Mike, hope you didn't sell FGII calls. EPS @ .23 vs est .18. Looks like a real good Q.
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Wednesday October 29 6:35 PM EST
Company Press Release
Friede Goldman International Reports Third Quarter 1997 Results
JACKSON, Miss.--(BUSINESS WIRE)--Oct. 29--Friede Goldman International Inc. reported today record operating results for the three and nine months ended September 30, 1997.
Revenues for the quarter ended September 30, 1997, of $34,629,000 bring total revenues for the nine months ended September 30, 1997, to $80,152,000.
Operating income for the three and nine months ended September 30, 1997 was approximately $8,547,000 and $18,526,000, respectively. J.L. Holloway, chairman and CEO of Friede Goldman International, said, ''This growth reflects our ability to increase our business activity while continuing to manage our shipyard operations efficiently. Our company is performing extremely well in all areas, and we continue to see growth in our businesses.''
After considering the effects of the Company's October 1, 1997 2-for-1 stock split, pro forma earnings per share for the three and nine months ended September 30, 1997 were $0.23 and $0.72, respectively. This compares to pro forma earnings per share of $0.1 and $0.14, respectively, for the three and nine months ended September 30, 1996.
The company also announced a record backlog of $132 million at September 30, 1997. This is an increase of 103% from the second quarter of 1997.
Our gross margin percentage for the nine months ended September 30, 1997 was 34% representing an increase over the gross margin percentage of 29% for the same period in 1996.
Chief Financial Officer John F. Alford said, ''The company had revenue growth in both our shipyard operation and our design and engineering group for the third quarter. We are pleased with that growth as well as our ability to maintain margins and meet customer schedules.''
Friede Goldman International Inc. is a leading provider of offshore drilling services, including design and engineering, construction, repair, retrofit, upgrade and modification. The Company's outstanding Common Stock is traded on the NASDAQ National Market under the symbol ''FGII''.
Friede Goldman International Inc. Summary Results of Operations
(In thousands, except per share amounts)
Three months ended Nine months ended
September 30 September 30
1996 1997 1996 1997
Revenue $5,776 $34,629 $14,323 $80,152
Gross Profit $1,784 $11,411 $4,087 $27,510
Operating Income $289 $8,547 $280 $18,526
Income before tax $249 $8,945 3,961 $23,225
Net Income $249 $5,475 $3,961 $18,505
Pro forma net income $153 $5,475 $2,491 $14,525
Earnings per share $0.01 $0.23 $0.22 $0.92
Pro forma net income
(per share) $0.01 $0.23 $0.14 $0.72
Weighted average shares
outstanding
Primary 18,400,000 23,515,569 18,400,000 20,123,928
Fully Diluted 18,400,000 23,589,682 18,400,000 20,148,904
EBITDA $462 $9,077 $780 $20,098 |
