation (124,544) (120,923)
---------- ----------
144,573 135,119
---------- ----------
Other 765 680
---------- ----------
$ 234,458 $ 227,021
---------- -----------
---------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 24,157 $ 28,004
Accrued vacation pay 5,747 5,672
Income taxes payable 1,333 1,046
Current maturities of long-term debt 5,840 5,824
--------- ---------
Total current liabilities 37,077 40,546
--------- ---------
Long-term debt, net of current maturities 75,829 66,795
Deferred income taxes 19,172 19,172
Other long-term liabilities 5,864 5,803
Shareholders' equity:
Voting common stock - par value of $0.10;
authorized 12,500,000; issued shares of
2,800,866 at July 31 and April 30 280 280
Non-voting common stock - par value of
$ 0.10; authorized 12,500,000; issued
shares of 2,368,175 and 2,358,935 at
July 31 and April 30, respectively 237 236
Additional paid-in capital 11,777 11,706
Retained earnings 84,222 82,483
--------- ---------
96,516 94,705
--------- ---------
$ 234,458 $ 227,021
--------- ---------
--------- ---------
</TABLE>
(1)The balance sheet at April 30, 1998 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
(in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
July 31,
-------------------
1998 1997
------- ------
<S> <C> <C>
REVENUES:
Operating revenues $ 62,220 $ 55,914
Other income (deductions) 157 446
------- --------
62,377 56,360
------- --------
EXPENSES:
Direct expenses 53,395 48,297
Selling, general and administrative 4,161 3,900
Interest expense 1,449 1,182
------- --------
59,005 53,379
------- --------
Earnings before income taxes 3,372 2,981
Income taxes 1,370 1,206
------- --------
Net earnings $ 2,002 $ 1,775
------- --------
------- --------
BASIC:
Earnings per common share $ 0.39 $ 0.35
------- --------
------- --------
DILUTED:
Earnings per common share $ 0.38 $ 0.34
------- --------
------- --------
Weighted average common shares
outstanding 5,161 5,095
Incremental common shares from
stock options 75 71
------- --------
Weighted average common shares 5,236 5,166
and equivalents ------- --------
------- --------
Dividends declared per common $ 0.05 $ 0.05
share ------- --------
------- --------
</TABLE>
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)
<TABLE>
<CAPTION>
Three Months Ended July 31,
----------------------------
1998 1997
---------- -----------
<S> <C> <C>
Cash flows from operating
activities:
Net earnings $ 2,002 $ 1,775
Adjustments to reconcile net
earnings to net cash provided
by operating activities:
Depreciation 3,620 2,859
Gain on equipment disposals (121) (352)
Equity in net earnings of
investee companies (36) (94)
Changes in operating assets and
liabilities (4,111) (2,740)
--------- ---------
Net cash provided by operating
activities 1,354 1,448
--------- ---------
Cash flows from investing
activities:
Investments (135) -
Purchases of property and
equipment (13,150) (8,164)
Proceeds from asset dispositions 1,530 1,398
--------- ---------
Net cash used in investing
activities (11,755) (6,766)
--------- ---------
Cash flows from financing
activities:
Proceeds from long-term debt 15,500 11,000
Payments on long-term debt (6,450) (7,209)
Proceeds from exercise of stock
options 78 -
Dividends paid (257) (254)
Other, net - (24)
--------- ---------
Net cash provided by financing
activities 8,871 3,513
--------- ---------
Decrease in cash and cash
equivalents (1,530) (1,805)
Cash and cash equivalents at
beginning of period 2,753 2,437
--------- ---------
Cash and cash equivalents at
end of period $ 1,223 $ 632
========= =========
</TABLE>
The accompanying notes are an integral part of these
condensed consolidated financial statements.
PETROLEUM HELICOPTERS, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
THREE MONTHS ENDED JULY 31, 1998 AND 1997
(Unaudited)
(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. and Subsidiaries ("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, 1998 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 1999. 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 a new election. This reelection
request was granted on January 30, 1998. On March 31, 1998,
the NMB reported that the Company's helicopter pilots voted
to again reject union representation. On April 2, 1998, the
OPEIU filed objections with the NMB to set aside the results
of the rerun election. The objections are currently being
evaluated by the NMB. Should the Company's domestic pilots
elect to be represented by a union, the Company believes
that this would place the Company at a competitive
disadvantage which could have an adverse effect on the
Company's revenues and results of operations.
