Three Months Ended Year Ended
March 31, March 31,
----------------- -----------------
2001 2000 2001 2000
-------- -------- -------- --------
Revenue $121,707 $102,515 $478,190 $420,603
======== ======== ======== ========
Net Income $ 8,181 $ 2,893 $ 29,914 $ 8,890
======== ======== ======== ========
BASIC:
Earnings per common share $ 0.38 $ 0.14 $ 1.41 $ 0.42
======== ======== ======== ========
Weighted average number of
common shares outstanding 21,520 21,103 21,237 21,103
======== ======== ======== ========
DILUTED:
Earnings per common share $ 0.35 $ 0.14 $ 1.32 $ 0.42
======== ======== ======== ========
Weighted average number of
common shares outstanding
and assumed conversions 25,898 21,115 25,523 21,116
======== ======== ======== ========
Selected operating data:
Three Months Ended Twelve Months Ended
March 31, March 31,
-------------------- ---------------------
2001 2000 2001 2000
--------- --------- ---------- ---------
Flight Hours:
Air Logistics 29,580 23,192 116,833 100,563
Bristow 11,350 12,233 50,961 53,905
International 20,698 15,371 79,968 56,943
--------- --------- --------- ---------
Total 61,628 50,796 247,762 211,411
========= ========= ========= =========
Operating Revenues (1):
Air Logistics $ 33,196 $ 23,932 $ 123,345 $ 94,901
Bristow $ 42,614 $ 41,071 $ 177,203 $ 181,339
International $ 36,179 $ 28,528 $ 138,073 $ 104,620
GPM $ 12,587 $ 9,917 $ 48,458 $ 39,703
Operating Income
(Loss) (1):
Air Logistics $ 4,844 $ 2,343 $ 19,175 $ 12,297
Bristow $ 1,128 $ (874) $ 6,129 $ (5,287)
International $ 7,319 $ 5,217 $ 27,301 $ 12,910
GPM $ 708 $ 272 $ 2,542 $ 2,088
Operating Margins (1):
Air Logistics 14.6% 9.8% 15.5% 13.0%
Bristow 2.6% (2.1)% 3.5% (2.9)%
International 20.2% 18.3% 19.8% 12.3%
GPM 5.6% 2.8% 5.2% 5.3%
(1) These totals exclude the gain or loss on disposal of equipment.
Statements contained in this press release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements contained in this press release include the possibility that exploration and development activities will not continue at the levels experienced recently. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's report on Form 10-K for the year ended March 31, 2000 and the Company's report on Form 10-Q for the quarters ended June 30, September 30 and December 31, 2000. Copies of these may be obtained by contacting the Company or the SEC.
OFFSHORE LOGISTICS, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(thousands of dollars, except per share amounts)
Three Months Ended Twelve Months Ended
March 31, March 31,
-------------------- --------------------
2001 2000 2001 2000
-------- -------- -------- --------
GROSS REVENUE
Operating revenue $121,068 $102,321 $477,003 $417,087
Gain on disposal of
equipment 639 194 1,187 3,516
-------- -------- -------- --------
121,707 102,515 478,190 420,603
OPERATING EXPENSES
Direct cost 91,569 81,294 358,256 335,411
Depreciation and
amortization 8,222 7,953 34,369 33,213
General and
administrative 7,042 6,024 30,439 26,215
-------- -------- -------- --------
106,833 95,271 423,064 394,839
-------- -------- -------- --------
OPERATING INCOME 14,874 7,244 55,126 25,764
Earnings from
unconsolidated entities 1,152 942 5,173 4,196
Interest income 773 998 3,198 3,400
Interest expense 4,426 4,530 18,114 18,479
-------- -------- -------- --------
INCOME BEFORE PROVISION
FOR INCOME TAXES 12,373 4,654 45,383 14,881
Provision for income
taxes 3,836 1,416 14,067 4,586
Minority interest (356) (345) (1,402) (1,405)
-------- -------- -------- --------
NET INCOME $ 8,181 $ 2,893 $ 29,914 $ 8,890
======== ======== ======== ========
Net income per common
share:
Basic $ 0.38 $ 0.14 $ 1.41 $ 0.42
======== ======== ======== ========
Diluted $ 0.35 $ 0.14 $ 1.32 $ 0.42
======== ======== ======== ========
OFFSHORE LOGISTICS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(thousands of dollars)
March 31, March 31,
2001 2000
--------- --------
ASSETS
Current Assets:
Cash and cash equivalents $ 54,794 $ 37,935
Accounts receivable 114,763 96,387
Inventories 81,578 80,435
Prepaid expenses 6,900 5,725
-------- --------
Total current assets 258,035 220,482
Investments in unconsolidated
entities 17,868 14,093
Property and equipment - at cost:
Land and buildings 10,990 11,005
Aircraft and equipment 603,021 605,949
-------- --------
614,011 616,954
Less: Accumulated depreciation
and amortization (167,321) (142,931)
-------- --------
446,690 474,023
Other assets 32,227 34,576
-------- --------
$754,820 $743,174
======== ========
LIABILITIES AND STOCKHOLDERS' INVESTMENT
Current Liabilities:
Accounts payable $ 32,401 $ 30,749
Accrued liabilities 63,796 52,082
Deferred taxes 15,265 18,443
Current maturities of
long-term debt 13,122 16,540
-------- --------
Total current liabilities 124,584 117,814
Long-term debt, less current maturities 209,190 224,738
Other liabilities and deferred credits 15,071 2,932
Deferred taxes 95,469 96,739
Minority interest 11,959 11,911
Stockholders' Investment:
Common Stock, $.01 par value,
authorized 35,000,000 shares;
outstanding 21,815,421 in 2001
and 21,105,921 in 2000
(exclusive of 1,281,050 treasury
shares) 218 211
Additional paid-in capital 127,554 116,074
Retained earnings 211,918 182,004
Accumulated other comprehensive income
(loss) (41,143) (9,249)
-------- --------
298,547 289,040
-------- --------
$754,820 $743,174
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