Trico Marine Services, Inc. (Nasdaq: TMAR) today reported net income for the second quarter ended June 30, 2001, of $5.4 million, or $0.15 per share (diluted). This compares to a net loss of $4.2 million, or $(0.13) per share (diluted), for the second quarter of 2000, before an extraordinary gain of $715,000, net of taxes, resulting from the early extinguishment of debt. Second quarter 2001 revenues increased 69% to $50.0 million compared to $29.5 million last year.
For the first six months of 2001, net income was $7.4 million, or $0.20 per share (diluted), on revenues of $93.3 million. This compares to a net loss of $13.2 million, or $(0.45) per share (diluted), on revenues of $55.9 million for the first six months of 2000, before the extraordinary gain of $715,000, net of taxes. After the extraordinary item, the net loss for the first six months of last year was $12.5 million, or $(0.42) per share (diluted).
Second quarter 2001 results included a gain of $381,000, pre tax, from the sale of assets versus a gain of $3.9 million, pre tax, from the sale of assets in the second quarter 2000.
Thomas E. Fairley, president and chief executive officer commented, "Our results benefited from higher average day rates across the board in the U.S. Gulf and improved market conditions for our North Sea fleet, including several new contracts we performed during the quarter in Brazil," he said. "We are also very pleased about our previously announced joint venture with Chuan Hup Holdings. The joint venture provides Trico with an efficient and cost effective way to expand its presence in the Southeast Asia market and a significant new outlet for our equipment worldwide."
Supply boat day rates in the Gulf of Mexico averaged $7,269 for the second quarter of 2001, compared to $3,409 for the same period last year, and $6,631 for the first quarter of 2001. Day rates for the North Sea fleet averaged $11,947 for the second quarter of 2001, compared to $9,802 for the year-ago period and $10,389 for the first quarter of 2001.
The utilization rate for Gulf of Mexico supply boats increased to 75% in the second quarter of 2001, compared to 71% for the year-ago period and 73% for the first quarter of 2001 due to improved market conditions in the Gulf. Utilization of the North Sea vessels was 97% in the most recent quarter, compared to 82% in the second quarter 2000. |
