PHI Inc. reports quarterly earnings

PHI Inc. in Lafayette, which provides helicopter transportation primarily to the oil and gas and air medical industries, reported net earnings for the three months ended June 30 totaled $13.4 million, down from $19.5 million for same period last year.

The decrease was attributed to a reduction in gains on the disposal of assets and a pre-tax charge of $600,000 for early retirement of debt.

Excluding those non-recurring items, net income for the three months ended June 30, 2014, and June 30, 2013, was $13.9 million and $10.9 million, respectively, a $3 million increase.

Operating revenue for the three months ended June 30 was $212.1 million, compared to $195.5 million a year ago.