Offshore Logistics, Inc. Announces Earnings for Fiscal Year End March 31, 2000
LAFAYETTE, La.--(BUSINESS WIRE)--June 2, 2000--Offshore Logistics, Inc., (NASDAQ: OLOG - news) today reported net income for the fiscal year ended March 31, 2000 of $8.9 million, or $0.42 per diluted share, on revenues of $420.6 million, compared to net income of $20.9 million, or $0.97 per diluted share, on revenues of $468.8 million for the fiscal year ended March 31, 1999. Fiscal 2000 included restructuring charges of $5.0 million (or $0.16 per diluted share after taxes) related to the restructuring of our North Sea operations due to the loss of two major customers effective August 1, 1999.
Net income for the quarter ended March 31, 2000 was $2.9 million, or $0.14 per diluted share on revenues of $102.5 million, compared to net income of $30,000, or $0.00 per diluted share, on revenues of $105.9 million for the quarter ended March 31, 1999. The quarter ended March 31, 1999 included $4.0 million (or $0.13 per diluted share after taxes) of charges for additional reserves for certain customers' uncollectible receivables and for revised employee benefits related to the Company's Gulf of Mexico operations.
George Small, President of Offshore Logistics, said, ``The fourth quarter of fiscal 2000 is the first quarter this year to show year over year net increases in flight activity. Albeit slight, this increase reverses a trend and comes during a seasonally slower quarter of the year. We are hopeful that this is an indication of recovery in the oil services industry in general, and our business in particular. Unfortunately, our results for the entire year are significantly lower than last year and are reflective of the sustained down turn in the worldwide energy industry during the period.
Of our major markets, the Gulf of Mexico will likely be the first to reap the benefits of heightened exploration and development activities by the oil companies. Our optimism in this market was the reason behind rate increases we made effective February 1, 2000. On the other hand, we believe the North Sea market will take longer to recover. In the meantime, we continue to effect cost reductions and efficiencies in our North Sea operations to remain competitive. Internationally, we are pursuing opportunities in the various markets in which we operate and in others where we currently have no presence. We believe there are significant opportunities to continue the expansion of our international operations.``
At March 31, 2000, the Company's consolidated balance sheet reflected $289.0 million in shareholders' investment, $37.9 million in cash and $241.3 million of indebtedness.
OLOG will conduct a telephonic conference to discuss its year end results with analysts, investors and other interested parties at 10 AM CT on Monday, June 5, 2000. Those interested in participating in that teleconference should dial 888/633-8692 (212/896-6039, 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 15427809. This replay will be available for forty-eight hours following the conference call. |
