SHONSTROM RESEARCH ASSOCIATES INTITIATES COVERAGE OF BOOTS & COOTS WITH A SPECULATIVE BUY RATING
Denver, Colorado - July 31, 2001
Boots & Coots International Well Control, Inc. (AMEX:WEL), has emerged as the leading specialist in emergency well control response and has added associated Risk Management programs that oil and gas producers are now seeking to implement. The growing use of natural gas as a fuel for the generation of electricity has led to upward revisions of estimates for expected drilling activity, a key driver of company growth.
Restructuring and consolidation has enabled the company to record a profitable Q1 2001 (before non-cash preferred dividend) and analyst Michael Shonstrom projects EPS on that basis of $0.09 for the full year. In 2002, SRA estimates are for sales of $65.0 MM and EPS of $0.12. Coverage has been initiated with a Speculative Buy rating and a 12 month price target of $2 per share.
This release is from Shonstrom Research Associates, which provides proprietary research to NASD firm PCS Securities, Inc. CRD # 23734, a correspondent of Bear Stearns Securities Corp.
Shonstrom Research Associates LLC (www.shonstromresearch.com) is an independent research boutique offering trading and clearing through Bear Sterns on a fully disclosed basis through an arrangement with PCS Securities. SRA identifies undiscovered emerging growth companies having a defensible competitive advantage that address significant new market opportunities. The company also provides retained research coverage services. At any given time we may have an investment in and/or a contractual relationship with companies we recommend. A full disclosure is available in our research materials.
Boots & Coots International Well Control, Inc., Houston, Texas, is the global emergency response company that specializes, through its Well Control unit, as an integrated, full-service, emergency-response company with the in-house ability to provide its expanded full-service prevention, response and restoration capabilities to the global needs of the oil and gas and petrochemical industries, including but not limited to, oil and gas well blowouts and well fires as well as providing a complete menu of non-critical well control services. Through its Special Services unit, the Company continues to respond to marine oil spills and emergencies, refinery, pipeline, manufacturing and transportation emergencies, inclusive of hazardous material handling.
Forward-looking statements contained in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve assumptions that, although believed to be reasonable at this date, are subject to uncertainties, which may cause actual results to differ from anticipated results.
For further information contact: Amy Evans
Info@shonstromresearch.com,
303-321-2392
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