(3) Comprehensive Income
In June 1997, the Financial Accounting Standards Board
issued Statement of Financial Accounting Standards No. 130
("FAS 130"), "Reporting Comprehensive Income." FAS 130
establishes standards for reporting and display of
comprehensive income and its components in a full set of
general purpose financial statements. The Company adopted
this standard in the quarter ended July 31, 1998. Such
adoption had no effect on the Company's financial statement
presentation as the Company has no items of other
comprehensive income.
(4) Earnings Per Share
In February 1997, the Financial Accounting Standards
Board issued Statement of Financial Accounting Standards No.
128 ("FAS 128"), "Earnings Per Share," effective for the
periods ending after December 15, 1997. FAS 128 changes the
computation and presentation requirements for earnings per
share for entities with publicly held common stock or
potential common stock. Under such requirements, the
Company is required to present both basic and diluted
earnings per share. Basic earnings per share is computed by
dividing income available to common stockholders by the
weighted average number of common shares outstanding during
the period. Diluted earnings per share is computed in the
same manner as basic earnings per share except that the
denominator is increased to include the number of additional
common shares that could have been outstanding assuming the
exercise of stock options and the potential shares that
would have a dilutive effect on earnings per share. The
Company adopted FAS 128 effective with the quarter ended
January 31, 1998 on a retroactive basis, accordingly,
earnings per share amounts have been restated to conform to
the requirements of FAS 128.
(5) Accounting for Computer Software
In March 1998, the American Institute of Certified
Public Accountants issued Statement of Position (SOP) No. 98-
1, "Accounting for the Costs of Computer Software Developed
or Obtained for Internal Use," which establishes criteria
for when these types of costs should be expensed as incurred
or capitalized. SOP 98-1 is effective for financial
statements for fiscal years beginning after December 15,
1998, earlier adoption is permitted in fiscal years for
which annual financial statements have not been issued. The
Company has implemented SOP 98-1 on a prospective basis as
of May 1, 1998 resulting in approximately $ 0.5 million of
costs being capitalized that would have been expensed under
the Company's previous accounting method for such costs.
This increased net income by $0.3 million or $0.05 per
diluted share.
(6) New Accounting Pronouncements
In June 1997, the Financial Accounting Standards Board
issued Statement of Financial Accounting Standards No. 131
("FAS 131"), "Disclosures about Segments of an Enterprise
and Related Information." FAS 131 establishes standards for
the way that a public enterprise reports information about
operating segments in annual financial statements and
requires that those enterprises report selected information
about operating segments in interim financial reports issued
to shareholders. FAS 131 is effective for fiscal years
beginning after December 15, 1997 and requires restatement
of earlier periods presented. Management is currently
evaluating the requirements of FAS 131.
In June 1998, the Financial Accounting Standards Board
(FASB) issued Statement No. 133, "Accounting for Derivative
Instruments and Hedging Activities" (FAS 133). The
Statement is effective for all fiscal quarters of fiscal
years beginning after June 15, 1999 and establishes
accounting and reporting standards for derivative
instruments, including certain derivative instruments
embedded in other contracts, and for hedging activities.
FAS 133 requires that all derivative instruments be recorded
on the balance sheet at their fair value. Changes in the
fair value of derivatives are to be recorded each period in
current earnings or other comprehensive income, depending on
whether a derivative is designated as part of a hedge
transaction and, if it is, the type of hedge transaction.
Earlier application of the provisions of the Statement is
encouraged and is permitted as of the beginning of any
fiscal quarter that begins after the issuance of the
Statement. The Company believes that, due to its current
limited use of derivative instruments, adoption of the
Statement will not have a material effect on the Company's
results of operations, financial position, or liquidity.
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, 1998 together with
the related notes and Management's Discussion and Analysis
of Financial Condition and Results of Operations.
RESULTS OF OPERATIONS
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 Unit contracts, both domestic and
international, 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, primarily
domestic oil and gas, provided on an as needed basis that
are not provided pursuant to ongoing contracts and which
generally carry higher rates. The Company's technical
service contracts are generally provided on an actual cost
plus negotiated mark-up basis.
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. Air Evac, which
operates in Arizona, primarily derives its revenues from
third party payors based on per hour or per seat charges.
These contracts are predominantly short-term in nature.
