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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine) -- Ignore unavailable to you. Want to Upgrade?

To: Fredman who wrote (1438)	4/15/1999 11:14:00 AM
From: Ram Seetharaman	Respond to of 2282

Thursday April 15, 10:48 am Eastern Time Global Marine Q1 share falls HOUSTON, April 15 (Reuters) - THREE MONTHS ENDED MARCH 31 1999 1998 Revenues Contract drilling $157 $176.5 Drilling mgmt 70.2 97.4 Oil and gas 0.8 1.2 Total revs 228 275.1 Expenses: Contract drilling 72.7 60.7 Drilling mgmt 72.7 97.2 Oil and gas 0.5 0.5 Depreciation, depletion, amortization 21.4 20.6 General, admin 5.9 5.4 Total oper expenses 173.2 184.4 Oper income 54.8 90.7 Other: Interest expense 13.4 8.4 Int. capitalized 4.1 5.4 Interest income 0.8 0.9 Total other expense 8.5 2.3 Income before taxes 46.3 88.4 Provision for taxes: Current tax prov. 2.0 5.1 Deferred tax prov. 7.5 15.1 Total prov. for tax 9.5 20.2 Net income 36.8 68.2 Per share BASIC 0.21 0.40 Per share DILUTED 0.21 0.39 Avg. shrs outstanding BASIC 173.5 172.6 DILUTED 175.3 176.0 (All data above in millions except per share numbers) NOTE: Oper income for Q1 1999 reflects weak offshore drilling markets worldwide, offset by contributions to earnings from rigs committed to long-term contracts before weakening of rates. Full name of company is Global Marine Inc.