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 HOUSTON, Dec. 1 /PRNewswire/ -- Offshore Pipelines, Inc. ("OPI") (NYSE: OFP) today announced that net income for the first quarter of fiscal 1994 ended Oct. 31, 1993 was $4.4 million, compared to $2.9 million for the comparable fiscal 1993 period. After preferred dividends, this amounted to primary earnings per share of $.31 for the first quarter of fiscal 1994, compared to primary earnings per share of $.24 for the first quarter of fiscal 1993. Revenues for the quarter were $96.5 million, up from $79.5 million reported in the first quarter of last year.
 Three Months Ended
 Oct. 31, (unaudited)
 1993 1992
 Contract revenues $ 96,531,000 $ 79,473,000
 Gross profit 17,207,000 13,898,000
 Income from operations 9,054,000 5,358,000
 Income before income taxes 6,470,000 3,670,000
 Income tax expense 2,050,000 790,000
 Net income $ 4,420,000 $ 2,880,000
 Reserve for preferred dividends (776,000) (777,000)
 Net income available for
 common shareholders $ 3,644,000 $ 2,103,000
 Earnings per share
 Primary $ 0.31 $ 0.24
 Fully diluted $ 0.30 $ 0.24
 Weighted average common shares
 Primary 11,770,833 8,737,479
 Fully diluted 14,812,881 11,799,846
 Stockholders' equity $143,612,000 $ 93,984,000
 The increase in contract revenues was due to an increase in activity levels during the quarter from both domestic and international operations, compared to the prior year. Domestic revenues for the quarter contributed 31 percent of revenues, or $29.6 million, compared to 33 percent of revenues, or approximately $25.9 million in the first quarter of last year. International operations contributed 69 percent of revenues for the quarter, or $66.9 million, compared to 67 percent of revenues, or $53.6 million, for the comparable fiscal 1993 period.
 Frank C. Wade, chairman and chief executive officer commented, "We are very pleased with the continued progress of our company. This marks our tenth consecutive profitable quarter. OPI's ability to secure new business worldwide has never been better. Our contract backlog, which is at a record high, should increase further based on the level of bidding activity. The results for the first quarter do not reflect the recently announced contract awards in Malaysia, Mexico and West Africa, most of which will not begin until our fiscal 1994 third quarter."
 OPI operates one of the largest marine construction fleets in the world, capable of handling a full range of services to the worldwide oil and gas industry. The company is an industry leader in the fabrication and installation of offshore platforms, the laying of marine pipelines, and the salvage, refurbishment, and installation of recycled offshore structures.
 -0- 12/1/93
 /CONTACT: Victor M. Perez, senior vice president, corporate finance of Offshore Pipelines, Inc., 713-952-1000/

CO: Offshore Pipelines, Inc. ST: Texas IN: SU: ERN

PS -- NY067 -- 9299 12/01/93 12:46 EST
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Publication:PR Newswire
Date:Dec 1, 1993

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