A blast from the past (Take Notes!!): Mark S. Siegel, Chairman of UTI, said, "I am extremely proud of
UTI's performance, having consistently and significantly improved
over the past eight quarters. This steady improvement is reflective
of the very talented and committed team that has been assembled at
UTI at all levels of management and in the field.
"Given the recent decline in the price of oil, we are pleased that
UTI is not heavily dependent upon oil exploration for a major portion
of its revenues. In fact, approximately 70 percent of our revenues
and 80 percent of our operating income for the quarter came from our
natural gas activities, and the price of natural gas has been less
affected," Mr. Siegel said.
Vaughn E. Drum, UTI's President, stated, "From an operational
standpoint, we are continuing to focus on cost controls and
maintaining our operating efficiencies. We are pleased with the way
in which we have been able to integrate our recent acquisitions, and
continue to benefit from our policy of retaining the original
management of the companies that we acquire. When industry
conditions are challenging, we believe local contacts and
long-standing relationships can be critical."
Mr. Siegel added, "Looking ahead, we believe that UTI is in a
very strong position. We have approximately $52.0 million in cash,
as a result of our public offering which was completed in October
1997, and believe that the current industry conditions are
particularly favorable for our company because of our acquisition
expertise and management skills."
Commenting on the share repurchase program, Mr. Siegel said,
"In addition to being accretive to earnings per share, the program
underscores management's belief in the future of the Company and that
the Company's stock represents an attractive investment. We remain
committed to our strategic growth plan, and will continue to monitor
the landscape for suitable acquisition candidates." |
