PHI INC

CIK:0000350403|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Operating revenues, net	$ 165,172	$ 169,243	$ 317,062	$ 329,607
Expenses:
Direct expenses	153,514	155,083	310,390	311,309
Selling, general and administrative expenses	17,591	14,485	42,458	29,944
Total operating expenses	171,105	169,568	352,848	341,253
(Gain) loss on disposal of assets	(95)	(171)	(44)	708
Equity in income of unconsolidated affiliate	(1,039)	(81)	(2,400)	(45)
Operating loss	(4,799)	(73)	(33,342)	(12,309)
Interest expense	3,927	8,340	12,093	16,537
Reorganization items, net	26,503		28,103
Other income, net	(333)	364	(293)	1,404
Total expenses	30,097	8,704	39,903	17,941
Loss before income taxes	(34,896)	(8,777)	(73,245)	(30,250)
Income tax (benefit) expense	(2,819)	(1,684)	(5,927)	(6,175)
Net loss	$ (32,077)	$ (7,093)	$ (67,318)	$ (24,075)
Weighted average shares outstanding:
Basic	15,825	15,806	15,825	15,806
Diluted	15,825	15,806	15,825	15,806
Net loss per share:
Basic	$ (2.03)	$ (0.45)	$ (4.25)	$ (1.52)
Diluted	$ (2.03)	$ (0.45)	$ (4.25)	$ (1.52)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Net loss	$ (67,318)	$ (24,075)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	38,775	38,598
Deferred income taxes	(7,407)	(7,446)
(Gain) loss on asset dispositions	(44)	708
Equity in (income) loss of unconsolidated affiliate, net	(2,400)	(45)
Inventory valuation reserves	1,416	3,308
Changes in operating assets and liabilities	13,301	(5,638)
Net cash (used in) provided by operating activities	(23,677)	5,410
Investing activities:
Purchase of property and equipment	(8,970)	(18,098)
Proceeds from asset dispositions	1,235	1,453
Purchase of short-term investments	(183,421)	(260,996)
Proceeds from sale of short-term investments	121,512	264,918
Payment of deposit on aircraft	(50)	0
Refund of deposit on aircraft	503	0
Loan to unconsolidated affiliate		(274)
Net cash used in investing activities	(69,191)	(12,997)
Financing activities:
Debt issuance cost	(5,668)	0
Proceeds from line of credit		34,295
Payments on line of credit		(29,575)
Repurchase of common stock		(51)
Proceeds from Term Loan	70,000	0
Net cash provided by financing activities	64,332	4,669
Effect of exchange rate changes on cash	(483)	0
Decrease in cash, cash equivalents and restricted cash	(29,019)	(2,918)
Cash, cash equivalents and restricted cash at the beginning of period	58,564	8,770
Cash, cash equivalents and restricted cash at end of period	29,545	5,852
Cash paid during the period for:
Reorganization items, net	6,204	0
Interest	3,599	15,755
Income taxes	1,688	813
Noncash investing activities:
Other current liabilities and accrued payables related to purchase of property and equipment	$ 96	$ 272

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and cash equivalents	$ 21,882	$ 50,874
Short-term investments	76,141	14,232
Accounts receivable – net
Trade	174,499	168,459
Other	8,845	14,006
Inventories of spare parts – net	54,242	56,698
Prepaid expenses	13,072	11,419
Income taxes receivable	509	950
Total current assets	349,190	316,638
Property and equipment – net	885,669	902,485
Right of use assets	144,944
Restricted cash and investments	19,739	19,781
Other assets	20,937	18,378
Deferred income taxes	5,137	4,944
Total assets	1,425,616	1,262,226
Current Liabilities:
Senior Notes issued March 17, 2014, net of debt issuance cost of $260		499,740
Accounts payable	70,615	50,289
Accrued and other current liabilities	38,483	45,292
Current portion of operating lease liabilities	27,535
Current maturities of long term debt	1,750	500,000
Total current liabilities	138,383	595,321
Long-term debt:
Term loan issued March 13, 2019, net of debt issuance costs of $5,254	62,996
Related party term loan issued September 28, 2018, net of debt issuance costs of $546 and $765, respectively	129,454	129,235
Deferred income taxes	51,964	59,178
Other long-term liabilities	3,673	5,059
Long-term operating lease liabilities	118,167
Total liabilities not subject to compromise	504,637	788,793
Liabilities subject to compromise	513,125
Total liabilities	1,017,762	788,793
Commitments and contingencies (Note 11)
Shareholders’ Equity:
Additional paid-in capital	316,143	314,316
Accumulated other comprehensive income (loss)	(4,040)	(3,952)
Retained earnings	94,169	161,487
Total shareholders’ equity	407,854	473,433
Total liabilities and shareholders’ equity	1,425,616	1,262,226
Voting Common Stock [Member]
Shareholders’ Equity:
Common stock	291	291
Non-Voting Common Stock [Member]
Shareholders’ Equity:
Common stock	1,291	1,291
Total shareholders’ equity	$ 1,291	$ 1,291