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Non-Tech : Hvide Marine HMAR - High Growth, Undervalued -- Ignore unavailable to you. Want to Upgrade?

To: Daniel M. Whipple who wrote (224)	1/31/1998 4:02:00 PM
From: Thomas C. Donald	Respond to of 547

Synopsis Of Hvide Marine Incorporated Presentation At Southeast Research Partners Sixth Annual Institutional Conference at the Hyatt Regency Pier 66, Fort Lauderdale American Market News from Market News Publishing, November 21, 1997 John H. Blankley, Executive Vice President and Chief Financial Officer of Hvide Marine Inc., described Hvide as "the fastest growing maritime company in the United States, and perhaps the world." He attributed the Company's rapid growth to an aggressive acquisition program and historically high day rates for the Company's fleet of offshore energy support vessels. Since going public last year, the Company's revenues have grown from $109 million in 1996 to an estimated $200 million plus in 1997. Its fleet has grown from 103 vessels at year-end 1996 to 217 today. It is a leader in four segments of the maritime industry: * Offshore Energy Support, its biggest business, where its Seabulk Offshore, Ltd. subsidiary is the third largest operator of supply and crew boats in the Gulf of Mexico, and Seabulk Offshore International has the largest fleet of oilfield support vessels in the Middle East; * Offshore and Harbor Towing, where Hvide operates a fleet of 30 tugs (including nine tractor tugs) through its Offshore Towing, Tampa Bay Towing, Port Everglades Towing, Mobile Bay Towing and Port Canaveral Towing units; * Chemical Transportation, where it operates a fleet of five 50,000 dwt vessels; and * Petroleum Product Transportation, which includes its Sun State Marine Services subsidiary in Jacksonville, Fla. Last month Hvide announced the acquisition of two additional offshore service fleets in the Middle East, bringing its vessel count in that part of the world to 80 and furthering the worldwide trend toward consolidation in the offshore business. In the Gulf of Mexico, Hvide has 72 vessels. Hvide has recently begun a new consolidation initiative in the U.S. towing business with the acquisition of Bay Transportation of Tampa, Fla. Mr. Blankley commented that "the towing business is fragmented and ripe for consolidation, sharing many of the same characteristics (numerous small operators, most of them privately held) as the offshore business prior to its consolidation." Hvide's growth is guided by its Vision 2000 program: to be the dominant company and benchmark quality leader in each of its market segments, and to achieve sales of $500 million by 2000, net income equal to at least 10% of revenues, and a return on shareholder equity of 20% annually.