Bankrupt helicopter services company PHI 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.
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 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. The company’s technical services division recorded a profit of $6.8 million for the year, up from $5.6 million from 2017.
However, 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.
PHI filed for U.S. Chapter 11 federal bankruptcy protection on March 14, citing its inability to repay debts totaling $700 million.