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Exhibit 99.1
 News ReleaseCONTACT:
    
    Michael J. McCannCFO and Treasurer(337) 235-2452
  PHI, INC. ANNOUNCES RESULTS  FOR THE SECOND QUARTER ENDED JUNE 30, 2007




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PHI, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Thousands of dollars and shares, except per share data)
 Quarter Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Operating revenues
    
    $
    112,975
    
    
    $
    107,157
    
    
    $
    214,728
    
    
    $
    208,529Gain (loss) on disposition of
assets, net
    
    
    6,074
    
    
    
    (1,392
    )
    
    
    8,608
    
    
    
    (1,162
    )Other
    
    
    1,490
    
    
    
    2,497
    
    
    
    3,144
    
    
    
    3,417120,539
    
    
    
    108,262
    
    
    
    226,480
    
    
    
    210,784Expenses:Direct expenses
    
    
    97,119
    
    
    
    89,211
    
    
    
    190,352
    
    
    
    176,267Selling, general and
administrative expenses
    
    
    7,395
    
    
    
    6,724
    
    
    
    14,932
    
    
    
    13,409Interest expense
    
    
    4,260
    
    
    
    4,129
    
    
    
    8,367
    
    
    
    9,202Loss on debt restructuring
    
    
    
    
    
    
    12,790
    
    
    
    
    
    
    
    12,790108,774
    
    
    
    112,854
    
    
    
    213,651
    
    
    
    211,668Earnings (loss) before income
taxes
    
    
    11,765
    
    
    
    (4,592
    )
    
    
    12,829
    
    
    
    (884
    )Income taxes
    
    
    4,596
    
    
    
    (1,837
    )
    
    
    4,997
    
    
    
    (354
    )Net earnings (loss)
    
    $
    7,169
    
    
    $
    (2,755
    )
    
    $
    7,832
    
    
    $
    (530
    )Weighted average shares
outstanding:Basic
    
    
    15,288
    
    
    
    14,579
    
    
    
    15,288
    
    
    
    12,512Diluted
    
    
    15,307
    
    
    
    14,579
    
    
    
    15,307
    
    
    
    12,512Net earnings (loss) per shareBasic
    
    $
    0.47
    
    
    $
    (0.19
    )
    
    $
    0.51
    
    
    $
    (0.04
    )Diluted
    
    $
    0.47
    
    
    $
    (0.19
    )
    
    $
    0.51
    
    
    $
    (0.04
    )




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Quarter Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(Thousands of dollars)
    
    
    (Thousands of dollars)Segment operating revenuesOil and Gas
    
    $
    71,690
    
    
    $
    72,198
    
    
    $
    136,990
    
    
    $
    140,752Air Medical
    
    
    39,652
    
    
    
    33,596
    
    
    
    73,197
    
    
    
    64,307Technical Services
    
    
    1,633
    
    
    
    1,363
    
    
    
    4,541
    
    
    
    3,470Total operating revenues
    
    
    112,975
    
    
    
    107,157
    
    
    
    214,728
    
    
    
    208,529Segment direct expensesOil and Gas
    
    
    61,760
    
    
    
    56,905
    
    
    
    119,195
    
    
    
    110,756Air Medical
    
    
    33,813
    
    
    
    30,758
    
    
    
    67,641
    
    
    
    62,377Technical Services
    
    
    1,546
    
    
    
    1,548
    
    
    
    3,516
    
    
    
    3,134Total direct expenses
    
    
    97,119
    
    
    
    89,211
    
    
    
    190,352
    
    
    
    176,267Segment selling, general and administrative expensesOil and Gas
    
    
    399
    
    
    
    257
    
    
    
    790
    
    
    
    649Air Medical
    
    
    1,898
    
    
    
    1,807
    
    
    
    3,839
    
    
    
    3,645Technical Services
    
    
    17
    
    
    
    7
    
    
    
    25
    
    
    
    9Total selling, general and administrative expenses
    
    
    2,314
    
    
    
    2,071
    
    
    
    4,654
    
    
    
    4,303Total direct and selling, general and administrative
expenses
    
    
    99,433
    
    
    
    91,282
    
    
    
    195,006
    
    
    
    180,570Net segment profit (loss)Oil and Gas
    
    
    9,531
    
    
    
    15,036
    
    
    
    17,005
    
    
    
    29,347Air Medical
    
    
    3,941
    
    
    
    1,031
    
    
    
    1,717
    
    
    
    (1,715
    )Technical Services
    
    
    70
    
    
    
    (192
    )
    
    
    1,000
    
    
    
    327Total
    
    
    13,542
    
    
    
    15,875
    
    
    
    19,722
    
    
    
    27,959Other, net
    
    
    7,564
    
    
    
    1,105
    
    
    
    11,752
    
    
    
    2,255Unallocated selling, general and administrative costs
    
    
    (5,081
    )
    
    
    (4,653
    )
    
    
    (10,278
    )
    
    
    (9,106
    )Interest expense
    
    
    (4,260
    )
    
    
    (4,129
    )
    
    
    (8,367
    )
    
    
    (9,202
    )Loss on debt restructuring
    
    
    
    
    
    
    (12,790
    )
    
    
    
    
    
    
    (12,790
    )Earnings (loss) before income taxes
    
    $
    11,765
    
    
    $
    (4,592
    )
    
    $
    12,829
    
    
    $
    (884
    )




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Operating Statistics
  Quarter Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Flight hours:Oil and Gas
    
    
    28,604
    
    
    
    32,198
    
    
    
    54,690
    
    
    
    62,015Air Medical
    
    
    8,024
    
    
    
    7,725
    
    
    
    15,016
    
    
    
    14,880Technical Services
    
    
    
    
    
    
    
    
    
    
    408
    
    
    
    472Total
    
    
    36,628
    
    
    
    39,923
    
    
    
    70,114
    
    
    
    77,367Air Medical Transports
    
    
    5,650
    
    
    
    5,311
    
    
    
    10,572
    
    
    
    10,133
 June 30,2007
    
    
    2006Aircraft operated at period end:Oil and Gas
    
    
    163
    
    
    
    163Air Medical
    
    
    73
    
    
    
    67Technical Services
    
    
    4
    
    
    
    4Total
    
    
    240
    
    
    
    234