PHI revenue was down, but income was up

LAFAYETTE —PHI Inc. (The Nasdaq Select Global Market: PHII (voting) PHIIK (non-voting)) has reported financial results for last year.
Consolidated operating revenues for the year were $579.5 million, compared to $634.1 million for 2016, a decrease of $54.6 million.
Oil and gas segment operating revenues decreased $25.7 million, related primarily to decreased aircraft flight revenues resulting predominately from less aircraft on contract and decreased flight hours, the company said.
Operating revenues in the air medical segment decreased $24.6 million due principally to decreased revenues attributable to overseas operations. Technical services operating revenues decreased $4.2 million due to a reduction in services provided to a third party customer.
Consolidated net income for 2017 was $7.5 million compared to a net loss of $26.7 million for 2016. The increase in net income is primarily due to the income tax benefit realized in the current year, primarily attributable to a change in the U.S. federal corporate income tax law.
The company reported 15.8 million and 15.7 million weighted average diluted common shares outstanding during 2017 and 2016.
Oil and gas segment loss was $28.8 million for 2017, compared to a loss of $27.3 million for the prior year period. The $1.5 million increase in segment loss was primarily due to the decreased revenues, partially offset by decreased expenses.
Air medical segment profit was $35.8 million for 2017, compared to segment profit of $43.0 million for 2016.
The $7.2 million decrease in segment profit is primarily attributable to the lapse of an overseas contract in late 2016, partially offset by an increase in profits from our U.S.-based programs.
Technical Services segment profit was $5.6 million for the year ended December 31, 2017, compared to $7.1 million for the year ended December 31, 2016. The $1.5 million decrease in segment profit is primarily attributable to a decrease in technical services provided to a third party customer.