American Oilfield Divers historical financial results reflect change in fiscal year end.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)--Aug. 6, 1996--In conjunction with its previously announced change in fiscal year end from October October: see month. 31 to December December: see month. 31, 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. (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 ) has made available historical financial and operational results for each quarter of the fiscal year ended Dec. 31, 1995, and the first quarter ended March 31, 1996. On Aug. 13, 1996, the Company will announce results for its new second quarter ended June June: see month. 30, 1996. "By changing AOD's fiscal year end to December 31, the Company will report quarterly and annual results on a comparable basis with other public companies in the oil and gas industry," said George C. Yax, AOD's Chairman of the Board, Chief Executive Officer and President. American Oilfield Divers, Inc., is a leading provider of 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. 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, in the U.S. 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 , U.S. West Coast and internationally, and to certain U.S. inland customers. -0-
American Oilfield Divers, Inc.
Consolidated Results of Operations
(in thousands except for per share amounts and dive crew information)
(Unaudited) Three Months Ended
March 31, June 30, Sept. 30, Dec. 31, March 31,
1995 1995 1995 1995 1996(1)
Income Statement
Diving and
related revenues $11,921 $19,713 $32,055 $25,197 $19,228
Costs and expenses:
Diving and related
expenses 9,182 14,084 22,220 17,638 12,621
Selling, general and
administrative
expenses 4,480 4,675 5,173 5,215 4,720
Depreciation and
amortization 1,179 1,265 1,352 1,357 1,362
Total costs and
expenses 14,841 20,024 28,745 24,210 18,703
Operating income (loss) (2,920) (311) 3,310 987 525 Other income (expense), net (147) (457) (381) (329) 149 Income (loss) before income taxes and minority interest (3,067) (768) 2,929 658 674 Income tax provision (benefit) (1,250) (330) 1,300 280 280 Income (loss) before minority interest (1,817) (438) 1,629 378 394 Minority interest in (earnings) loss of subsidiary 47 (47) - (116) - Net income (loss) $(1,770) $ (485) $ 1,629 $ 262 $ 394 Net income (loss) per share $ (.26) $ (.07) $ .24 $ .04 $ .06 Weighted average shares outstanding 6,709 6,709 6,709 6,709 6,709 Operational Data Dive crew days 5,393 8,042 12,919 9,139 6,932 Dive crews per day 60 88 140 99 76 Diving support vessel utilization 31.7% 40.9% 57.5% 50.3% 41.0% Earnings before interest, taxes, depreciation and amortization (EBITDA) $(1,741) $ 954 $ 4,662 $ 2,344 $ 1,887 EBITDA as % of revenue (14.6%) 4.8% 14.5% 9.3% 9.8% SG&A as % of revenue 37.6% 23.7% 16.1% 20.7% 24.5% Gross profit % 23.0% 28.6% 30.7% 30.0% 34.4%
(1) As a result of the change in fiscal year end, the Company is
now required to implement Statement of Financial Accounting
Standards No. 121, "Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to be Disposed of," for the fiscal
year ended Dec. 31, 1996. The impact of adoption of this Standard
will be recorded effective Jan. 1, 1996 and will be reflected in the
Company's results of operations for the six month period ended
June 30, 1996 reported in form 10-Q on or before Aug. 14, 1996.
CONTACT: American Oilfield Divers, Inc., Lafayette Greg Rosenstein, 318/234-4590 Cathy Green, 318/234-4590 |
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