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GLOBAL MARINE REPORTS THIRD QUARTER RESULTS

 GLOBAL MARINE REPORTS THIRD QUARTER RESULTS
 HOUSTON, Oct. 15 /PRNewswire/ -- Global Marine Inc. (NYSE: GLM)


today reported a net loss of $10 million, or $.09 per share, on revenues of $58 million for the quarter ended Sept. 30, 1992. This compares with a net loss of $1 million, or $.01 per share, on revenues of $82 million for the corresponding quarter of 1991. For the nine months ended Sept. 30, 1992, the company reported net income of $42 million, or $.36 per share, on revenues of $196 million. This compares with a net loss of $6 million, or $.05 per share, on revenues of $227 million reported for the first nine months of 1991. Results for the first nine months of 1992 include a $55 million gain in the second quarter on the previously reported settlement of a take-or-pay lawsuit. Cash and short-term investments totaled $56 million at Sept. 30, 1992, compared to $57 million at Dec. 31, 1991.
 C. Russell Luigs, Global Marine's chairman and chief executive officer, commented, "Our third quarter results reflect continued adverse offshore drilling markets. Recently, however, the price of domestic natural gas has more than doubled from the low levels reached only six months ago, As a result, industry rig utilization in the Gulf of Mexico has risen from 38 percent in April to 61 percent currently. Dayrates in the Gulf have also risen significantly."
 Mr. Luigs noted that Global Marine's worldwide offshore contract drilling fleet experienced an average rig utilization rate of 73 percent in the third quarter of 1992, down from 80 percent in the prior quarter and 77 percent in the third quarter of 1991, but slightly above the industry's 1992 third quarter average of 72 percent. Since the end of the quarter, the utilization rate for the company's worldwide fleet has risen to 77 percent, and all of the company's jackup rigs in the Gulf of Mexico are currently under contract.
 Mr. Luigs continued, "International drilling markets are not showing the strength that we are seeing in the Gulf of Mexico. In particular, the North Sea market continues at depressed dayrate and utilization levels compared with a year ago. Until we see strengthening in international markets, our optimism resulting from renewed strength in the Gulf of Mexico must be tempered with caution."
 Houston-based Global Marine is one of the industry's largest international offshore drilling contractors, with 26 rigs deployed worldwide. In addition, the company offers turnkey drilling services and has interests in oil and gas production.
 GLOBAL MARINE INC. AND SUBSIDIARIES
 Condensed Consolidated Statement of Operations
 (In millions, except per share amounts)
 Periods Ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Revenues:
 Marine drilling $ 52.9 $ 71.9 $182.1 $206.0
 Oil and gas 4.6 9.6 13.5 21.4
 Total revenues 57.5 81.5 195.6 227.4
 Expenses:
 Marine drilling 41.6 53.4 140.9 146.1
 Oil and gas 1.1 1.9 5.2 6.5
 Depreciation, depletion
 and amortization 11.8 12.8 35.3 35.0
 Gain on sale of offshore
 drilling rig -- -- (11.0) --
 General and administrative 2.9 3.0 9.5 10.0
 Total operating expenses 57.4 71.1 179.9 197.6
 Operating income .1 10.4 15.7 29.8
 Other income (expense):
 Interest expense (10.9) (12.2) (32.9) (37.8)
 Interest income .8 .9 2.0 2.8
 Litigation settlement -- -- 55.0 --
 Other .4 .8 .7 .8
 Total other income (expense) (9.7) (10.5) 24.8 (34.2)
 Income (loss) before income taxes (9.6) (.1) 40.5 (4.4)
 Income tax expense .8 .9 2.3 1.5
 Income (loss) before cumulative
 effect of change in accounting
 principle (10.4) (1.0) 38.2 (5.9)
 Cumulative effect of change in
 accounting for income taxes -- -- 3.3 --
 Net income (loss) (10.4) (1.0) 41.5 (5.9)
 Net income (loss) per common share:
 Before cumulative effect of
 change in accounting principle $(0.09) $(0.01) $0.33 $(0.05)
 Cumulative effect of change in
 accounting for income taxes -- -- 0.03 --
 Net income (loss) per share (0.09) (0.01) 0.36 (0.05)
 Average common shares and share
 equivalents outstanding 114.2 111.9 114.0 107.8
 GLOBAL MARINE INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED BALANCE SHEET
 (In millions)
 9/30/92 12/31/91
 Assets:
 Cash and cash equivalents $ 34.2 $ 25.5
 Marketable securities 22.2 31.7
 Other current assets 69.1 71.0
 Total current assets 125.5 128.2
 Net properties 324.6 353.7
 Other assets 67.4 41.8
 Total assets 517.5 523.7
 Liabilities and shareholders' equity:
 Current maturities of long-term debt 1.1 5.8
 Other current liabilities 30.9 34.0
 Total current liabilities 32.0 39.8
 Long-term debt 356.7 386.0
 Reserve for loss on operating lease 22.2 29.8
 Deferred income taxes -- 3.3
 Other long-term liabilities 19.1 20.2
 Shareholders' equity 87.5 44.6
 Total liabilities and shareholders' equity 517.5 523.7
 GLOBAL MARINE INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
 (In millions)
 Nine months ended Sept. 30 1992 1991
 Cash flows from operating activities:
 Net income (loss) $ 41.5 $ (5.9)
 Adjustments to reconcile net income (loss)
 to net cash provided by operating activities:
 Depreciation, depletion and amortization 35.3 35.0
 Deferred interest 18.3 20.6
 Noncurrent assets received in litigation
 settlement (35.0) --
 Gain on sale of offshore drilling rig (11.0) --
 Cumulative effect of change in accounting
 for income taxes (3.3) --
 Proceeds from settlement of litigation
 credited to shareholders' equity -- 17.8
 (Increase) decrease in accounts receivable .4 (18.2)
 (Increase) decrease in work in process 2.2 (6.3)
 Increase in other current assets (2.9) (1.5)
 Decrease in accounts payable (1.2) (4.1)
 Increase (decrease) in accrued liabilities (.6) 3.3
 Other, net 2.8 (1.8)
 Net cash flow provided by operating activities 46.5 38.9
 Cash flows from investing activities:
 Proceeds from sales or maturities of
 marketable securities 47.4 51.8
 Purchases of marketable securities (37.9) (59.0)
 Disposals of properties 19.0 .4
 Capital expenditures (14.2) (16.2)
 Other, net .5 .2
 Net cash flow provided by (used in)
 investing activities 14.8 (22.8)
 Cash flows from financing activities:
 Payments on long-term debt (53.4) (51.0)
 Exercise of stock purchase warrants -- 11.5
 Other, net .8 .2
 Net cash flow used in financing activities (52.6) (39.3)
 Increase (decrease) in cash and cash equivalents 8.7 (23.2)
 Cash and cash equivalents at beginning of period 25.5 48.9
 Cash and cash equivalents at end of period 34.2 25.7
 -0- 10/15/92
 /CONTACT: David A. Herasimchuk of Global Marine Inc., 713-596-5809/
 (GLM) CO: Global Marine Inc. ST: Texas IN: OIL SU: ERN


PS-SM -- NY015 -- 0316 10/15/92 10:19 EDT
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