Offshore Logistics, Inc. Announces Earnings for Fiscal Year Ended March 31, 2002
BUSINESS WIRE - May 21, 2002 18:22
LAFAYETTE, La., May 21, 2002 (BUSINESS WIRE) -- Offshore Logistics, Inc. (NASDAQ: OLOG) today reported net income for the fiscal year ended March 31, 2002 of $44.5 million, or $1.84 per diluted share, on revenues of $512.1 million, compared to net income of $29.9 million, or $1.32 per diluted share, on revenues of $478.2 million for the fiscal year ended March 31, 2001.
Net income for the quarter ended March 31, 2002 was $9.0 million, or $0.38 per diluted share on revenues of $128.0 million, compared to net income of $8.2 million or $0.35 per diluted share, on revenues of $121.7 million for the quarter ended March 31, 2001.
George Small, Chief Executive Officer and President of Offshore Logistics, Inc., said, "This year produced record earnings for Offshore Logistics, with all of our major operating divisions making significant contributions. A 7% increase in operating revenue caused our diluted earnings per share to increase by nearly 40% to $1.84. Double-digit rate increases at Air Logistics and a 14% increase in flight activity demonstrated our ability to capitalize on opportunities. In the North Sea, Bristow has also had noticeable successes in obtaining rate increases at contract renewal and mid-contract in some cases, which is reflected in the significant improvement in its operating income and margins. Internationally, we had another solid year in all of our larger areas of operation.
Looking forward, we see expanding opportunities in our international business and an increase in rig utilization in the U.S. Gulf of Mexico. We also see expansion of our United Kingdom Ministry of Defense contract both in pilot training and in overseas support, and an increase in our activity in Western Africa appears imminent. Uncertainty of commodity prices during the second half of our fiscal year reduced the Gulf of Mexico rig count from 193 to 120, but prospects for the remainder of this calendar year appear more favorable."
At March 31, 2002, the Company's consolidated balance sheet reflected $340.0 million in shareholders' investment, $42.7 million in cash and $208.0 million of indebtedness.
OLOG will conduct a telephonic conference to discuss its year-end results with analysts, investors and other interested parties at 10:00 a.m. Central Time on Wednesday, May 22, 2002. Persons interested in participating should call 877/822-9020 (706/679-7181 if outside the U.S.) 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 U.S.). Enter conference I.D. number 4101555. This replay will be available for forty-eight hours following the teleconference. |
