Company Quick10K Filing
PHI
Price1.26 EPS-12
Shares16 P/E-0
MCap20 P/FCF-1
Net Debt670 EBIT-161
TEV690 TEV/EBIT-4
TTM 2019-06-30, in MM, except price, ratios
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
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10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-08
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10-K 2012-12-31 Filed 2013-03-15
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10-K 2009-12-31 Filed 2010-03-08
8-K 2019-09-04
8-K 2019-08-20
8-K 2019-08-02
8-K 2019-07-22
8-K 2019-07-11
8-K 2019-06-18
8-K 2019-06-13
8-K 2019-06-05
8-K 2019-06-05
8-K 2019-05-20
8-K 2019-04-26
8-K 2019-04-01
8-K 2019-03-15
8-K 2019-03-13
8-K 2019-02-19
8-K 2018-10-12
8-K 2018-10-08
8-K 2018-09-24
8-K 2018-09-20
8-K 2018-09-10
8-K 2018-08-27
8-K 2018-08-13
8-K 2018-07-27
8-K 2018-07-17
8-K 2018-07-02
8-K 2018-06-15
8-K 2018-06-15
8-K 2018-03-07

PHII 10Q Quarterly Report

Part I - Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 phii-ex311_63.htm
EX-31.2 phii-ex312_66.htm
EX-32.1 phii-ex321_65.htm
EX-32.2 phii-ex322_64.htm

PHI Earnings 2019-06-30

Balance SheetIncome StatementCash Flow
1.51.20.90.60.30.02012201420172020
Assets, Equity
0.50.40.20.1-0.1-0.22012201420172020
Rev, G Profit, Net Income
0.10.0-0.0-0.1-0.1-0.22012201420172020
Ops, Inv, Fin

10-Q 1 phii-10q_20190630.htm 10-Q phii-10q_20190630.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2019

or

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to

Commission file number: 0-9827

PHI, Inc.

(Exact name of registrant as specified in its charter)

 

Louisiana

72-0395707

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

2001 SE Evangeline Thruway

 

Lafayette, Louisiana

70508

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (337) 235-2452

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes:     No:  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes:      No:  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer:

 

Accelerated filer:

 

Smaller reporting company:

 

Non-accelerated filer:

 

 

 

Emerging Growth Company:

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes:      No:  

Securities registered pursuant to Section 12(b) of the Act: None

 

 

 

 

 

 

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

 

Outstanding at August 1, 2019

Voting Common Stock

 

2,905,757 shares

Non-Voting Common Stock

 

12,919,681 shares

 

 

 

 


 

PHI, INC.

Index – Form 10-Q

 

Part I – Financial Information

Item 1.

Financial Statements – Unaudited

 

 

Condensed Consolidated Balance Sheets – June 30, 2019 and December 31, 2018

5

 

Condensed Consolidated Statements of Operations – Quarter and Six Months ended June 30, 2019 and 2018

6

 

Condensed Consolidated Statements of Comprehensive Loss – Quarter and Six Months ended June 30, 2019 and 2018

7

 

Condensed Consolidated Statements of Shareholders’ Equity – Quarter and Six Months ended June 30, 2019 and 2018

8

 

Condensed Consolidated Statements of Cash Flows – Six Months ended June 30, 2019 and 2018

10

 

 

 

 

Notes to Condensed Consolidated Financial Statements

11

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

41

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

53

 

 

 

Item 4.

Controls and Procedures

54

 

Part II – Other Information

 

 

 

Item 1.

Legal Proceedings

55

 

 

 

Item 1A.

Risk Factors

55

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

57

 

 

 

Item 3.

Defaults Upon Senior Securities

57

 

 

 

Item 4.

Mine Safety Disclosures

57

 

 

 

Item 5.

Other Information

57

 

 

 

Item 6.

Exhibits

57

 

 

 

 

Signatures

58

 

2


 

Special Note Regarding Pending Bankruptcy Proceedings

On March 14, 2019, PHI, Inc. and its four principal U.S. subsidiaries (collectively, the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Northern District of Texas (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”).  On August 2, 2019, the Bankruptcy Court issued an order confirming the Debtors’ plan of reorganization. Subject to the conditions described herein, the Debtors currently plan to emerge from bankruptcy by the end of August 2019.

