BWWL thanks Wayne.
Black Warrior Wireline Corp. Announces Significantly Improved Results
COLUMBUS, Miss., Aug. 31 /PRNewswire/ -- Black Warrior Wireline Corp. (OTC Bulletin Board: BWWL - news; ``Black
Warrior'' or the ``Company'') today reported significantly improved results for both the second quarter 2001 and the six months
ended June 30, 2001 as compared to the same periods of 2000. Highlights include total Company revenues up 126%
($21,365,502 compared with $9,458,689) and 123% ($39,496,799 compared with $17,735,055) for the second quarter and
six months ended June 30, 2001, respectively. Wireline Services revenues were up 148% ($11,166,960 compared with
$4,501,234) and 138% ($21,077,642 compared with 8,854,720) and Directional Services revenues were up 114%
($9,988,752 compared with $4,668,297) and 116% ($17,893,254 compared with $8,294,443) for the second quarter and six
months ended June 30, 2001, respectively. Net income for the second quarter 2001 was $3,821,496 compared with a net loss of
$1,404,105 for the second quarter 2000 while net income for the six months ended June 30, 2001 was $5,724,945 compared
with a net loss of $2,744,498 for the same period of 2000. Net income per share was $0.31 and $0.46 for the three and six
months ended June 30, 2001, respectively, compared with a net loss of $0.19 and $0.38 per share for the same periods of 2000.
Earnings before interest, taxes, depreciation and amortization (``EBITDA'') for the Company for the three and six months ended
June 30, 2001 was $7,136,491 and $12,346,373, respectively compared with $1,020,039 and $1,672,480 for the same periods
of 2000. Management attributed the improved performance to continued strong demand in the oilfield service sector generally, as
well as the Company's ongoing efforts to expand operations and deploy and supplement its assets -- people and equipment -- in
more profitable areas. This expansion has included the opening of Wireline facilities in Conroe, Kilgore and Tyler, Texas. The
Company is experiencing continued strong results thus far in third quarter 2001, and expects demand to remain strong for the
balance of the year.
Bill Jenkins, President and CEO, commented, ``Our first and second quarter operating results have improved significantly over the
same periods last year as a result of improved industry conditions and revenue initiatives implemented by the Company and the
continued support of our customers. The Company has been successful in obtaining and retaining experienced and highly
motivated employees who we believe are among the best in the industry. The combination of these employees and the new assets
has enabled our Company to compete at a higher level within the industry. The second quarter of 2001 represents the sixth
consecutive quarter of increased revenue and it is the highest revenue for any single quarter in the Company's history. The
Company and its employees are looking forward to 2002 for greater expansion and market penetration.''
Black Warrior is an oil and gas service company providing various services to oil and gas well operators primarily in the
continental United States and in the off-shore Gulf of Mexico. The Company's principal lines of business include (a) wireline
services and (b) directional oil and gas well drilling activities, including surveying services. It is headquartered in Columbus,
Mississippi. Additional information may be obtained by contacting Ron Whitter at (936) 441-6655. |
