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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: IndioBlues who wrote (48469)	7/27/1999 7:53:00 AM
From: ldo79	Read Replies (1) \| Respond to of 95453

HOFF reports: biz.yahoo.com Horizon Offshore Reports Second Quarter Earnings HOUSTON, July 27 /PRNewswire/ -- Horizon Offshore, Inc. (Nasdaq: HOFF - news) today reported net income for the quarter ended June 30, 1999, of $2.3 million, or $0.12 per share-basic and diluted, compared with a net income of $4.8 million, or $0.24 per share-basic and diluted for the second quarter of 1998. For the three months ended June 30, 1999, the Company reported a gross profit of $6.8 million, or 29.1% on contract revenues of $23.4 million, compared with gross profit of $8.8 million, or 25.6% on contract revenues of $34.3 million for the same period last year. The Company also reported net income for the six months ended June 30, 1999, of $1.7 million, or $0.09 per share-basic and diluted, and gross profit of $9.1 million, or 25.4% on contract revenues of $35.8 million. This compares with a net income of $7.4 million, or $0.44 per share-basic and diluted, and gross profit of $14.2 million, or 26.8% on contract revenues of $52.9 million for the six months ended June 30, 1998. For the first six months of 1999, the number of weighted average shares used in computing net income per share-basic and diluted was 18,768,758 shares compared with 16,935,596 shares last year. Bill J. Lam, President and Chief Executive Officer, stated, ''The second quarter results were primarily attributable to the contribution of the 'HOOPS' project, as well as the successful completion of nine projects by the Pacific Horizon, our 800-ton derrick barge deployed in April 1999. ''Although the current offshore construction market in the Gulf of Mexico has not reached the activity level we saw during the first half of 1998, the Company's current backlog is $33.0 million and we remain cautiously optimistic about the last half of 1999.'' Regards.