Offshore Logistics, Inc. Announces Earnings for the Third Fiscal Quarter Ended December 31, 1999
LAFAYETTE, La.--(BUSINESS WIRE)--Feb. 9, 2000--Offshore
Logistics, Inc., (Nasdaq:OLOG) today reported net income for the third
quarter of fiscal 2000 of $4.0 million, or $0.19 per diluted share, on
revenues of $105.2 million compared to net income of $4.3 million, or
$0.20 per diluted share, on revenues of $116.2 million for the quarter
ended December 31, 1998.
Net income for the nine months ended December 31, 1999 was
$6.0 million, or $0.28 per share on revenues of $318.1 million
compared to net income of $20.9 million, or $0.92 per diluted share,
on revenues of $362.9 million for nine months ended December 31, 1998.
George Small, President of Offshore Logistics, Inc., said, "Our
third quarter activities and results, excluding the $1.8 million gain
we recognized on asset disposals, still have not returned to the
levels we experienced one year ago despite the resurgence in oil
prices to their highest level in recent years. Oil companies are
proceeding much more cautiously in their contracting for services as
they enter the new calendar year with increased capital expenditure
budgets.
The North Sea operating costs have been significantly reduced for
the previously announced loss of two major customers; however, the
high cost of operating in that market makes it difficult to generate
an acceptable return absent some recovery in industry activity levels.
Accordingly, we continue to vigorously pursue opportunities for cost
reductions and operating efficiencies to enhance our results during
this period of reduced North Sea activity levels. Unfortunately, the
North Sea market is lagging behind as the industry recovers in other
key markets throughout the world.
We are optimistic about the Gulf of Mexico market, where we are
experiencing increased customer commitment for aircraft. Additionally,
we continue to believe there are significant opportunities in several
international areas to either commence or expand our operations."
At December 31, 1999, the Company's consolidated balance sheet
reflected $290.3 million in shareholders' investment, $42.8 million in
cash and $242.7 million of indebtedness.
OLOG will conduct a telephonic conference to discuss its
third-quarter with analysts, investors and other interested parties at
10 a.m. CST on Thursday, February 10, 1999. Those interested in
participating in that teleconference should dial 888/209-3786
(212/271-4775, if outside the US) just prior to the scheduled start
and reference the Offshore Logistics, Inc. conference call. A replay
will be available immediately following the teleconference. To access
that recording, dial 800/633-8284 (858/812-6440, if outside the US).
Enter reservation number 14342638. This replay will be available for
forty-eight hours following the conference call. |
