<SUBMISSION>
<ACCESSION-NUMBER>0001035704-03-000198
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20030331
<ITEMS>7
<ITEMS>9
<FILING-DATE>20030401
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PETROLEUM HELICOPTERS INC
<CIK>0000350403
<ASSIGNED-SIC>4522
<IRS-NUMBER>720395707
<STATE-OF-INCORPORATION>LA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-09827
<FILM-NUMBER>03633525
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2001 SE EVANGELINE THRUWAY
<STREET2>-
<CITY>LAFAYETTE
<STATE>LA
<ZIP>70508
<PHONE>-
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>PO BOX 90808
<CITY>LAFAYETTE
<STATE>LA
<ZIP>70509
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d04563e8vk.txt
<DESCRIPTION>FORM 8-K
<TEXT>
<PAGE>


                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                             CURRENT REPORT PURSUANT
                          TO SECTION 13 OR 15(d) OF THE
                       SECURITIES AND EXCHANGE ACT OF 1934

         Date of report (Date of earliest event reported)    March 31, 2003
                                                             --------------

                           Petroleum Helicopters, Inc.
--------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)

                                    Louisiana
--------------------------------------------------------------------------------
                 (State of Other Jurisdiction of Incorporation)

               0-9827                                 72-0395707
--------------------------------------------------------------------------------
       (Commission File Number)            (IRS Employer Identification No.)


2001 SE Evangeline Thruway, Lafayette, LA                            70508
--------------------------------------------------------------------------------
(Address of Principal Executive Offices)                           (Zip Code)

                                 (800) 235-2452
--------------------------------------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)

                                       N/A
--------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)



<PAGE>


Item 9.  Regulation FD Disclosure (Provided under Item 12.)

         On March 31, 2003, Registrant issued a press release announcing its
2002 earnings. The Press Release is filed herewith as exhibit 99.1 and is
incorporated herein by reference.

Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits

         (c)  Exhibits

<TABLE>
<CAPTION>
         Exhibit No.      Description
         -----------      -----------
         <S>              <C>
            99.1          Press Release dated March 31, 2003 announcing earnings
                          for 2002
</TABLE>

                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        Petroleum Helicopters, Inc. (Registrant)


         Date: March 31, 2003           By: /s/ Michael J. McCann
                                           -------------------------------------
                                        Name:  Michael J. McCann
                                        Title: Chief Financial Officer

<PAGE>


                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit No.      Description
-----------      -----------
<S>              <C>
   99.1          Press Release dated March 31, 2003 announcing earnings
                 for 2002
</TABLE>



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>d04563exv99w1.txt
<DESCRIPTION>EX-99.1 PRESS RELEASE DATED MARCH 31, 2003
<TEXT>
<PAGE>


EXHIBIT 99.1

                                                     NEWS RELEASE
                                            CONTACT: Michael J. McCann
                                                     CFO and Treasurer
                                                     (337) 235-2452

FOR IMMEDIATE RELEASE

PETROLEUM HELICOPTERS, INC. ANNOUNCES RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2002

--------------------------------------------------------------------------------

         LAFAYETTE, LA - March 31, 2003 - Petroleum Helicopters, Inc. (PHI)
today reported net earnings of $9.2 million ($1.70 per diluted share) on
operating revenues of $283.8 million for the year ended December 31, 2002,
compared to net earnings of $11.0 million ($2.08 per diluted share) on operating
revenues of $282.4 million for the year ended December 31, 2001. Included in
current year earnings before tax are severance costs of $1.7 million and
settlement of interest rate Swap agreements of $1.9 million, related to the
issuance by the Company in April 2002 of $200 million in 9 3/8% Notes due May 1,
2009 and the termination of existing financing arrangements. Interest expense
also increased $9.2 million over 2001 as a result of the Notes issuance.

         Certain statements in this release constitute forward-looking
statements or statements which may be deemed or construed to be forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. The words "forecast", "anticipate", "estimate", "project", intend",
expect", "should", "believe", and similar expressions are intended to identify
forward-looking statements. These forward-looking statements involve and are
subject to known and unknown risks, uncertainties and other factors which could
cause the Company's actual results, performance (financial or operating) or
achievements to differ from the future results, performance (financial or
operating) or achievements expressed or implied by such forward-looking
statements. The above factors are more fully discussed in the Company's SEC
filings.

         PHI provides helicopter transportation and related services to a broad
range of customers including the oil and gas industry, aeromedical programs and
the third-party maintenance business. PHI Common Stock is traded in The NASDAQ
SmallCap Market (symbols PHEL and PHELK)

                                      # # #


<PAGE>


--------------------------------------------------------------------------------

Petroleum Helicopters, Inc. (NASDAQ Symbols PHEL and PHELK) released the
following earnings figures for the year ended December 31, 2002.

(All figures, except per share data, are shown in thousands.)

<TABLE>
<CAPTION>
                                                          For the Year Ended
                                                             December 31,
                                                      --------------------------
                                                        2002              2001
                                                      --------          --------
<S>                                                   <C>               <C>
Operating revenues                                    $283,751          $282,437
Gain, net on disposition of property
       and equipment                                       586             1,351
Other                                                    1,675             1,461
                                                      --------          --------
                                                       286,012           285,249
                                                      --------          --------

Expenses:
   Direct expenses                                     235,189           243,538
   Selling, general and administrative                  18,189            18,029
   Interest expense                                     17,250             6,190
                                                      --------          --------
                                                       270,628           267,757
                                                      --------          --------

Earnings before income taxes                            15,384            17,492

Income taxes                                             6,153             6,472
                                                      --------          --------

Net earnings                                          $  9,231          $ 11,020
                                                      ========          ========

BASIC:
   Net earnings per share                             $   1.73          $   2.12
                                                      ========          ========

DILUTED:
   Net earnings per share                             $   1.70          $   2.08
                                                      ========          ========
</TABLE>



                                      # # #

</TEXT>
</DOCUMENT>
</SUBMISSION>
