Boots & Coots Reports First Quarter Results

Boots & Coots International Well Control, Inc. (Amex: WEL), reported that revenues for the first quarter ended March 31, 2004, were $4.4 million, a decrease of $6.5 million compared with revenue of $10.9 million for the same period in 2003. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $0.6 million in the current period compared to $4.3 million in the same period for the prior year. Net income for the current period was $8 thousand versus a net income of $3.3 million for the prior year period. Net loss attributable to common stockholders was $0.1 million for the current period compared to a net income attributable to common stockholders of $2.6 million in the prior year period.

"As we expected and stated in our March earnings call, the first quarter of this year reflected a decrease in prevention service revenues from the prior year. However, excluding an equipment sale associated with our work in Iraq during the first quarter of last year, prevention service revenues increased $0.1 million," stated Jerry Winchester, President and Chief Executive Officer. "We expect these non-event revenues to improve in the second quarter and, for the year, our expectation remains that the expansion of existing SafeGuard services and the development of new SafeGuard locations will expand our base prevention revenues to the point they will sustain the company's operations, with any response revenues having a positive impact on the bottom line."

Operational highlights include:

  • Prevention revenues were $2.13 million for the first quarter compared to $8.66 million for the first quarter of 2003. Included in 2003 is a $6.63 million equipment sale related to the Restore Iraq Oil (RIO) contract.
  • Response revenues were flat at $2.3 million for the first quarter of 2004 and 2003.
  • At March 31, 2004 the company reported working capital of $7.5 million and total debt of $11.9 million. Net cash provided by operating activities was $1.1 million in the quarter.

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