Check it out, second quarter in a row that TCMS beat Consensus Estimates by 50%:
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HOUSTON--(BUSINESS WIRE)--April 28, 1998--TransCoastal Marine Services Inc. (Nasdaq:TCMS) today announced that consolidated net income for the first quarter of 1998 was $0.3 million, or $.03 per share, as compared to a pro forma combined net loss of $(0.6) million, or $(.06) per share, reported in the same period of 1997.
Consolidated revenues of $30.8 million for the first quarter of 1998 were 86% higher than the $16.6 million revenues on a pro forma combined basis for the corresponding period of 1997. Operating income was $1.3 million for the 1998 quarter, as compared to the pro forma loss of $(1.1) million incurred during the 1997 quarter.
"Despite the impact of delays outside of the control of TransCoastal, such as unusual weather delays, we are pleased with the overall operating performance of TransCoastal during the first quarter of 1998. Year-over-year results reflect improved margins and better utilization of assets," commented Bill Stallworth, Chairman and CEO. "Work activity levels remain extremely high for the services we provide. As we enter what has traditionally been our busiest time of year, I believe that we are well positioned within our pipeline services and fabrication groups to remain extremely competitive. Therefore, we remain optimistic about our business prospects for the entire year," he added.
TransCoastal Marine Services Inc., headquartered in Houston, is a marine construction company. Its services include pipeline installation and repair, primarily in the transition zone and shallow-water regions along the U.S. Gulf Coast. For all water depths, the company performs hydrostatic testing and commissioning of pipelines, plus fabrication and refurbishment of offshore drilling rigs, barge drilling rigs and structural components of fixed platforms.
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.
TRANSCOASTAL MARINE SERVICES INC. AND SUBSIDIARIES
STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months
Ended March 31,
1998 (1) 1997 (2)
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Revenues $ 30,778 $ 16,590
Costs and Expenses:
Cost of Revenues 24,111 13,953
Selling, General and
Administrative Expenses 3,118 1,913
Depreciation and Amortization 2,256 1,792
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Operating Income (Loss) 1,293 (1,068)
Interest Expense, net (839) (515)
Other Income, net 47 512
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Income (Loss) Before Income Taxes 501 (1,071)
Provision (Benefit) for Income Taxes 225 (504)
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Net Income (Loss) $ 276 $ (567)
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EPS:
Basic EPS $ 0.03 $ (0.06)
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Diluted EPS $ 0.03 $ (0.06)
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Shares used in computing
EPS:
Basic EPS 9,148 9,148
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Diluted EPS 9,169 9,148
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(1) Results of operations for the three months ended March 31,
1998 reflect the actual consolidated results of TCMS.
(2) Results of operations for the three months ended March 31,
1997 reflect pro forma combined results and do not reflect actual
results for this period, as the Company completed the acquisitions of
its initial group of operating companies (the "founding companies") on
November 4, 1997, the date of the closing of the Company's initial
public offering. Pro forma combined results include the results of the
founding companies as if combined effective January 1, 1997.
Historical revenues, net loss and loss per share, excluding pro forma
adjustments, for the three months ended March 31, 1997 were $3.3
million, $(0.5) million and $(0.26), respectively.
CONTACT: TransCoastal Marine Services Inc., Houston
Johnnie W. Domingue, 713/787-1375
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