OCEANEERING ANNOUNCES SECOND QUARTER RESULTS
OCEANEERING ANNOUNCES SECOND QUARTER RESULTS HOUSTON, Nov. 5 /PRNewswire/ -- Oceaneering International, Inc.,
(NASDAQ: OCER) today announced financial results for the second quarter of its 1992 fiscal year which ended Sept. 30, 1991. On revenues of $43,684,000, Oceaneering reported net income of $2,917,000, or $0.13 per common share. During the second quarter of the prior fiscal year Oceaneering earned net income of $6,896,000, or $0.30 per common share, on revenues of $44,813,000. During the first six months of fiscal 1992, Oceaneering reported net income of $6,956,000, or $0.31 per common share, on revenues of $87,143,000. This compares with net income of $11,635,000, or $0.51 per common share, on revenues of $79,080,000 during the first six months of fiscal 1991.
"Our second quarter earnings were significantly reduced by unanticipated extra costs associated with difficulties encountered on one large, lump-sum construction job we have just completed offshore Nigeria. These difficulties, which will be the subject of contractual claims by Oceaneering, resulted in a loss on the job of approximately $2.1 million during the quarter. We do not anticipate incurring any further losses related to this job," stated John R. Huff, chairman, president, and chief executive officer. OCEANEERING INTERNATIONAL, INC. Summary of Results (In thousands, except per share amounts) Three months Six months Periods ended Sept. 30; 1991 1990 1991 1990 Revenues $43,684 $44,813 $87,143 $79,080 Net income $2,917 $6,896 $6,956 $11,635 Earnings per common share equivalent $0.13 $0.30 $0.31 $0.51 Weighted average number of common share equivalents outstanding 22,762 22,751 22,737 22,699 Oceaneering, together with its affiliate companies, is one of the world's largest underwater services companies. Oceaneering supplies a comprehensive range of integrated technical services to a wide array of industries. Principal services are directed to the offshore oil and gas industry and include drilling support; subsea construction; production systems; facilities maintenance and repair; survey and positioning; engineering; and specialized inspection, both offshore and onshore. For further information, contact Beth O'Sullivan, corporate communications and investor relations manager, Oceaneering International, Inc., P.O. Box 218130, Houston, Texas 77218. Telefax: 713-578-5243. -0- 11/5/91 /CONTACT: Beth O'Sullivan of Oceaneering International, 713-578-8868/ (OCER) CO: Oceaneering International, Inc. ST: Texas IN: MAR SU: ERN JT -- NY076 -- 0865 11/05/91 16:44 EST
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|Date:||Nov 5, 1991|
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