Offshore Logistics, Inc. Fourth Quarter Charges.LAFAYETTE, La.--(BUSINESS WIRE)--April 30, 1999-- Offshore Logistics, Inc., (Nasdaq:OLOG OLOG Our Lady of Guadalupe ) announced today that the Company will record charges of approximately $4.0 million before tax in the fourth quarter due primarily to the need for additional reserves for certain customers' uncollectable receivables and for revised employee benefits related to the Company's 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 operations. George Small, President of Offshore Logistics, said, "The continued downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in the worldwide oil and gas industry has affected the ability of some of our customers in the Gulf of Mexico, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. and Europe to meet their obligations. We also will provide for other employee benefits that will better position the Company for the present market conditions. Excluding these charges, we expect our fourth quarter results to be within the range of Wall Street expectations." Offshore Logistics, Inc. is a major provider of helicopter transportation services to the oil and gas industry worldwide. Through its subsidiaries, affiliates and joint ventures, the Company provides transportation services in most oil and gas producing regions including the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Gulf of Mexico, the North Sea, Africa, Mexico, South America, Australia, Egypt and the Far East. The Company's common Stock is traded on the NASDAQ National Market under the symbol OLOG. Statements contained in this press release that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements contained in this press release include the possibility that the earnings for the fourth quarter, as finally determined, could vary from the Company's expectations indicated in this press release. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended March 31, 1998 and the Company's report on Form 10-Q Form 10-Q See 10-Q. for the quarters ended June 30, 1998, September 30, 1998 and December 31, 1998. Copies of these may be obtained by contacting the Company or the SEC. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion