Offshore Logistics, Inc. Announces Earnings for Fiscal Year End March 31, 2001
LAFAYETTE, La.--(BUSINESS WIRE)--June 4, 2001--Offshore Logistics, Inc., (NASDAQ:OLOG) today reported net income for the fiscal year ended March 31, 2001 of $29.9 million, or $1.32 per diluted share, on revenues of $478.2 million, compared to net income of $8.9 million, or $0.42 per diluted share, on revenues of $420.6 million for the fiscal year ended March 31, 2000. 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, 2001 was $8.2 million, or $0.35 per diluted share on revenues of $121.7 million, compared to net income of $2.9 million or $0.14 per diluted share, on revenues of $102.5 million for the quarter ended March 31, 2000.
George Small, President of Offshore Logistics, said, "This was the second best fourth quarter results we have reported in the history of the Company. The seasonal slowdown we typically experience in the fourth quarter was masked by increases in activity in our Air Logistics and International business units. Air Logistics operations experienced a 28% and 16% increase in flight hours quarter over quarter and year over year, respectively. These activity levels have our Gulf of Mexico fleet and personnel working at near maximum capacity.
"Internationally, our previously announced contract with Mexico's electric commission continues to drive our increase in activity and results over prior year comparisons. New work for the United Nations peacekeeping forces also contributed to International's improved performance. At Bristow we experienced quarter over quarter increases in flight activity and revenues from the UK sector of the North Sea, which has us optimistic that the North Sea may be finally joining the industry recovery experienced elsewhere in the world.
"From the barometers of the Oil and Gas Industry that we follow, all indications are that flight activity should remain brisk for the immediate future."
At March 31, 2001, the Company's consolidated balance sheet reflected $298.5 million in shareholders' investment, $54.8 million in cash and $222.3 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 Central Time on Tuesday, June 5, 2001. Those interested in participating in that teleconference should dial 800/348-6433 (212/271-4741, 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 18945317. This replay will be available for forty-eight hours following the conference call |
