(COMTEX) B: BOOTS & COOTS REPORTS FIRST QUARTER 1999 RESULTS
B: BOOTS & COOTS REPORTS FIRST QUARTER 1999 RESULTS
HOUSTON, May 18 /PRNewswire/ -- Boots & Coots International Well
Control, Inc., (Amex: WEL) today reported revenue of $22.3 million for
the quarter ended March 31, 1999, compared with revenue of $12.0
million for the same period a year ago. Earnings before interest,
taxes, depreciation and amortization (EBITDA) for the 1999 quarter was
$0.6 million compared to $1.27 million in the same quarter the prior
year. Net loss to common shareholders, after preferred stock dividend,
was $2.0 million or $0.06 per share, for the quarter ended March 31,
1999, compared with net income to common shareholders of $0.156
million, or $0.01 per share, for the year-ago period.
Boots & Coots Chairman and Chief Executive Officer Larry Ramming, said,
"We are pleased by the improvement in revenue, which reflects the
initial effects of our dramatically expanding scope of operations and
services. However, the operating results for the first quarter of 1999
continue to be impacted by the effect of the downturn in oil and gas
industry sector activities that began in August 1998. This has
especially affected our outsource-purchasing and logistics business
unit. Additionally, the first quarter 1999 includes the continuation
of directly expensed investments associated with the development and
marketing of the company's market expanding, proprietary risk
management programs, WELLSURE(SM) and HAZSURE(SM)."
Boots & Coots Group, based in Houston, has, since its early formation,
specialized in emergency response and control of oil and gas well
blowouts and well fires. In recent years, it has expanded its services
and products to include integrated solutions for emergency response,
safety, manufacturing, environmental cleanup and distribution. Through
internal growth, strategic acquisitions and continued alliance
integration, Boots & Coots plans to expand its role as an integrated,
full-service problem solver for its clients in the oil and gas,
petrochemical, industrial and public sectors.
Forward-looking statements contained in this release are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that all forward-looking
statements involve assumptions that, although believed to be reasonable
at this date, are subject to uncertainties which may cause actual
results to differ from anticipated results.
BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.
SUMMARY OF OPERATING RESULTS
Three Months Ended March 31, 1998 and 1999
(unaudited)
1998 1999
Revenue $11,959,000 $22,289,000
EBITDA $1,270,000 $572,000
Net Income (Loss) $156,000 $(1,927,000)
Net Income (Loss) to Common
Shareholders(1) $156,000 $(2,017,000)
Income (Loss) Per Share
(Basic and Diluted)(2) $.01 $(.06)
Weighted Average Common Shares
Outstanding
- Basic 30,228,000 33,084,000
- Diluted 30,638,000 33,084,000
(1) Net of Preferred Stock dividend requirements of $0 and $90,000,
respectively, for the quarters ended March 31, 1998 and 1999.
(2) Options and warrants to purchase common stock were outstanding during
the respective periods but did not impact diluted earnings (loss) per
common share, because of immateriality for the 1998 period and losses
for the 1999 period which made the options and warrants anti-diluted.
SOURCE Boots & Coots International Well Control, Inc.
-0- 05/18/99 /CONTACT: Thomas L. Easley of
Boots & Coots, 713-621-7911; or Richard Stern, or Jeffrey Goldberger,
both of Stern & Co., 212-888-0044, for Boots & Coots International Well
Control, Inc./
(WEL)
CO: Boots & Coots International Well Control, Inc. ST: Texas IN:
OIL SU: ERN
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