TransCoastal Announces Fourth Quarter Results
Pro Forma EPS $.09 on 88% Revenue Increase
HOUSTON--(BUSINESS WIRE)--February 25, 1998--TransCoastal Marine Services, Inc. (Nasdaq:TCMS - news) today announced that pro forma combined net income for the fourth quarter of 1997 was $0.9 million, or $.09 per share, as compared to a pro forma combined net loss of $3.0 million, or $.33 per share, reported in the same period of 1996.
Pro forma combined revenues for the fourth quarter of 1997 increased 88% to $32.3 million from $17.2 million for the corresponding period of 1996. Operating income on a pro forma combined basis was $2.4 million for the 1997 quarter, as compared to the pro forma loss of $3.1 million incurred during the 1996 quarter.
For the year ended December 31, 1997, pro forma combined revenues totaled $119.3 million, up 64% from $72.7 million generated during 1996. The pro forma combined net income for 1997 was $5.0 million, or $.55 per share, compared to a net loss of $2.4 million, or $.26 per share, for 1996. Pro forma combined operating income for 1997 was $11.3 million compared to a loss of $0.7 million incurred during 1996.
''Our 1997 earnings produced results consistent with our expectations, reflecting year-to-year margin improvement and strong internal growth from our founding companies,'' commented Bill Stallworth, Chairman and CEO. ''Additionally, significant progress is being made with the operational and financial integration of our founding companies. Successfully integrating our companies is critical to providing the platform to our continued expansion.'' Stallworth added, ''I also remain confident in our outlook for 1998, particularly in light of recent transactions which have expanded our fabrication and pipeline installation capabilities.''
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current plans and expectations of TransCoastal Marine Services, Inc. and involve risks and uncertainties that could cause actual future activities and financial results to be materially different from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include, among others, risks associated with acquisitions, fluctuations in operating results because of acquisitions and variations in stock prices, competition, and risks of operations and integration of the newly acquired businesses, as well as, other risks detailed from time to time in the reports filed by the Company with the Securities and Exchange Commission.
TransCoastal Marine Services, Inc., headquartered in Houston, is a marine construction company focusing on the transition zone and shallow-water regions along the U.S. Gulf Coast. Its services include pipeline installation and repair; hydrostatic testing and commissioning of pipelines; and fabrication and refurbishment of offshore drilling rigs, barge drilling rigs and structural components of fixed platforms.
TRANSCOASTAL MARINE SERVICES, INC. AND SUBSIDIARIES
PROFORMA COMBINED STATEMENTS OF OPERATIONS (1)
(in thousands, except per share amounts)
(unaudited)
Three Months Twelve Months
Ended December 31, Ended December 31,
1997 1996 1997 1996
---------------------- ------------------------
Revenues $ 32,292 $ 17,206 $ 119,268 $ 72,744
Costs and Expenses:
Cost of Revenues 25,054 16,845 91,122 60,573
Selling, General
and Administrative
Expenses 2,856 1,950 9,264 6,931
Depreciation and
Amortization 1,964 1,466 7,566 5,976
---------------------- ------------------------
Operating Income 2,418 (3,055) 11,316 (736)
Interest Expense,
net (642) (2,714) (1,349) (3,320)
Other Income
(Expense), net (58) 1,081 (489) 1,163
---------------------- ------------------------
Income (Loss) Before
Taxes 1,718 (4,688) 9,478 (2,893)
Provision for Income
Taxes 860 (1,670) 4,450 (487)
---------------------- ------------------------
Net Income (Loss) $ 858 $ (3,018) $ 5,028 $ (2,406)
====================== ========================
Pro Forma EPS:
Basic EPS $ 0.09 $ (0.33) $ 0.55 $ (0.26)
====================== ========================
Diluted EPS $ 0.09 $ (0.33) $ 0.55 $ (0.26)
====================== ========================
Pro Forma Shares:
Basic EPS 9,148 9,148 9,148 9,148
====================== ========================
Diluted EPS 9,179 9,148 9,179 9,148
====================== ========================
(1) Results of operations for the three and twelve months ended
December 31, 1996 and 1997 reflected in the table above are pro forma
combined results and do not reflect actual results for these periods,
as the Company completed its acquisitions of its initial group of
operating companies (the "founding companies") on November 4, 1997,
the date of the closing of the Company's initial public offering. Pro
forma combined results above include the results of the founding
companies as if combined for the periods shown.
Actual results of the Company for the three and twelve months
ended December 31, 1996, respectively, in accordance with the
applicable accounting rules of the Securities and Exchange Commission
reflect revenues of $3.0 million and $17.9 million, respectively. A
net loss of $.1 million was incurred during the fourth quarter of
1996; net income of $1.2 million was generated for the year. For the
three and twelve month periods ended December 31, 1997, the Company
generated revenues of $25.5 million and $57.5 million, respectively. A
net loss of $2.0 million was incurred during the fourth quarter of
1997 due to a $2.2 million non-cash compensation charge related to the
issuance of shares of common stock to management of the Company; net
income totaled $1.3 million for the year.
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Contact:
TransCoastal Marine, Houston
Johnnie W. Domingue, 713/784-7429 |
