Offshore Logistics, Inc. Announces Earnings for the First Fiscal Quarter Ended June 30, 2001
LAFAYETTE, La.--(BUSINESS WIRE)--August 7, 2001--Offshore Logistics, Inc. (NASDAQ:OLOG), today reported net income for the first quarter ended June 30, 2001, of $11.4 million on revenues of $123.7 million, or $0.47 per diluted share compared to net income of $4.0 million or $0.19 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 $111.2 million for the first quarter ended June 30, 2000.
George Small, President and COO of Offshore Logistics, said, "These first quarter results have set a record for the Company. Our customers in the energy industry remained active through June 30th and the current date, resulting in substantial increases in flight hours over the March 2001 quarter and the same quarter in the prior year. In the Gulf of Mexico, supply and demand dynamics have not only kept our fleet and personnel busy, but have also necessitated rate increases of approximately 30% which went into effect June 1, 2001. The full impact of these increases will be realized over the next two quarters. In the North Sea, flight activity and revenue increased 22% and 26% respectively over the March 2001 quarter, which helped to repair operating margins at Bristow. Internationally, operations in all of our major markets continue to perform in line with our expectations.
The general thinking throughout the industry is that drilling and development activity will slow somewhat in the second half of the calendar year, which could result in lower flight activity for us. However, we have seen no diminished demand for either helicopter or production management services in any of our markets. If we are fortunate to have our current activity levels prevail, fiscal 2002 could turn into a record year for the Company."
OLOG will conduct a telephonic conference to discuss its first-quarter with analysts, investors and other interested parties at 10:00 AM Central Time on Wednesday, August 8, 2001. Those interested in participating in that teleconference should call 877/822-9020, (706/679-7181 if outside the US) prior to the scheduled start and ask for the Offshore Logistics, Inc. conference call. A replay will be available two hours after the completion of the teleconference. To hear that recording, call 800/642-1687 (706/645-9291, if outside the US). Enter conference ID number 1488157. This replay will be available for forty-eight hours following the conference call |
