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PHI Inc., headquartered in Lafayette, has filed for Chapter 11 bankruptcy protection while it deals with $500 million of debt. Company operations are continuing as usual.

Lafayette-based helicopter services company PHI Inc., which filed for bankruptcy last week, posted a net loss of $141.5 million, or $8.95 per share, for 2018.

That compares to a profit of $7.5 million, or 48 cents per share, for 2017. PHI sustained the 2018 loss despite having its annual revenue jump from $579.5 million in 2017 to $674.4 million last year.

PHI filed for Chapter 11 bankruptcy protection Thursday in a Texas court. The company had $500 million in debt that came due Friday. The company has been hindered by the downturn in the offshore oil and gas industry in the Gulf of Mexico, which accounts for much of its business.

PHI posted a $10.2 million loss for the oil and gas segment, down from the $28.8 million loss it took in 2017. The loss was cut by the acquisition of HNZ Onshore and an increase in revenue from international oil and gas operations. Oil and gas revenue totaled $81.8 million.

The air medical segment brought in a $12.5 million profit for 2018, compared to a $35.8 million profit in 2017. Some investors have recommended the company sell off its air medical segment, which is based in Phoenix, to help pare down debt. PHI blamed the drop in profit to expenses related to new bases and higher employee salary costs.

Shares of PHI were down 28 cents Monday to close at $2.49. 

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