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)
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.