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GLOBAL INDUSTRIES, LTD. ANNOUNCES SECOND QUARTER FISCAL 1994 EARNINGS

 LAFAYETTE, La., Nov. 2 /PRNewswire/ -- Global Industries, Ltd. (NASDAQ-NMS: GLBL) reported net income of $5,145,000, or $0.66 per average common share based on 7,791,756 average shares outstanding, for the quarter ended Sept. 30.
 This compared with $3,405,000, $0.58 per common share based on 5,689,271 average shares outstanding, for the same quarter a year earlier.
 Contract revenues for the second quarter of fiscal 1994 totaled $30,342,000 compared with $17,789,000 for the same quarter in fiscal 1993. Pipeline Construction Services revenues in the current quarter of $17,027,000 were higher than the $10,422,000 reported a year earlier. Revenues from each of Derrick, $9,656,000; Diving, $9,550,000; and Other Services, $1,349,000, exceeded second quarter of fiscal 1993 revenues of $6,720,000, $3,943,000 and $951,000, respectively. Elimination of intercompany revenues for the current quarter was $7,240,000 compared with $4,247,000 a year earlier.
 Chairman and CEO William J. Dore' said: "We are pleased with the overall business activity level during the second quarter of fiscal 1994. Utilization for pipeline and derrick barges averaged 50.3 percent and 50.0 percent, respectively, compared with 28.7 percent and 32.2 percent, respectively, a year earlier. Diver days employed were a quarterly record of 4,211 compared with 2,263 days in the same quarter last year.
 "The company's gross profit performance during the current quarter was below both the level experienced during the past three years and expectations. Gross profit expressed as a percent of revenue was 33.5 percent compared with 40.7 percent for the quarter a year earlier. While Derrick, Diving and Other Services gross profit performance met or exceeded expectations, Pipeline Construction Services performance was significantly below expectations. The decreased profitability was largely the result of more intense competition in the pipeline construction business and technical problems encountered on two important jobs which substantially increased company costs. These two jobs are now complete and should have no impact on next quarter's performance. The competition for pipeline jobs in the Gulf of Mexico remains keen and we have been unable to fully recover the increased cost of operations -- higher cost of tugs and boats, insurance, wages for our employees and other required services.
 "The three-to-five-year outlook for the offshore construction business remains encouraging. We believe the key indicators for our business point to continued growth in spending for offshore construction. If this trend materializes, we should be able to grow revenues since our offshore construction equipment is currently substantially underutilized, even during the prime construction season."
 For the six months ended Sept. 30 net income was $6,192,000, equal to $0.79 per average common share and included a $400,000 income tax benefit, or $0.05 per share, the cumulative effect on prior years of adopting SFAS No. 109, Accounting for Income Taxes, effective April 1. For the six months ending Sept. 30, 1992, net income was $4,264,000, or $0.73 per average share.
 Contract revenues for the six months ended Sept. 30 totaled $45,460,000 and compare favorably with the $28,377,000 reported for the same period a year earlier. Contract revenues for each service type during the current six-month period compare favorably to the revenues of a year earlier: Pipeline Construction Services revenues were $22,684,000 compared with $18,460,000; Derrick Services revenues were $15,474,000 vs. $7,164,000; Diving Services revenues were $13,804,000 vs. $7,134,000; and Other Services revenues were $2,484,000 vs. $1,878,000. The intercompany elimination of contract revenues was $8,986,000 in the current six-month period compared with $6,259,000 for the year earlier period. Utilization of pipeline construction barges averaged 32.1 percent during the current six-month period compared to 22.9 percent during the first six months of fiscal 1993. Derrick barge utilization over the current six-month period averaged 45.4 percent compared to 33.3 percent during the same period last year. Diver days employed were a record 5,979 during the current six-month period vs. 3,709 days during the same period a year earlier.
 Global Industries, Ltd., whose shares are traded on the NASDAQ National Market System under the symbol "GLBL," provides pipeline construction, derrick and diving services to the offshore oil and gas industry, primarily in the United States Gulf of Mexico.
 GLOBAL INDUSTRIES, LTD.
 STATISTICS
 Quarter ended Sept. 30 1993 1992
 Contract revenues $30,342,000 $17,789,000
 Net income $ 5,145,000 $ 3,405,000
 Average shares 7,791,756 5,869,271
 Net income per share $ 0.66 $ 0.58
 Six months ended Sept. 30 1993 1992
 Contract revenues $45,460,000 $28,377,000
 Net income $ 6,192,000(a)$ 4,264,000
 Average shares 7,788,520 5,869,271
 Net income per share $ 0.79(a)$ 0.73
 (a) Includes cumulative effect on prior years, $400,000 or $0.05 per average common share, from the company adopting SFAS No. 109, Accounting for Income Taxes, effective April 1, 1993.
 -0- 11/2/93
 /CONTACT: Richard E. Roberson Jr. of Global Industries, Ltd., 318-989-0000/
 (GLBL)


CO: Global Industries, Ltd. ST: Louisiana IN: OIL SU: ERN

RA-BN -- AT005 -- 9599 11/02/93 10:58 EST
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Date:Nov 2, 1993
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