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Offshore Logistics, Inc. Announces Earnings for the Third Fiscal Quarter Ended December 31, 2000
LAFAYETTE, La.--(BUSINESS WIRE)--Feb. 5, 2001--Offshore Logistics, Inc., (NASDAQ:OLOG) today reported net income for the quarter ended December 31, 2000 of $8.6 million, or $0.37 per diluted share, on revenues of $122.1 million, compared to net income of $4.0 million, or $0.19 per diluted share, on revenues of $105.2 million for the quarter ended December 31, 1999.
Net income for the nine months ended December 31, 2000 was $21.7 million, or $0.97 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 $356.5 million, compared to net income of $6.0 million, or $0.28 per diluted share, on revenues of $318.1 million for the nine months ended December 31, 1999. Net income for the nine months ended December 31, 1999 included restructuring charges of $5 million (pre-tax) or $0.16 per diluted share.
George Small, President of Offshore Logistics, Inc., said, "Our December results show dramatic improvement over the similar period in the prior year. Flight hours and revenue are up 26% and 16% for the three months ended December 31, 2000 and 16% and 12% for the nine months then ended. Activity levels in all of our business units have tracked the increased exploration and development activity of the oil companies. Given the magnitude of recently announced capital budgets by our customers and others, we expect this heightened level of industry activity to continue.
Demand for our services is greatest in the Gulf of Mexico where Air Logistics has reached a record number of aircraft on full time contract. In the North Sea, Bristow has experienced a resurgence in activity which began in April 2000 and yielded a quarter over prior year quarter increase in flight hours and operating revenue of 13.4% and 9.8%, respectively. While we continue to capitalize on opportunities in the International arena, our new contract in Mexico is the primary reason for the 45% increase in flight activity in the International business unit, quarter over quarter."
At December 31, 2000, the Company's consolidated balance sheet reflected $298.4 million in shareholders' investment, $42.2 million in cash and $228.7 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. Central Time on Tuesday, February 6, 2001. Those interested in participating in that teleconference should dial 800/266-1825 (212/896-6050, 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 17756547. This replay will be available for forty-eight hours following the conference call. |
