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Gold/Mining/Energy : Trico Marine Services (TMAR) -- Ignore unavailable to you. Want to Upgrade?

To: JZGalt who wrote (709)	8/24/1998 5:05:00 PM
From: D.J.Smyth	Read Replies (2) \| Respond to of 1153

a gulf oil newsletter came out today stating US gulf rates are $3.5K to $4K a day - their words "rates stink". TMAR continues to average over $6K a day according to TMAR with whom I spoke this afternoon. the letter didn't distinquish bw shallow water/deep water or necessarily type of boat. According to TMAR, as of this afternoon (a few minutes ago), they are considering a share buy-back at the current price. They stated they have $14 million in cash at this time. I ran an earnings summary for $4K a day US gulf rates for the 4TH QUARTER and still came up with $41 million in total revenue given that other boat use/rate variables are well known. Earnings would be about $.40 in the 4th using a net profit margin which is historically way below average (18% to 21%). For this upcomig quarter, the 3RD QUARTER, i come up with revenue of about $51 million with supply boat day rates at $6200; a rate which is below what they'll actually report as we know that rates during July averaged close to $6900. rates for September will average about $6000. this should give an actual average close to $6400 for this quarter (yielding revenue closer to $53 million) assuming 70% utilization for all.