The following table summarizes and compares the
Company's operating revenues by unit for the quarters ended
July 31, 1998 and 1997:
<TABLE>
<CAPTION>
Operating Revenues for the Quarter Ended July 31,
-------------------------------------------------
(Thousands of dollars, except percentages and flight hours)
Increase (Decrease)
------- -------- -----------------------
1998 1997 $ %
<S> <C> <C> <C> <C>
Oil and Gas Aviation
Services Unit $ 50,317 $ 47,629 $ 2,688 6
Aeromedical Services Unit 11,741 7,897 3,844 49
Other 162 388 (226) (58)
------- ------- ------- -----
Total Operating Revenues $ 62,220 $ 55,914 $ 6,306 11
------- ------- ------- -----
------- ------- ------- -----
Total Flight Hours 63,320 67,114 (3,794) (6)
------- ------- ------- -----
------- ------- ------- -----
</TABLE>
Fiscal year 1998 first quarter earnings were adversely
impacted by flood damage caused by Hurricane Danny to twenty-
six aircraft located at one of the Company's field bases.
The approximate effect of this damage was $ 0.05 per share
and primarily relates to the incremental effect of lost
revenue. All but one of these aircraft are back in service.
Oil and Gas Aviation Services Unit
Oil and Gas revenues for the quarter ended July 31,
1998 increased 6% to $ 50.3 million from $ 47.6 million.
Flight hours declined 7% to 56,419 hours from 60,817 hours
for the quarter ended July 31, 1998, due primarily to
decreased activity in the Gulf of Mexico. The increase in
revenues is primarily attributable to a rate increase which
occurred in the third quarter of fiscal 1998. The effect of
this rate increase for the quarter ended July 31, 1998 was
approximately $ 3.1 million.
Aeromedical Services Unit
Aeromedical revenues increased to $ 11.7 million, or
49%, from $ 7.9 million. Total Aeromedical programs and
aircraft as of July 31, 1998 were fifteen and forty-three,
respectively, including the recently acquired aircraft
through the acquisition of Samaritan AirEvac on December 31,
1997, versus fourteen Aeromedical programs and thirty-seven
aircraft at July 31, 1997. Aeromedical flight hours for the
quarter increased 1,227 hours to 5,935 hours. Of the
increase in flight hours and revenues, Air Evac accounted
for 791 hours and $ 5.6 million, respectively.
Direct Expenses
Direct expenses increased $ 5.1 million, or 11%, to
$53.4 million primarily as a result of the addition of Air
Evac ($ 4.7 million). Direct expenses as a percentage of
operating revenues remained relatively constant with the
Company maintaining an operating margin of 14%.
Human Resource costs including employee benefit costs,
increased $ 4.2 million, or 22%, to $ 23.2 million. Salary
expense increased by $ 3.4 million due to wage increases
effective January 1, 1998, the addition of approximately 200
employees with the purchase of Air Evac and a new pay plan
implemented in February. The Company's gain sharing program
expense was $ 0.3 million higher than the previous year period
due to increased earnings. In addition, other employee benefit
costs, including medical insurance, increased $ 0.4 million
primarily due to an increase in premiums.
Spare parts usage and repairs and maintenance costs
declined $ 0.6 million, or 5%, to $ 11.2 million.
Aircraft depreciation increased $ 0.7 million, or 26%,
to $ 3.4 million due to the purchase of additional aircraft
and equipment. The Company acquired three aircraft
subsequent to July 31, 1998 and six aircraft ascribable to
the Air Evac acquisition in the third quarter of fiscal year
1998. The Company acquired five aircraft during fiscal year
1999.
Helicopter rental expense increased $ 0.3 million, or
9%, to $ 3.8 million due to the addition of several leased
aircraft. There were eighty-eight leased aircraft as of
July 31, 1998 as compared to seventy-nine at July 31, 1997.
All other aircraft costs increased $ 0.2 million, or
2%, to $ 9.5 million.
Selling, General, and Administrative Expenses
Selling, general and administrative expenses increased
$ 0.3 million, or 8% to $ 4.2 million. Of this increase,
$0.4 million was related to legal and other business
consulting fees. Offsetting this increase was a decline in
computer software costs which were capitalized in the first
quarter of fiscal 1999 versus expensed in the prior year's
comparable quarter. The Company implemented SOP 98-1 during
this quarter resulting in approximately $0.5 million of
costs being capitalized.
Interest Expense
Interest expense increased $ 0.3 million, or 23%, to
$1.4 million. This was primarily related to the increase in
the Company's long-term debt. Average long-term debt
increased $ 12.8 million over the prior year's first quarter.
LIQUIDITY AND CAPITAL RESOURCES
The following is a comparison of the first quarter of
the fiscal year ending April 30, 1999 with the year ended
April 30, 1998.
The Company's cash position as of July 31, 1998 was
$1.2 million compared to $ 2.8 million at April 30, 1998,the
Company's fiscal year end. Working capital increased $ 1.2
million from $ 48.0 million at fiscal year end to $ 49.2
million.
