Server: Microsoft-IIS/2.0 Date: Thu, 20 Nov 1997 18:58:46 GMT Content-Type: text/html Accept-Ranges: bytes Last-Modified: Tue, 02 Sep 1997 13:16:56 GMT Content-Length: 15550
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PRESS
RELEASE
GULFPORT, Miss... Halter Marine Group, Inc. (AMEX:HLX) announced today a 64% increase in net income to $5.4 million, or 29 cents per share, on revenue of $149.1 million for the first quarter ended June 30, 1997. This compares to net income of $3.3 million or 19 cents a share on a pro forma basis, on revenues of $86 million for the first quarter of the company's prior fiscal year. The company also announced its backlog was a record $570 million. John Dane III, chairman, president and CEO said, "I am pleased with these results as they continue to demonstrate we can successfully convert our backlog into profits while growing at accelerated levels." The company's backlog stands at $570 million as of June 30, 1997. This represents a 19% increase during the first quarter of the current fiscal year, from $478 million at March 31, 1997, and a 33% increase during the twelve month period, from $430 million at June 30, 1996. The energy related portion increased to $308 million and represents 54% of the company's total backlog. Dane said, "The inclusion of TDI-Halter's (a recent acquisition) backlog, all of which is energy related, is responsible for a significant portion of that increase. However, Halter's energy related backlog would have increased without including TDI-Halter's numbers." He added, "This increase in energy related backlog confirms our expectations that Halter will benefit from increased levels of spending for exploration and production by the oil companies and the need for vessel operators to begin a rational fleet replacement program for both vessels and drilling rigs." Halter's backlog at June 30, 1997 included 17 offshore support vessels, compared to 11 at March 31, 1997. The company's backlog also consisted of $194 million of government related work, $49 million of commercial work, and $17.7 million of other work. Halter has taken several recent actions that confirm the company's growth strategy while recognizing the organizational requirements of an expanding company. These include entering into a purchase agreement to acquire the stock of Bludworth Bond Shipyard, Inc.; acquiring additional facilities from McDermott, and appointing Maureen Sullivan as senior vice-president and general counsel. Earlier this quarter, the company re-aligned some management responsibilities promoting A. Fred May, senior vice-president of barge construction and repair business, and changed the reporting of senior vice-presidents responsible for finance, administration, legal and corporate affairs to the company's executive vice-president, Rick S. Rees. Halter Marine Group, Inc. includes 17 shipyards in Texas, Louisiana, Mississippi and Florida. The company specializes in the design, construction, conversion and repair of a wide variety of vessels for energy, commercial, government/military and pleasure boat markets as well as mobile offshore drilling units. Shipyards of the Halter Marine Group have built more than 2,000 vessels in the past 40 years.
Consolidated Income Statement (unaudited) (in millions except per share data)
*Net income per share and weighted average shares outstanding are pro forma amounts
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