American Oilfield Divers announces first quarter results; company posts significant increase in profitability.LAFAYETTE Lafayette (lä'fēĕt`, lăf'ēĕt`). 1 City (1990 pop. 23,501), Contra Costa co., NW Calif., a residential suburb in the San Francisco–Oakland area; settled 1848, inc. 1968. , La.--(BUSINESS WIRE)--March 14, 1996--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 DIVE Distributed Interactive Virtual Environment DIVE Direct Interface Video Extensions DIVE Dismounted Infantry in a Virtual Environment ) today reported net income of $709,000 (or $0.11 per share) on revenue of $22.2 million for the fiscal first quarter ended Jan. 31, 1996. First quarter revenues increased 13 percent over revenues of $19.6 million for the first quarter of 1995. Net income for the first quarter of 1996 increased significantly compared with net income of $141,000 (or $0.02 per share) for the same period a year ago. "The positive first quarter results are attributable primarily to steady demand in our core diving diving Sport of plunging into water, usually headfirst and often following the execution of one or more acrobatic maneuvers. It emerged as a competitive sport in the late 19th century and became part of the Olympic Games in 1904. business, increased demand in the U.S. Inland and West Coast Services market, our internal focus on cost controls, and overall improved 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. ," said George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). C. Yax, AOD's Chairman of the Board, Chief Executive Officer and President. "I am pleased that we were able to implement the lessons we learned during fiscal 1995 in the inland diving market, as this market allows us to reduce our dependence on 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 ." The Company's gross profit percentage was 34.0 percent in the first quarter of 1996 compared with 30.4 percent in the first quarter of 1995. AOD See HD DVD. averaged 92 dive crews per day during the first quarter of 1996 compared with 91 dive crews per day for the first quarter of 1995. Vessel utilization was 47 percent during the first quarter of 1996 compared with 51 percent during the first quarter of 1995. AOD took a severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when charge of approximately $125,000 (or $0.02 per share) during the first quarter due to personnel layoffs. The layoffs will result in a reduction of approximately $650,000 per year (or $0.10 per share on an annual basis) in selling, general and administrative expenses. Through 42 days of the second quarter of fiscal 1996, the Company has averaged approximately 77 dive crews per day and approximately 45 percent vessel utilization. This compares to 59 dive crews per day and 26 percent vessel utilization for the entire second quarter of fiscal 1995. At the Company's Annual Meeting of Stockholders held March 4, 1996, Yax and Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and A. Lasher lash 1 n. 1. a. A stroke or blow with or as if with a whip. b. A whip. c. The flexible portion of a whip, such as a plait or thong. 2. Punishment administered with a whip. were re-elected as Class III Directors for terms expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. in 1999. American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Oilfield Divers, Inc., is a leading provider of diving services, 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". products, marine construction and environmental services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, to the offshore oil and gas industry, primarily in the U.S. Gulf of Mexico, U.S. West Coast, internationally and to certain U.S. inland customers. -0-
American Oilfield Divers, Inc.
Consolidated Results of Operations and Financial Position
($ in thousands except for per share amounts)
Three Months Ended
January 31,
Income statement 1996 1995
Diving and related revenues $22,162 $19,638
Operating income 1,427 384 Other expense, net 246 192 Income before income taxes and minority interest 1,181 192 Income tax provision 472 98 Minority interest in loss of subsidiary -- (47) Net income $ 709 $ 141 Net income per share $ .11 $ .02 Weighted average shares outstanding 6,709 6,709 Operational Data Dive crew days 8,411 8,464 Dive crews per day 92 91 Diving support vessel utilization 47% 51% Earnings before interest, taxes, depreciation and amortization (EBITDA) 2,764 1,580 EBITDA as % of revenue 12.5% 8.0% SG&A as % of revenue 21.5% 22.3%
January 31,
Balance Sheet 1996 1995
Assets:
Current assets $32,892 $27,540
Plant and equipment, net 25,868 25,474
Other long-term assets 2,958 5,878
Total assets $61,718 $58,892
Liabilities & Stockholders' Equity: Current liabilities $17,468 $14,707 Long-term debt 4,621 4,888 Minority interest in subsidiary -- (163) Stockholders' equity 39,629 39,460 Total liabilities & stockholders' equity $61,718 $58,892
Three Months Ended January 31, 1996
Inland and
Gulf International West Coast Subsea
Services(1) Services(2) Services(3) Products(4) Total
Diving and
Related
Revenues $13,100 $1,775 $6,224 $1,063 $22,162
Diving and
Related
Expenses $ 9,156 $ 922 $3,981 $ 568 $14,627
Gross Profit $ 3,944 $ 853 $2,243 $ 495 $ 7,535
Gross Profit
Percentage 30.1% 48.1% 36.0% 46.6% 34.0%
Three Months Ended January 31, 1995
Inland and
Gulf International West Coast Subsea
Services(1) Services(2) Services(3) Products(4) Total
Diving and
Related
Revenues $12,426 $2,193 $3,689 $1,330 $19,638
Diving and
Related
Expenses $ 8,349 $1,586 $2,957 $ 778 $13,670
Gross Profit $ 4,077 $ 607 $ 732 $ 552 $ 5,968
Gross Profit
Percentage 32.8% 27.7% 19.8% 41.5% 30.4%
(1) Includes diving and related services, pipelay/bury and
derrick barge services provided by American Marine Construction Inc.
and environmental remediation and oil spill response services
provided by American Pollution Control Inc., all of which were
performed in the Gulf of Mexico.
(2) Includes all diving and related services performed outside
the United States and its coastal waters except for Latin America,
which is included in inland and west coast services.
(3) Includes diving and related services off the U.S. West
Coast by American Pacific Marine Inc. and diving and related
services provided by American Inland Divers Inc.
(4) Includes manufacturing and marketing of Big Inch pipeline
connectors and Tarpon marginal well production systems.
CONTACT: American Oilfield Divers, Inc., Lafayette Greg GREG Great Egg Harbor National Scenic and Recreational River (US National Park Service) Rosenstein, 318/234-4590 Cathy Cathy may refer to: In artistry:
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