 

Special Note Regarding Forward-Looking Statements

All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q (the “Quarterly Report”) and other periodic reports filed by PHI, Inc. (the “Company,” “PHI,” “we” or “our”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other written or oral statements made by it or on its behalf, are “forward-looking” statements, as defined by (and subject to the “safe harbor” protections under) the federal securities laws. When used herein, the words “anticipates,” “expects,” “believes,” “seeks,” “hopes,” “intends,” “plans,” “projects” and similar words and expressions are intended to identify forward-looking statements. Forward-looking statements are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond our control. These forward-looking statements, and the assumptions on which they are based, (i) are not guarantees of future events, (ii) are inherently speculative and (iii) are subject to significant risk and uncertainties. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in those statements if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect. All of our forward-looking statements are qualified in their entirety by reference to our discussion of certain important factors that could cause our actual results to differ materially from those anticipated, estimated, projected or implied by us in those forward-looking statements. Factors that could cause our results to differ materially from the expectations expressed in such forward-looking statements include but are not limited to the following:

 

our ability to consummate our plan or reorganization, either on the terms and schedule currently contemplated or at all;

 

our ability to develop and implement successful business strategies, including our ability to attain the goals stated in our plan of reorganization;

 

our ability to implement operational improvement efficiencies;

 

our ability to comply with the financial covenants contained in certain of our financing arrangements;

 

our ability to access the credit markets on favorable terms, whether caused by changes in our financial position, lower debt credit ratings, unstable markets or otherwise; 

 

the impact of current or future governmental regulations, including but not limited to the impact of new and pending regulation of healthcare, aviation safety and export controls;

 

illiquidity in the trading of our securities, including limitations caused by the delisting of our common stock from Nasdaq and the subsequent trading of our securities in the over-the-counter market;

 

reduction in demand for our services due to volatility of oil and gas prices and the level of domestic and overseas exploration and production activity, which depends on several factors outside of our control;

 

our dependence on a small number of customers for a significant amount of our revenue and our significant credit exposure within the oil and gas industry;

 

the adverse impact of customers electing to terminate or reduce our services;

 

any failure to maintain our strong safety record;

 

our ability to secure favorable customer contracts or otherwise remain able to profitably deploy our existing fleet of aircraft;

 

the availability of adequate insurance;

 

adverse changes in the value of our aircraft or our ability to sell them in the secondary markets;

 

political, economic, payment, regulatory and other risks and uncertainties associated with our international operations, some of which are conducted in challenging business environments;

 

the effects of competition and changes in technology;

 

the special risks of our air medical operations, including collections risks and potential medical malpractice claims;

 

weather conditions and seasonal factors, including tropical storms;

 

our ability to timely realize the anticipated benefits of our December 29, 2017 acquisition of additional offshore operations;

 

the hazards associated with operating in an inherently risky business, including the possibility that regulators could ground our aircraft for extended periods of time or indefinitely;

 

our ability to timely collect our receivables in full;

3


 

 

our ability to receive timely delivery of ordered aircraft and parts from a limited number of suppliers, and the availability of working capital, loans or lease financing to acquire such assets;

 

changes in fuel prices;

 

our ability to attract and retain key personnel and to avoid work stoppages or other labor problems, which as indicated above may be impacted by the Chapter 11 Cases;

 

changes in our operating plans or strategies, whether based upon changes in our cash flows, cash requirements, financial performance, financial position, market conditions or otherwise;

 

environmental and litigation risks;

 

the effects of more general factors, such as changes in interest rates, operating costs, tax rates, or general economic or geopolitical conditions;

 

and other risks referenced in (i) Item 1A of Part II or elsewhere in this report, (ii) Item 1A or elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2018 or (iii) other of our filings with the U.S. Securities and Exchange Commission ("SEC").

Additional factors or risks that we currently deem immaterial, that are not presently known to us, that arise in the future or that are not specific to us could also cause our actual results to differ materially from our expected results. Given these uncertainties, investors are cautioned not to unduly rely upon our forward-looking statements, which speak only as of the date made. PHI undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or developments, changed circumstances, or otherwise. Further, we may make changes to our business strategies and plans (including our capital spending plans) at any time and without notice, based on any changes in the above-listed factors, our assumptions or otherwise, any of which could or will affect our results.

4


 

PART I – FINANCIAL INFORMATION

Item1. FINANCIAL STATEMENTS

PHI, INC. AND SUBSIDIARIES

(DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED BALANCE SHEETS

(Thousands of dollars, except share data)

(Unaudited)

 

 

 

June 30, 2019

 

 

December 31, 2018

 

ASSETS

 

 

 

 

 

 

 

 

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

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

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

 

 

 

 

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:

 

 

 

 

 

 

 

 

Voting common stock – par value of $0.10; 12,500,000 shares authorized, 2,905,757 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively

 

 

291

 

 

 

291

 

Non-voting common stock – par value of $0.10; 37,500,000 shares authorized, 12,919,681 issued and outstanding at June 30, 2019 and December 31, 2018, respectively

 

 

1,291

 

 

 

1,291

 

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

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5


 

PHI, INC. AND SUBSIDIARIES

(DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Thousands of dollars and shares, except per share data)

(Unaudited)

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

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

 

 

 

 

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

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6


 

PHI, INC. AND SUBSIDIARIES

(DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Thousands of dollars)

(Unaudited)

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(32,077

)

 

$

(7,093

)

 

$

(67,318

)

 

$

(24,075

)

Unrealized (loss) gain on short-term investments

 

 

 

 

 

(107

)

 

 

 

 

 

363

 

Currency translation adjustments

 

