Offshore Logistics, Inc. Announces Earnings for the Second Fiscal Quarter Ended September 30, 2000
LAFAYETTE, La.--(BUSINESS WIRE)--Nov. 8, 2000--Offshore Logistics, Inc., (NASDAQ:OLOG - news) today reported net income for the quarter ended September 30, 2000 of $9.1 million, or $0.40 per diluted share, on revenues of $123.1 million, compared to a net loss of $1.1 million, or $0.05 per diluted share, on revenues of $105.5 million for the quarter ended September 30, 1999. The September, 1999 quarter included North Sea restructuring charges of $5 million (pre-tax) and without those charges net income would have been $2.4 million or $0.11 per diluted share.
Net income for the six months ended September 30, 2000 was $13.1 million, or $0.59 per diluted share (after a pre-tax charge of $1.5 million or $0.05 per diluted share for employee severance costs at Bristow) on revenues of $234.4 million, compared to net income of $2.0 million, or $0.10 per diluted share, on revenues of $212.9 million for the six months ended September 30, 1999. Net income for the six months ended September 30, 1999 would have been $5.5 million or $0.26 per diluted share before considering the North Sea restructuring charges discussed above.
George Small, President of Offshore Logistics, said, ``September was a great quarter for the Offshore Logistics Group. The seasonally higher level of flight activity associated with the summer months, coupled with increased demand in certain markets, has translated into improved profitability in all of our major operating areas. Flight activity in the Gulf of Mexico during our second quarter increased 10% over the same period in the prior year and 16% over the previous quarter. Customer demand for small and medium aircraft in this market have our crews working overtime to prepare equipment and recruit personnel. Our North Sea operations reported positive margins for the first time since June, 1999. The North Sea's improved results are attributed to a continued high level of summer flying and cost cutting measures beginning to take affect. Internationally, our flight activity is up 48% over the similar quarter in the prior year, with much of this increase attributed to the start-up of the CFE contract in Mexico in April, 2000. Our operations in other areas, such as South America and West Africa, continue to be strong contributors to the Company's results and are likely markets for growth.''
At September 30, 2000, the Company's consolidated balance sheet reflected $283.7 million in shareholders' investment, $27.9 million in cash and $228.2 million of indebtedness.
OLOG will conduct a telephonic conference to discuss its second-quarter with analysts, investors and other interested parties at 10 a.m. Central Time on Thursday, November 9, 2000. Those interested in participating in that teleconference should dial 800/530-9601 (212/346-0102, if outside the US) just prior to the scheduled start and ask for the Offshore Logistics, Inc. conference call. A replay will be available immediately following the teleconference. To hear that recording, call 800/633-8284 (858/812-6440, if outside the US). Enter reservation number 16758776. This replay will be available for forty-eight hours following the conference call. |
