CARLYSS, La., Aug. 3 /PRNewswire-FirstCall/ -- Global Industries, Ltd.
(Nasdaq: GLBL) announced results for the quarter ended June 30, 2005.
Revenues were $209.4 million for the second quarter of 2005, an improvement of
$127.1 million, or 154%, over the same period a year ago. Gross profit was
$37.5 million for the quarter, an improvement of $36.6 million compared to
last year's second quarter. Income from continuing operations, net of taxes,
increased $21.9 million to $12.4 million, or $0.11 per diluted share, for the
second quarter, as compared to a loss of $9.5 million or ($0.09) per diluted
share for the same period last year. The Company reported diluted earnings
per share, including discontinued operations, of $0.11 for the second quarter
of 2005 compared to a loss per share of ($0.09) for the comparable period in
2004.
Included in the second quarter 2005 income from continuing operations is
approximately $2.5 million or $0.02 per diluted share, related to the gain on
the disposition of one cargo barge and two other assets. Second quarter 2005
income from continuing operations, net of taxes, was reduced by losses on two
projects in our Latin America segment of approximately $5.6 million or ($0.05)
per diluted share and a $2.5 million charge, or ($0.02) per diluted share,
related to penalties and fees associated with an unfavorable 1999 income tax
audit assessment in our Latin America segment.
Revenues for the six months ended June 30, 2005 increased $184.9 million,
or 114%, to $346.6 million from the same period last year. Gross profit was
$61.8 million for the six months, an improvement of $57.8 million compared to
the first six months of last year. Income from continuing operations, net of
taxes, was $19.8 million, an improvement of $36.7 million over the comparable
period in the prior year. Diluted earnings per share from continuing
operations were $0.17 for the first six months of 2005 compared to a diluted
loss per share of ($0.16) for the same period last year. Earnings per diluted
share from discontinued operations were $0.00 compared to a diluted loss per
share of ($0.01) for the same period last year.
William J. Dore, Global's Chairman and Chief Executive Officer, said, "I
am pleased to announce our fourth consecutive quarter of positive earnings and
our highest level of second quarter earnings since 1998. Although our OCD
Latin America segment margins were lower than anticipated for the second
quarter 2005, our earnings for the quarter increased substantially compared to
the same period last year. Positively impacting our results were continued
Hurricane Ivan repair work in our Gulf of Mexico segments and increased
activity in our Asia Pacific and Middle East OCD segments. During the second
quarter, we booked $286.0 million of new work resulting in a June 30, 2005
backlog of $436.0 million, the largest backlog in the Company's history, as
compared to a backlog of $277.1 million at the end of the same period last
year."
A conference call will be held at 10:00 a.m. Central Daylight Saving Time
on Thursday, August 4, 2005. Anyone wishing to listen to the conference call
may dial 888.790.9477 or 210.234.9633 and ask for the "Global Second Quarter
Earnings" call. Phone lines will open fifteen minutes prior to the start of
the call. The call will also be webcast in real time on the Company's website
at http://www.globalind.com , where it will also be archived for anytime
reference until August 18, 2005.
All individuals listening to the conference call or the replay are
reminded that all conference call material is copyrighted by Global and cannot
be recorded or rebroadcast without Global's express written consent.
Global Industries provides pipeline construction, platform installation
and removal, diving services, and other marine support to the oil and gas
industry in the Gulf of Mexico, West Africa, Asia Pacific, the Mediterranean,
Middle East/India, South America, and Mexico's Bay of Campeche. The Company's
shares are traded on The NASDAQ National Market under the symbol "GLBL."
This press release may contain forward-looking information based on
current information and expectations of the Company that involve a number of
risks, uncertainties, and assumptions. Among the factors that could cause the
actual results to differ materially are: industry conditions, prices of crude
oil and natural gas, the Company's ability to obtain and the timing of new
projects, and changes in competitive factors. Should one or more of these
risks or uncertainties materialize, or should the underlying assumptions prove
incorrect, actual outcomes could vary materially from those indicated.