 

(928

)

 

 

160

 

 

 

(121

)

 

 

627

 

Changes in pension plan assets and benefit obligations

 

 

 

 

 

7

 

 

 

 

 

 

(1

)

Tax effect of the above-listed adjustments

 

 

25

 

 

 

100

 

 

 

33

 

 

 

(85

)

Total comprehensive loss

 

$

(32,980

)

 

$

(6,933

)

 

$

(67,406

)

 

$

(23,171

)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

7


 

PHI, INC. AND SUBSIDIARIES

(DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Thousands of dollars and shares)

(Unaudited) 

 

 

 

 

Voting

Common Stock

 

 

Non-Voting

Common Stock

 

 

Additional

 

 

Accumulated

Other Com-

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-in

Capital

 

 

prehensive

(Loss) Income

 

 

Retained

Earnings

 

 

Shareholders'

Equity

 

Balance at March 31, 2018

 

 

2,906

 

 

 

291

 

 

 

12,905

 

 

 

1,290

 

 

 

309,672

 

 

 

464

 

 

 

286,018

 

 

$

597,735

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,092

)

 

 

(7,092

)

Unrealized gain on short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4

)

 

 

 

 

 

(4

)

Changes in pension plan assets and benefit obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

4

 

Amortization of unearned stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

813

 

 

 

 

 

 

 

 

 

813

 

Cash payment of Performance Based stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

160

 

 

 

 

 

 

160

 

Issuance of non-voting common stock (upon vesting of restricted stock units)

 

 

 

 

 

 

 

 

(2

)

 

 

1

 

 

 

(2

)

 

 

 

 

 

 

 

 

(1

)

Cancellation of restricted non-voting stock units for tax withholdings on vested shares

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

(50

)

 

 

 

 

 

 

 

 

(50

)

Balance at June 30, 2018

 

 

2,906

 

 

$

291

 

 

 

12,906

 

 

$

1,291

 

 

$

310,433

 

 

$

624

 

 

$

278,926

 

 

$

591,565

 

 

 

 

 

 

Voting

Common Stock

 

 

Non-Voting

Common Stock

 

 

Additional

 

 

Accumulated

Other Com-

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-in

Capital

 

 

prehensive

(Loss) Income

 

 

Retained

Earnings

 

 

Shareholders'

Equity

 

Balance at March 31, 2019

 

 

2,906

 

 

$

291

 

 

 

12,919

 

 

$

1,291

 

 

$

314,818

 

 

$

(3,138

)

 

$

126,246

 

 

$

439,508

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(32,077

)

 

 

(32,077

)

Amortization of unearned stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,325

 

 

 

 

 

 

 

 

 

1,325

 

Cash payment of Performance Based stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(902

)

 

 

 

 

 

(902

)

Balance at June 30, 2019

 

 

2,906

 

 

$

291

 

 

 

12,919

 

 

$

1,291

 

 

$

316,143

 

 

$

(4,040

)

 

$

94,169

 

 

$

407,854

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

8


 

 

PHI, INC. AND SUBSIDIARIES

(DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Thousands of dollars and shares)

(Unaudited) 

 

 

 

 

Voting

Common Stock

 

 

Non-Voting

Common Stock

 

 

Additional

 

 

Accumulated

Other Com-

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-in

Capital

 

 

prehensive

(Loss) Income

 

 

Retained

Earnings

 

 

Shareholders'

Equity

 

Balance at January 1, 2018

 

 

2,906

 

 

$

291

 

 

 

12,897

 

 

$

1,289

 

 

$

308,353

 

 

$

(280

)

 

$

303,001

 

 

$

612,654

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24,075

)

 

 

(24,075

)

Unrealized gain on short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

278

 

 

 

 

 

 

278

 

Changes in pension plan assets and benefit obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Amortization of unearned stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,132

 

 

 

 

 

 

 

 

 

2,132

 

Currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

627

 

 

 

 

 

 

627

 

Issuance of non-voting common stock (upon vesting of restricted stock units)

 

 

 

 

 

 

 

 

9

 

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

Cancellation of restricted non-voting stock units for tax withholdings on vested shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50

)

 

 

 

 

 

 

 

 

(50

)

Balance at June 30, 2018

 

 

2,906

 

 

$

291

 

 

 

12,906

 

 

$

1,291

 

 

$

310,433

 

 

$

624

 

 

$

278,926

 

 

$

591,565

 

 

 

 

 

 

Voting

Common Stock

 

 

Non-Voting

Common Stock

 

 

Additional

 

 

Accumulated

Other Com-

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-in

Capital

 

 

prehensive

(Loss) Income

 

 

Retained

Earnings

 

 

Shareholders'

Equity

 

Balance at January 1, 2019

 

 

2,906

 

 

$

291

 

 

 

12,919

 

 

$

1,291

 

 

$

314,316

 

 

$

(3,952

)

 

$

161,487

 

 

$

473,433

 

Net loss