American Oilfield Divers, Inc. announces outlook for second quarter 1995; Company also reports largest work backlog in its history.LAFAYETTE, La.--(BUSINESS WIRE)--May 23, 1995--American Oilfield Divers, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DIVE) announced today that it expects to record a net loss of between $0.26 per share and $0.36 per share for the quarter ended April 30, 1995, the Company's second fiscal quarter, on revenues of between approximately $11.0 million and $13.0 million. In addition, American Oilfield Divers announced that it currently has approximately $13.0 million in work backlog for the remainder of the fiscal year, the largest in Company history. For the second year running, unusually adverse weather conditions in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east contributed to the loss. Other factors contributing to the loss were the traditional seasonal decline in U.S. inland activity, lower gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. in the Gulf of Mexico services sector, lower than expected utilization levels for the Company's pipelay/bury barge, and the cost incurred in connection with the Company's Middle East expansion as well as the integration of AOD's acquired and newly organized operations. Partially offsetting the loss were higher than expected activity levels in West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . "Despite the adverse factors experienced during the second quarter, we are optimistic about our prospects in the third and fourth quarters," said Mr. Prentiss A. Freeman, Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Currently, AOD See HD DVD. has approximately $13.0 million in work backlog, the largest in Company history. Also, our dive crew and vessel utilization rates in early May have increased significantly over the second quarter levels, and we expect this trend to continue in the third and fourth quarters, as we have, at this point, the most backlogged diving work in the Gulf of Mexico in several years," Freeman said. AOD will announce its second quarter earnings in mid-June. American Oilfield Divers, Inc., headquartered in Lafayette, La., is a leading provider of a broad range of undersea construction, installation, repair and maintenance services to the offshore oil and gas industry, primarily in the U.S. Gulf of Mexico and U.S. West Coast, internationally and to certain U.S. inland customers. The Company also manufactures and installs subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". pipeline connectors and marginal well production systems that are typically installed through the use of the Company's dive crews and diving support vessels A diving support vessel is a ship that is used as a floating base for professional diving projects. Commercial Diving Support Vessels emerged during the 1960s and 1970s when the need arose for diving operations to be performed below and around oil production platforms and . The Company also owns 14 DSVs and one barge for pipelay and pipe bury operations in the U.S., West Africa and Dubai, U.A.E. CONTACT: American Oilfield Divers, Inc., Lafayette Steve Weems or Greg Rosenstein, 318/234-4590 |
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