Set forth are the Company's results of
operations and selected balance sheet amounts
for the periods indicated
---------------------------------------------------
(In thousands, except shares and per share amounts)
---------------------------------------------------
Three Months Ended Six Months Ended
June 30 June 30
------------------------- -----------------------
Results of Operations 2005 2004 2005 2004
--------------------- ---------- ---------- ---------- ----------
Revenues $209,359 $ 82,335 $346,615 $161,727
Cost of Operations 171,825 81,442 284,784 157,744
Gross Profit 37,534 893 61,831 3,983
Net (Gain) Loss on Asset
Disposal (2,503) 60 (2,615) 53
Selling, General and
Administrative
Expenses 14,393 10,132 24,675 19,695
----------- ---------- ---------- ----------
Operating Income (Loss) 25,644 (9,299) 39,771 (15,765)
----------- ---------- ---------- ----------
Other Expense (Income):
Interest Expense 2,480 3,095 4,864 6,608
Other (817) 814 (1,546) 958
----------- ---------- ---------- ----------
Income (Loss) From Continuing
Operations Before Income
Taxes 23,981 (13,208) 36,453 (23,331)
Income Taxes (Benefit) 11,628 (3,685) 16,604 (6,421)
Income (Loss) From
Continuing Operations,
Net of Taxes 12,353 (9,523) 19,849 (16,910)
Loss From Discontinued
Operations, Net of Taxes --- (109) --- (1,060)
----------- ---------- ---------- ----------
Net Income (Loss) $ 12,353 $ (9,632) $ 19,849 $(17,970)
=========== ========== ========== ==========
Basic Earnings Per Common
Share:
Earnings (Loss) From
Continuing Operations $ 0.11 $ (0.09) $ 0.18 $ (0.16)
Loss From Discontinued
Operations --- (0.00) --- (0.01)
----------- ---------- ---------- -----------
Basic Earnings (Loss)
Per Share $ 0.11 $ (0.09) $ 0.18 $ (0.17)
Diluted Earnings Per Common
Share:
Earnings (Loss) From
Continuing Operations $ 0.11 $ (0.09) $ 0.17 $ (0.16)
Loss From Discontinued
Operations --- (0.00) --- (0.01)
----------- ---------- ---------- -----------
Diluted Earnings (Loss)
Per Share $ 0.11 $ (0.09) $ 0.17 $ (0.17)
Weighted Average Common
Shares Outstanding:
Basic 112,512,000 110,996,000 112,557,000 106,338,000
Diluted 115,346,000 110,996,000 114,911,000 106,338,000
Other Data
Depreciation and
Amortization $ 13,634 $ 9,191 $ 25,208 $ 17,907
Deferred Income Taxes
(Benefit) 8,037 (3,105) 12,310 (9,475)
Backlog at June 30, 2005
and 2004 435,998 277,109
Set forth are the Company's results of
operations for the periods indicated
--------------------------------------------
(In thousands)
--------------------------------------------
Three Months Ended Six Months Ended
June 30 June 30
---------------------- -----------------------
Reportable Segments 2005 2004 2005 2004
-------------------------- ---------- ----------- ---------- ------------
Total Segment Revenues
Offshore Construction
Division
Gulf of Mexico $ 22,671 $ 13,271 $ 45,990 $ 26,154
West Africa 5,802 1,508 9,320 17,083
Latin America 96,706 31,702 162,461 60,065
Asia Pacific 48,548 23,913 58,919 38,137
Middle East 14,307 177 27,107 182
----------- ----------- ---------- ------------
Subtotal 188,034 70,571 303,797 141,621
----------- ----------- ---------- ------------
Global Divers and Marine
Contractors
Gulf of Mexico 10,177 10,431 23,697 15,049
West Africa 185 --- 245 525
Latin America 8,139 1,829 13,555 3,761
Middle East 16,752 5,643 32,303 11,674
----------- ----------- ---------- ------------
Subtotal 35,253 17,903 69,800 31,009
----------- ----------- ---------- ------------
Total $ 223,287 $ 88,474 $ 373,597 $ 172,630
=========== =========== ========== ============
Intersegment elimination (13,928) (6,139) (26,982) (10,903)
----------- ----------- ---------- ------------
Total segment revenues from
external customers $ 209,359 $ 82,335 $ 346,615 $ 161,727
=========== =========== ========== ============
Income (Loss) from
Continuing Operations
Before Income Taxes
Offshore Construction
Division
Gulf of Mexico $ 6,755 $ (6,602) $ 16,676 $ (17,477)
West Africa (3,525) (4,347) (7,659) 1,550
Latin America (2,458) 975 (1,806) 4,502
Asia Pacific 6,497 (574) (1,088) (6,688)
Middle East 5,779 (3,008) 7,761 (5,741)
---------- ----------- ---------- ------------
Subtotal 13,048 (13,556) 13,884 (23,854)
---------- ----------- ---------- ------------
Global Divers and Marine
Contractors
Gulf of Mexico 3,562 (830) 8,391 (2,674)
West Africa 66 (74) 84 (53)
Latin America 1,632 584 3,456 895
Middle East 5,366 1,520 9,893 3,073
---------- ----------- ---------- ------------
Subtotal 10,626 1,200 21,824 1,241
---------- ----------- ---------- ------------
Other 307 (852) 745 (718)
---------- ----------- ---------- ------------
Total $ 23,981 $ (13,208) $ 36,453 $ (23,331)
========== =========== ========== ============
As of As of
June 30, December 31,
2005 2004
----------- -------------
Selected Balance Sheet Amounts
Cash $ 101,492 $ 143,161
Working Capital (including cash) 196,392 152,202
Total Assets 787,393 704,787
Debt 79,200 81,180
Shareholders' Equity 474,253 450,728
SOURCE Global Industries, Ltd.
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Related links:
http://www.globalind.com
CONTACT:
William Dore Jr. of Global Industries, Ltd.,
+1-281-529-7979
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