Things are not looking too good at PHI:
http://home.businesswire.com/portal/...gle/index.jsp? November 14, 2003
"Petroleum Helicopters, Inc. today reported net earnings of $0.06 million ($0.01 per diluted share) on operating revenues of $69.6 million for the quarter ended September 30, 2003. For the same period of 2002, the Company reported net earnings of $3.3 million ($0.61 per diluted share) on operating revenues of $69.7 million."
So a 55 fold reducion in net earning to just $60k. Looking at their financial report in more detail:
"Combined flight hours for the nine months ended September 30, 2003 were 107,229 compared to 128,231 for the nine months September 30, 2002."
However the report also states:
"During the quarter ended September 30, 2003, the Company entered into a purchase agreement for two aircraft at a combined cost of $32.4 million to be delivered in 2004."
Presumably these are the two S-92 they have on order. Both are being leased with the first $1mn payment already made. Lets just hope they don't default on them.
Meanwhile I wonder what happened to ERA's deposit for 3 S-92s?
See:
http://www.aviationtoday.com/cgi/rw/...le=0602otc.htm