OCEANEERING ANNOUNCES SECOND QUARTER RESULTS
OCEANEERING ANNOUNCES SECOND QUARTER RESULTS HOUSTON, Nov. 12 /PRNewswire/ -- Oceaneering International, Inc.
(NYSE: OII) today announced financial results for the second quarter of its 1993 fiscal year which ended Sept. 30, 1992.
On revenues of $60,346,000, Oceaneering reported net income of $5,427,000, or $0.23 per common share. These results include a non- recurring charge of $1,200,000 associated with the costs of acquiring Eastport International, Inc., on Aug. 27, 1992. For accounting purposes the acquisition has been treated as a "pooling of interests" transaction. The financial statements of Eastport have therefore been combined with Oceaneering's, and previous financial periods have been restated accordingly. The 23,801,000 common share equivalents outstanding include the 860,001 shares of common stock which were given to Eastport shareholders in consideration for the acquisition. OCEANEERING INTERNATIONAL, INC. Summary of Results (In thousands, except per share amounts) Periods ended Three Months Six months Sept. 30 1992(A) 1991 1992(A) 1991 Revenues $60,346 $50,574 $111,158 $100,090 Net Income $5,427 $3,368 $10,706 $7,580 Earnings Per Common Share Equivalent $0.23 $0.14 $0.45 $0.32 Weighted Average Number of Common Share Equivalents Outstanding 23,801 23,622 23,766 23,597 (A) -- Includes a non-recurring charge of $1,200,000 for costs of acquiring Eastport. 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- 11/12/92 /CONTACT: Beth O'Sullivan of Oceaneering International, Inc., 713-578-8868/ (OII) CO: Oceaneering International, Inc. ST: Texas IN: OIL SU: ERN
WB -- NY043 -- 0163 11/12/92 12:18 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 12, 1992|
|Previous Article:||CNL REALTY INVESTORS, INC. ANNOUNCES THIRD QUARTER RESULTS OF OPERATIONS|
|Next Article:||BRABENDER COX RECORDS A NUMBER OF IMPRESSIVE VICTORIES|