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

To: ezspkns who wrote (87381)	2/16/2001 1:06:19 AM
From: The Ox	Respond to of 95453

Global Industries, Ltd. Announces Operating Results for the Quarter and Year Ended December 31, 2000 THURSDAY, FEBRUARY 15, 2001 6:39:00 PM EST CARLYSS, La., Feb 15, 2001 /PRNewswire via COMTEX/ -- Global Industries, Ltd. (Nasdaq: GLBL) announced a net loss of $3.7 million ($0.04 per share) for the quarter ended December 31, 2000, compared to a net loss of $3.7 million ($0.04 per share) for the quarter ended December 31, 1999. The net loss for the year ended December 31, 2000, was $16.7 million ($0.18 per share) compared to net loss of $1.1 million ($0.01 per share) for the year ended December 31, 1999. Revenues for the fourth quarter ended December 31, 2000, were $72.7 million compared to $86.5 million for the quarter ended December 31, 1999. Revenues for the year ended December 31, 2000, were $298.7 million compared to $387.5 million for the year ended December 31, 1999. Our results for 2000 were negatively impacted by the following -- a decline in international activity that resulted in revenue declining by more than twenty percent; increased selling, general and administrative expenses due primarily to an entire year of consolidation of the Company's Mexican operations in fiscal 2000 as compared to a half year in fiscal 1999; and a fifty-seven percent increase in interest expense primarily due to higher interest rates and higher outstanding debt balances. We are pleased that our gross profit increased in the fourth quarter to 13.6 percent from 9.2 percent in the comparable 1999 period reflecting improvements in our Domestic and Latin America Operations. William J. Dore, Global's Chairman and Chief Executive Officer, stated: "Although the last year has been a challenging period with reduced activity levels, particularly in our international operations, we see definite signs of improvement with substantial increases expected in our domestic operations late in 2001. We are anticipating increasing worldwide activity levels during the second half of 2001 based on the increase in bidding activity that we are currently experiencing. Progression of these projects, however, is dependent on continued strength in worldwide energy demand." A conference call with analysts will be held at 9:00 am Central Standard Time on Friday, February 16, 2001. Anyone wishing to listen to the conference call should dial (800) 230-1085 or (612) 332-0107 and ask for the "Global Industries fourth-quarter earnings" call. Phone lines will open ten minutes prior to the start of the call. Alternatively, the call will be web-cast in real-time on the Company's web site at www.globalind.com, where it will also be archived for anytime reference until February 28, 2001. All individuals listening to the conference call or the replay are reminded that all conference call material is copyrighted by Global and cannot be recorded or rebroadcast without Global's express written consent. Global Industries provides pipeline construction, platform installation and removal, diving services, and other marine support to the oil and gas industry in the Gulf of Mexico, West Africa, Asia Pacific, Middle East/India, South America, and Mexico's Bay of Campeche. The Company's shares are traded on the Nasdaq National Market System under the symbol "GLBL".