Offshore Logistics, Inc. Announces Earnings for the Second Fiscal Quarter Ended September 30, 2001
LAFAYETTE, La.--(BUSINESS WIRE)--Nov. 7, 2001--Offshore Logistics, Inc. (NASDAQ:OLOG - news), today reported net income for the second quarter ended September 30, 2001 of $13.3 million, on revenues of $132.2 million, or $0.55 per diluted share, compared to net income of $9.1 million, or $0.40 per diluted share, on revenues of $123.1 million for the quarter ended September 30, 2000.
Net income for the six months ended September 30, 2001 was $24.7 million, or $1.02 per diluted share on revenues of $255.9 million, compared to net income of $13.1 million, or $0.59 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 $234.4 million for the six months ended September 30, 2000.
George Small, President and COO of Offshore Logistics, said, ``The second quarter produced record revenues and earnings for the Offshore Logistics Group. These results were achieved even though our Gulf of Mexico operations suffered due to the grounding of aircraft for three days following the terrorist attack on September 11th. In the Gulf of Mexico, the impact of the rate increases that went into effect June 1, 2001 will be fully phased-in during the third quarter. Our North Sea operations continued to show improvement in margins. The North Sea's improved results are also attributed to rate increases. Internationally, operations in all of our major markets continue to perform in line with our expectations.
Lower commodity prices have reduced the rig count in the Gulf of Mexico by one-third during this fiscal year which could result in lower flight activity in the coming months. However, we have focused on obtaining more non-drilling related work and our flight activity has remained strong. We will continue to emphasize geographical diversification, cost containment and customer service in addressing the challenges presented during these uncertain economic times.``
At September 30, 2001, the Company's consolidated balance sheet reflected $333.9 million in shareholders' investment, $39.1 million in cash and $212.7 million of indebtedness.
OLOG will conduct a telephonic conference to discuss its second-quarter with analysts, investors and other interested parties at 10:00 a.m. Central Time on Thursday, November 8, 2001. Those interested in participating in that teleconference should call 877/822-9020 (706/679-7181 if outside the US) just prior to the scheduled start and ask for the Offshore Logistics, Inc. conference call. A replay will be available immediately following the teleconference. To hear that recording, call 800/642-1687 (706/645-9291, if outside the US). Enter conference I.D. number 2191908. This replay will be available for forty-eight hours following the conference call. |
