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OFFSHORE LOGISTICS, INC. ANNOUNCES EARNINGS FOR THE FISCAL QUARTER ENDED DEC. 31, 1991

 OFFSHORE LOGISTICS, INC. ANNOUNCES EARNINGS
 FOR THE FISCAL QUARTER ENDED DEC. 31, 1991
 LAFAYETTE, La., Feb. 4 /PRNewswire/ -- Offshore Logistics, Inc. (NASDAQ: OLOG), a supplier of aviation services worldwide, reported gross revenues for the second quarter ended Dec. 31, 1991, of $20.5 million compared to $25.4 million reported for this same period of the prior year.
 Net income from continuing operations was $4.0 million ($.23 per share) for the quarter ended Dec. 31, 1991, compared to $4.4 million ($.25 per share) for the same period last year. Net income from marine services of $.30 per share in fiscal 1991 is shown as income from discontinued operations.
 For the six-month period ended Dec. 31, 1991, gross revenue was $45.0 million compared to $50.2 million a year ago. Net income from continuing operations was $9.2 million ($.52 per share) this year compared to $9.0 million ($.51 per share) for the six months last year. Net income from marine services of $.31 per share is shown as income from discontinued operations for the six-months period last year.
 James B. Clement, president and chief executive officer, said that declining activity in the U.S. Gulf of Mexico caused reductions in flight hours and related revenues in the current quarter and year-to-date periods. Stringent cost control measures and increasing activity in international markets enabled the company to continue its strong operating performance.
 The tabulated results for the periods ended Dec. 31, 1991 and 1990, are as follows (dollars in thousands except earnings per share):
 3 mos. ended 6 mos. ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Gross revenue $20,485 $25,372 $45,002 $50,205
 Income from cont. opers. $ 3,975 $ 4,397 $ 9,219 $ 8,977
 Income from discont.
 operations --- 5,232 --- 5,522
 Net income $ 3,975 $ 9,629 $ 9,219 $14,499
 Earnings per common share
 and common equivalent
 share from cont. opers. $ .23 $ .25 $ .52 $ .51
 Earnings per common share
 and common equivalent
 share from discont.
 operations --- .30 --- .31
 Earnings per common share
 and common equivalent
 share $ .23 $ .55 $ .52 $ .82
 Common shares and common
 equivalent shares
 outstanding 17,600,208 17,597,170 17,610,751 17,624,196
 -0- 2/4/92
 /CONTACT: George Small of Offshore Logistics, 318-233-1221/
 (OLOG) CO: Offshore Logistics, Inc. ST: Louisiana IN: AIR SU: ERN


BR-BN -- AT006 -- 6631 02/04/92 11:06 EST
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Publication:PR Newswire
Date:Feb 4, 1992
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