Offshore Logistics, Inc. Announces Earnings for the First Fiscal Quarter Ended June 30, 2002
BUSINESS WIRE - August 08, 2002 17:34
LAFAYETTE, La., Aug 8, 2002 (BUSINESS WIRE) -- Offshore Logistics, Inc. (NASDAQ:OLOG) today reported net income for the first quarter ended June 30, 2002 of $9.5 million, or $0.39 per diluted share, on revenues of $135.4 million, compared to net income of $11.4 million, or $0.47 per diluted share, on revenues of $123.7 million for the first quarter ended June 30, 2001.
George Small, Chief Executive Officer and President of Offshore Logistics, Inc. said, "Market fundamentals did not allow us to repeat last year's record results. Our geographic diversification partially offset the impact of the slowdown in the Gulf of Mexico due to reduced drilling activity. Operating results in the North Sea improved when compared to the prior year and our international markets have continued to expand.
"Effective July 1, 2002, we commenced new operations servicing a major oil company in Nigeria that will significantly increase our presence in West Africa. Additionally, our contracts to provide search and rescue services for the Maritime and Coast Guard Agency in the United Kingdom have been renewed on a long-term basis and at higher operating margins. It remains to be seen what impact the recent U.K. tax changes will have on North Sea drilling activity, and whether the Gulf of Mexico active rig count will return to prior levels, however we remain optimistic about our future."
At June 30, 2002, the Company's consolidated balance sheet reflected $367.5 million in stockholders' investment, $24.4 million in cash and $196.3 million of indebtedness.
OLOG will conduct a telephonic conference to discuss its first quarter results with analysts, investors and other interested parties at 10:00 a.m. Central Time on Friday August 9, 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 5101590. This replay will be available for forty-eight hours following the teleconference. |
