Trico Marine Reports Third Quarter 2000 Results
HOUSTON, Oct. 26 /PRNewswire/ -- Trico Marine Services, Inc. (Nasdaq: TMAR - news) today reported a net loss for the third quarter ended September 30, 2000, of $1.6 million, or $0.04 per share (diluted), compared to a net loss of $7.8 million, or $0.28 per share (diluted), for the third quarter of 1999. Third quarter 2000 revenues were up 28% to $35.3 million compared to $27.6 million last year.
Trico's improved results for the third quarter resulted from increases in average day rates and utilization for all classes of the Company's vessels compared to the year-ago period. Supply boat day rates in the Gulf of Mexico averaged $4,224 for the quarter, compared to $3,143 for the same period last year. Average day rates for the North Sea fleet were also higher at $10,518 for the third quarter, compared to $9,998 for the third quarter of 1999. Day rates for the Company's crew and line-handling vessels also improved to an average of $2,600 in the third quarter of 2000 compared to $1,561 last year.
The utilization rate for Trico's Gulf of Mexico supply boats was 74% for the third quarter 2000, compared to 57% for the year-ago period. Utilization of the North Sea vessels was 88% in the third quarter, compared to 85% in the same period last year. As a result of improved market conditions in the North Sea, two platform supply vessels, which had been deactivated in the last half of 1999, were placed in service in July 2000.
For the first nine months of 2000, the Company reported a net loss before extraordinary item of $14.8 million, or $0.47 per share (diluted), on revenues of $91.1 million. After the extraordinary item, the net loss for the first nine months was $14.1 million, or $0.45 per share (diluted). For the first nine months of 1999, the Company reported a net loss before extraordinary item of $24.2 million, or $1.01 per share (diluted), on revenues of $82.6 million. In the second quarter of 1999, an extraordinary one-time charge of $1.8 million, net of taxes, was recorded related to the write-off of unamortized debt issuance costs resulting from the prepayment of bank debt with the proceeds of a new bank revolving credit agreement. After the extraordinary charge, the net loss was $26.0 million, or $1.09 per share (diluted) for the first nine months of 1999.
``We are very pleased by the growth in demand for our vessels in all our market areas, which includes the Gulf of Mexico, the North Sea and Latin America,'' said Thomas E. Fairley, president and chief executive officer. ``This is resulting in improved day rates and utilization for our equipment worldwide.''
The Company's Third Quarter Earnings Conference Call will be on October 26 at 2:00pm EDT. To listen to the call please dial 973-633-1010, 5 to 10 minutes before start time. A replay of the call is available through Friday, October 27 by dialing 402-220-0521.
Trico Marine provides marine support services to the oil and gas industry, primarily in the Gulf of Mexico, the North Sea and Latin America. The services provided by the Company's diversified fleet of vessels include the marine transportation of drilling materials, supplies and crews and support for offshore well servicing, construction, installation and maintenance of offshore facilities |
