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OFFSHORE LOGISTICS ANNOUNCES EARNINGS FOR THE FISCAL QUARTER ENDED SEPT. 30

 OFFSHORE LOGISTICS ANNOUNCES EARNINGS
 FOR THE FISCAL QUARTER ENDED SEPT. 30
 LAFAYETTE, La., Nov. 5 /PRNewswire/ -- Offshore Logistics, Inc. (NASDAQ: OLOG), a supplier of aviation services worldwide, reported gross revenues of $20.2 million for the three months ended Sept. 30 compared to $24.5 million reported for this same period a year ago.
 The company also reported net income of $4.2 million ($.24 per share) compared to $5.2 million ($.30 per share) for the same quarter last year.
 James B. Clement, president and chief executive officer, said that the results for the September quarter were encouraging considering the low levels of activity in the Gulf of Mexico especially in July and August. Starting in September there has been an increase in exploration activities in the Gulf which the company hopes will continue. Increased international activity and stringent cost controls enabled the company to partially mitigate the low Gulf activity levels during the fourth quarter. Improving market conditions in the domestic region give the company some cause for optimism for the coming year.
 The tabulated results for the quarters ended Sept. 30, 1992 and 1991, are as follows (dollars in thousands except earnings per share):
 3 months ended Sept. 30 1992 1991
 Gross revenue $20,191 $24,517
 Net income $ 4,225 $ 5,244
 Earnings per common share and common
 equivalent share $ .24 $ .30
 Weighted average number of common
 shares and common equivalent shares
 outstanding 17,740,364 17,621,295
 -0- 11/5/92
 /CONTACT: George Small of Offshore Logistics, 318-233-1221/
 (OLOG) CO: Offshore Logistics, Inc. ST: Louisiana IN: OIL SU: ERN


BN-EA -- AT009 -- 3067 11/05/92 11:48 EST
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Publication:PR Newswire
Date:Nov 5, 1992
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