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OFFSHORE LOGISTICS ANNOUNCES EARNINGS FOR THE FISCAL QUARTER ENDED MARCH 31

 OFFSHORE LOGISTICS ANNOUNCES EARNINGS
 FOR THE FISCAL QUARTER ENDED MARCH 31
 LAFAYETTE, La., May 12 /PRNewswire/ -- Offshore Logistics, Inc. (NASDAQ: OLOG), a supplier of aviation services worldwide, today reported operating revenues for the third quarter ended March 31 of $18.7 million compared to $21.5 million reported for this same period of the prior year.
 Net income improved 25 percent from $2.9 million ($.16 per share) for the quarter ended March 31 last year to $3.6 million ($.21 per share) for the same period this year.
 For the nine month period ended March 31, operating revenues were $62.8 million compared to $71.7 million a year ago. Income from continuing operations for the current nine month period was $12.8 million compared to $11.8 million last year. Last year also included a $5.5 million gain relating to the sale of the company's marine division.
 James B. Clement, president and chief executive officer, said that the decline in operating revenues was caused by reduced exploration and production activity in the Gulf of Mexico. Stringent cost control measures and aggressive penetration of international markets enabled the company to continue its strong operating performance.
 The tabulated results for the periods ended March 31, 1992 and 1991, are as follows (dollars in thousands except earnings per share):
 3 mos. ended 9 mos. ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Operating revenue $18,680 $21,523 $62,830 $71,694
 Income from continuing
 operations $ 3,629 $ 2,853 $12,848 $11,830
 Income from discontinued
 operations --- --- --- 5,522
 Net income $ 3,629 $ 2,853 $12,848 $17,352
 Earnings per common share
 and common equivalent
 share from continuing
 operations $ .21 $ .16 $ .73 $ .67
 Earnings per common share
 and common equivalent
 share from discontinued
 operations --- --- --- .31
 Earnings per common share
 and common equivalent
 share $ .21 $ .16 $ .73 $ .98
 Common shares and common
 equivalent shares
 outstanding 17,612,212 17,579,339 17,613,101 17,609,244
 -0- 5/12/92
 /CONTACT: George Small of Offshore Logistics, 318-233-1221/
 (OLOG) CO: Offshore Logistics, Inc. ST: Louisiana IN: OIL SU: ERN


EA-BR -- AT002 -- 9050 05/12/92 10:56 EDT
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Publication:PR Newswire
Date:May 12, 1992
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