Total long-term debt increased $ 9.1 million to $ 81.7
million as a result of the investing activities described
below. The Company's current debt obligation totals $ 5.8
million, payable in equal quarterly installments, which the
Company intends to pay with cash flow from operations. At
September 1, 1998, the Company had $ 5.0 million of credit
capacity available under its credit facilities. 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 agreements.
Cash provided by operating activities was $ 1.4
million. Investing activities included the purchase and
completion of five aircraft, aircraft improvements, and
engines for $ 13.2 million. Investing activities were
primarily funded through increased borrowings under the
Company's credit facilities. The Company also paid
dividends of $ 0.05 per share during the first quarter of
fiscal 1999.
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, $ 0.1 million for the
three months ended July 31, 1998 as compared to $ 0.3
million for the comparable period in fiscal year 1998. The
aggregate liability recorded for environmental related costs
at July 31, 1998 is $ 1.7 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
committee consisting of members of senior management from
various disciplines within the Company has been formed and
is meeting regularly to discuss and outline the appropriate
course of action that must be taken to deal with any
potential Year 2000 issues. A compliance plan has been
developed and conversion activities are in process in
conjunction with the current information systems upgrades
and is expected to be completed and tested in 1998.
The Company has committed to purchase software and
upgrade its hardware to address the Year 2000 issues.
Management does not expect that this project will have a
significant effect on the Company's operations primarily due
to the significant expenditures for new information
technology systems during fiscal 1998 and 1997.
The Company is currently undertaking an inventory of
all equipment used in the transmission and reception of all
signals to identify items that need to be upgraded or
replaced.
Additionally, the Company is currently evaluating its
position with significant suppliers, lenders, large
customers and others to ensure that those parties have
appropriate plans to address Year 2000 issues where they may
otherwise impact the operations of the Company. The Company
does not have any significant suppliers, lenders and/or
large customers that directly interface with the Company's
information technology systems. There is no guarantee that
the systems of the Company's suppliers and customers will be
Year 2000 compliant in time or that any such non-compliance
will not have an adverse effect on the Company's financial
condition or results of operaitons. Concurrent with the
Company's efforts to correct Year 2000 issues, the Company
is in the process of developing appropriate contingency
plans to help prevent the Company's operations from being
materially impacted by a failure to correct a Year 2000
problem.
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 Exchange 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, Year 2000 issues 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. The Company 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):
<TABLE>
<CAPTION>
Three Months Ended July 31,
---------------------------
Operations 1998 1997
---------------------------
<S> <C> <C>
Operating revenues $ 62,220 $ 55,914
Net earnings 2,002 1,775
Net earnings per basic share 0.39 0.35
Net earnings per diluted share 0.38 0.34
Book value per diluted share 18.26 17.07
Annualized return on
shareholders' equity 8.4% 8.0%
Total flight hours - operated 63,320 67,114
Financial Summary July 31, 1998 April 30, 1998
------------- --------------
Net working capital $ 49,165 $ 47,971
Net book value of property
and equipment 144,573 135,119
Long-term debt 75,829 66,795
General Statistics
Aircraft operated 309 307
Employees 2,188 2,135
</TABLE>
PART II - OTHER INFORMATION
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 July 31, 1998.
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.
September 14, 1998 By: /s/ Carroll W. Suggs
----------------------------
Carroll W. Suggs
Chairman of the Board,
President and
Chief Executive Officer
(duly authorized officer)
September 14, 1998 By: /s/ Geoffrey C. Stanford
----------------------------
Geoffrey C. Stanford
Controller and Treasurer
(principal financial and
accounting officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information from condensed financial
statements for the period ending July 31, 1998 and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<CIK> 0000350403
<NAME> GEOFF STANFORD
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> MAY-01-1998
<PERIOD-END> JUL-31-1998
<CASH> 1,223
<SECURITIES> 0
<RECEIVABLES> 46,203
<ALLOWANCES> 0
<INVENTORY> 35,776
<CURRENT-ASSETS> 86,242
<PP&E> 269,117
<DEPRECIATION> 124,544
<TOTAL-ASSETS> 234,458
<CURRENT-LIABILITIES> 37,077
<BONDS> 0
0
0
<COMMON> 517
<OTHER-SE> 95,999
<TOTAL-LIABILITY-AND-EQUITY> 234,458
<SALES> 62,220
<TOTAL-REVENUES> 62,377
<CGS> 53,395
<TOTAL-COSTS> 53,395
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,449
<INCOME-PRETAX> 3,372
<INCOME-TAX> 1,370
<INCOME-CONTINUING> 2,002
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,002
<EPS-PRIMARY> 0.39
<EPS-DILUTED> 0.38
</TABLE>
