SEC, March 23, 2019 - PHI, Inc., helicopter services provider, posted a $141.5 million loss last year, according to the company’s annual 10-K filing this week with the U.S. Securities and Exchange Commission (SEC).
The loss included $109 million of impairment charges recorded in the fourth quarter related to goodwill and inventory.
PHI filed for U.S. Chapter 11 federal bankruptcy protection on March 14, citing its inability to repay debts totaling $700 million.
Overall revenues for the year increased to $674 million, a gain of $81 million compared to 2017, thanks largely to PHI’s acquisition of former HNZ Offshore operations in select foreign markets and a slight uptick of activity in the legacy market of the U.S. Gulf of Mexico.
The loss included $109 million of impairment charges recorded in the fourth quarter related to goodwill and inventory.
PHI filed for U.S. Chapter 11 federal bankruptcy protection on March 14, citing its inability to repay debts totaling $700 million.
Overall revenues for the year increased to $674 million, a gain of $81 million compared to 2017, thanks largely to PHI’s acquisition of former HNZ Offshore operations in select foreign markets and a slight uptick of activity in the legacy market of the U.S. Gulf of Mexico.
2018 Results
- Oil and gas: The increased revenue helped PHI trim its oil-and-gas segment loss for the year to $10.2 million, down from $29 million from the year-ago period.
- Technical Services: The company’s technical services division recorded a profit of $6.8 million for the year, up from $5.6 million from 2017.
- Air Medical: Profit from PHI’s Air Medical division was off sharply from the $35.8 million in 2017 to $12.5 million. The company blamed the decline on market expansion and higher payroll costs. Air Medical operates 108 helicopters from 80 separate locations. Revenue for the segment was flat year-over-year at $257 million.
See also |
Restructuring PHI Inc PHI Filed for Voluntary Chapter 11 Protection
Helicopters Markets & Finance 
