Offshore Logistics, Inc. Announces Earnings for the Third Fiscal Quarter Ended December 31, 2001
LAFAYETTE, La.--(BUSINESS WIRE)--Feb. 12, 2002--Offshore Logistics, Inc. (NASDAQ: OLOG), today reported net income for the third quarter ended December 31, 2001 of $10.8 million, or $0.45 per diluted share, on revenues of $128.1 million, compared to net income of $8.6 million, or $0.37 per diluted share, on revenues of $122.1 million for the quarter ended December 31, 2000.
Net income for the nine months ended December 31, 2001 was $35.5 million, or $1.47 per diluted share on revenues of $384.1 million, compared to net income of $21.7 million, or $0.97 per diluted share (after a pre-tax charge of $1.5 million or $0.05 per diluted share for employee severance costs), on revenues of $356.5 million for the nine months ended December 31, 2000.
George Small, President and COO of Offshore Logistics, Inc., said, "Results for the nine months ended December 31, 2001 show improvements in flight hours, revenue, and operating income over the comparable period in the prior year. However, activity levels plateaued during the September 2001 quarter. During the December 2001 quarter, flight hours at Air Logistics decreased by approximately 4,600 hours or 13% from the September 2001 quarter, due partially to seasonal factors, but also because of reduced drilling activity in the Gulf of Mexico. With smaller capital expenditure budgets announced by many of the large independent and major exploration and production companies operating in the Gulf of Mexico, we do not expect this trend to reverse soon. Despite the reduced activity level, rate increases received during 2001 have helped prevent the erosion of profit margins. Global energy activity levels ultimately drive the demand for our services and our profitability. Given the many variables of energy supply and demand which are beyond our control, we will remain focused to insure a timely response should they further affect our business.
The Company also experienced a decline in flight activity in some international markets since the September 2001 quarter, totaling approximately 8%. Operating margins however, have not been affected. Bristow's flight hours and revenue have remained relatively flat from the September 2001 quarter, although higher maintenance costs have affected profitability."
At December 31, 2001, the Company's consolidated balance sheet reflected $348.4 million in shareholders' investment, $43.9 million in cash and $213.3 million of indebtedness.
OLOG will conduct a telephonic conference to discuss its third-quarter with analysts, investors and other interested parties at 10:00 a.m. Central Time on Wednesday, February 13, 2002. Persons interested in participating 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 2869731. This replay will be available for forty-eight hours following the conference call |
