Boots & Coots Reports First Quarter Results.HOUSTON -- Boots & Coots COOTS Conference on Object-Oriented Technologies and Systems International Well Control, Inc. (AMEX AMEX See: American Stock Exchange :WEL wel: see catfish. ), reported net income attributable to common stockholders of $0.5 million, or $0.01 per diluted share, for the first quarter ended March 31, 2007 compared to $1.3 million, or $0.03 per diluted share, for the same period in 2006. Net income in the 2006 period included a preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) benefit of $0.6 million related to the redemption of all of the Company's then outstanding preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . The 2006 quarter also included one month of operating results for the hydraulic workover/snubbing business acquired effective as of March 1, 2006. Revenues for the first quarter of 2007 were $22.3 million compared to $11.5 million for the first quarter of 2006. The Company reported EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (defined as earnings before interest, income taxes, depreciation and amortization; see the reconciliation and rationale for this non-GAAP financial measure below) of $2.7 million for the first quarter of 2007 compared to $2.5 million for the first quarter of 2006. "Results in the first quarter were affected by delays in certain customer projects 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 and Venezuela," stated Jerry Winchester, president and chief executive officer. "While some delays have continued, activity has begun to increase in both areas and we expect those operations will progressively return to more active levels. We also expect to see increased activity in our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. on-shore business and in North Africa and the Middle East during the latter part of the our second quarter and into the third quarter. "On April 24th we closed a secondary offering and successfully raised approximately $29 million in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). ," continued Mr. Winchester. "We believe we are well positioned to invest in projects that will broaden our service capabilities, complement our existing businesses and provide future revenue and earnings growth." Business Segment Results Well Intervention A well intervention, or 'well work', is an activity involving maintenance, modification, repair or completion of an oil or gas well. Types of well work Pumping
For the first quarter of 2007, our Well Intervention segment generated $20.8 million in revenue and $2.4 million in EBITDA compared to $10.0 million and $2.0 million, respectively, for the first quarter of 2006. The first quarter of 2007 was impacted by lower revenues from the Gulf of Mexico and Venezuela, offset by growth in the Company's Safeguard and hydraulic workover services in North and 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. . Response Our Response segment results were basically flat quarter over quarter. The Response segment reported revenues of $1.4 million and EBITDA of $0.4 million for the first quarter of 2007 compared to $1.5 million and $0.6 million, respectively, for the first quarter of 2006. Critical well events are inherently unpredictable and not directly correlated on a near-term basis with drilling activity levels. Conference Call Boots & Coots will discuss 2007 first quarter results via a conference call and Webcast tomorrow, May 8, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). The dial-in number for the call is 866-277-1184, passcode 'Boots & Coots'. To listen to the live Webcast, log on to www.boots-coots.com/investor/invest.htm and click on the 2007 First Quarter Earnings Webcast link. A replay of the Webcast will be available on the investor relations Investor relations The process by which the corporation communicates with its investors. page of the company's Website within 24 hours of the call. The call will also be available for replay for 30 days by dialing 888-286-8010, passcode 97430813. About Boots & Coots Boots & Coots International Well Control, Inc., the premier pressure control company for the oil and gas industry, provides a suite of integrated pressure control services to onshore and offshore oil and gas exploration companies around the world. The Well Intervention segment consists of services that are designed to enhance production for oil and gas operators and reduce the number and severity of critical well events such as well fires, blowouts or other losses of control at the well. The scope of these services includes training, contingency planning, well plan reviews, audits, inspection services and engineering services offered through our Safeguard programs and services offered in conjunction with our WELLSURE[R] risk management program. This segment also includes services performed by hydraulic workover and snubbing units that are used to enhance production of oil and gas wells. The Response segment consists of personnel, equipment and services provided during an emergency response such as a critical well event or a hazardous material response. These services include snubbing and other workover services provided during a response. Certain statements included in this news release are intended as "forward-looking statements" under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Boots & Coots cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. More information about the risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these forward-looking statements are found in Boots & Coots' SEC filings, which are available free of charge on the SEC's web site at www.sec.gov. (Tables to follow) [TABLE OMITTED] Information concerning operations in different business segments for the three months ended March 31, 2007 and 2006 is presented below. Certain reclassifications have been made to the prior periods to conform to the current presentation. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion