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OFFSHORE LOGISTICS ANNOUNCES EARNINGS FOR THE FISCAL QUARTER ENDED MARCH 31

 LAFAYETTE, La., May 11 /PRNewswire/ -- Offshore Logistics, Inc. (NASDAQ: OLOG), a supplier of aviation services worldwide, today reported gross revenues for the third quarter ended March 31 of $20.4 million compared to $19.4 million reported for this same period of the prior year.
 Net income improved from $3.6 million ($.21 per share) for the quarter ended March 31 last year to $4.2 million ($.24 per share) for the same period this year. The current period included a $1.0 million gain on debt retirement.
 For the nine month period ended March 31, gross revenues were $59.9 million compared to $64.4 million a year ago. Net income for the current nine month period was $12.1 million compared to $12.8 million last year.
 James B. Clement, president and chief executive officer, said that the current quarter results reflect a reversal of the downward trend in helicopter flight activity in the Gulf of Mexico. The price of natural gas and the offshore rig count is double that of a year ago and the company is optimistic that Gulf of Mexico activity will continue to strengthen. During the quarter the company acquired 100 percent of the stock of its Alaskan affiliate, Heli-Lift, Inc. As a result, current period revenues increased $1.8 million; future operations should be favorably impacted.
 The tabulated results for the periods ended March 31, 1993 and 1992, are as follows (dollars in thousands except earnings per share):
 OFFSHORE LOGISTICS INC.
 3 mos. ended 9 mos. ended
 3/31/93 3/31/92 3/31/93 3/31/92
 Gross revenue $20,410 $19,442 $59,892 $64,444
 Income before
 extraordinary item $ 3,180 $ 3,629 $11,094 $12,848
 Extraordinary item $ 1,013 --- $ 1,013 ---
 Net income $ 4,193 $ 3,629 $12,107 $12,848
 Earnings per common share and common equivalent share:
 Income before
 extraordinary item $ .18 $ .21 $ .62 $ .73
 Extraordinary item .06 --- .06 ---
 Net income $ .24 $ .21 $ .68 $ .73
 Common shares and common
 equivalent shares
 outstanding 17,831,703 17,612,212 17,786,059 17,613,101
 -0- 5/11/93
 /CONTACT: George Small of Offshore Logistics, 318-233-1221/
 (OLOG)


CO: Offshore Logistics, Inc. ST: Louisiana IN: AIR SU: ERN

BR-BN -- AT010 -- 7027 05/11/93 11:50 EDT
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Publication:PR Newswire
Date:May 11, 1993
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