earnings out this a.m......
biz.yahoo.com
Wednesday May 12, 8:00 am Eastern Time
Company Press Release
TransCoastal Announces First Quarter 1999 Results
HOUSTON--(BUSINESS WIRE)--May 12, 1999--TransCoastal Marine Services, Inc. (Nasdaq:TCMS - news) reported revenues of $45.0 million for the quarter ended March 31, 1999, an increase of 46 percent over 1998 first quarter revenues of $30.8 million. The Company also reported a net loss for the quarter ended March 31, 1999 of $(112,000) or $(.01) per share. This compares to net income of $276,000 or $.03 per share for the first quarter of 1998.
Consolidated EBITDA for the first quarter of 1999 totaled $4.1 million, an increase of 17 percent over EBITDA of $3.5 million for the first quarter of 1998. The Company's Selling, General and Administrative Costs (SG&A) decreased to 6.3 percent of revenues for the first quarter of 1999 as compared to 10.1 percent of revenues for the similar period in 1998.
TransCoastal Chairman, President and Chief Executive Officer, Nathan M. Avery said, ''We are pleased with the increase in cash flow generated this quarter in spite of difficult market conditions. We continue to reduce costs and overhead throughout our operations as demonstrated by the overall reduction in SG&A in the first quarter of 1999. This decrease is particularly noteworthy since these overhead costs supported an increased revenue base in 1999.''
Avery added, ''We are also completing the consolidation of our Fabrication and Offshore Group which will help us further reduce this group's overhead. At our Pipeline and Marine Group, we are working to consolidate and reduce facilities under the able leadership of our new general manager, Doug Bass.''
Backlog at March 31, 1999 totaled $43 million and compares to backlog of $40 million for the same period in 1998. Avery noted, ''Due to the recent increases in the price of oil, we anticipate increased business activity for TransCoastal in the second half of 1999. In the meantime, we are focused on improving efficiencies in our operations.''
TransCoastal Marine Services, Inc., headquartered in Houston, is a marine construction company. The Company's Pipeline and Marine Group performs pipeline installation and repair worldwide. The Pipeline and Marine Group also provides construction support services, including hydrostatic testing and commissioning of pipelines. TransCoastal's Fabrication and Offshore Group fabricates, refurbishes and installs offshore drilling rigs, barge drilling rigs, production platforms and performs related fabrication services.
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. |
