Boots & Coots Reports Upbeat on 2Q04 Results

Boots & Coots International Well Control, Inc. (Amex: WEL) reported revenues for the second quarter ended June 30, 2004 were $6.9 million compared to revenues of $8.0 million for the second quarter of 2003. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $1.4 million in the current quarter compared to $2.9 million in the same quarter for the prior year. Net income for the current quarter was $0.5 million versus a net income of $1.9 million for the prior year quarter. Net income attributable to common stockholders was $0.3 million for the current quarter compared to a net income attributable to common stockholders of $1.6 million in the prior year quarter.

For the six months ended June 30, 2004, revenues were $11.3 million compared to revenues of $19.0 million for the six-month period a year ago. The prior period includes $12.1 million in revenues earned from work in Iraq (including a first quarter equipment sale of $6.6 million). In the current six-month period EBITDA was $2.0 million (prior period $7.1 million) and income from continuing operations was $0.5 million (prior period $5.2 million). After deducting preferred stock dividends, net income attributable to common stockholders was $0.2 million for the six months ended June 30, 2004, versus $4.2 million for the 2003 six-month period. Basic earnings per share were $0.01 as compared to $0.24 for the six-month comparable period. Diluted earnings per share were $0.01 as compared to $0.20 for the six-month comparable period.

"We experienced a solid quarter in our response segment. Our reputation as the premier response company in the industry continues to support our strong market share in this segment," said Jerry Winchester, President and Chief Executive Officer. "Led by non-event related work in our Venezuelan operation, revenue in our prevention segment remained steady. We continue to believe prevention activity, which is the platform of our business model, will increase over the second half of the year."

Operational highlights include:

  • Prevention revenues were $2.2 million for the second quarter compared to $2.1 million for the prior quarter and $2.2 million for the second quarter of 2003.
  • Response revenues were $4.7 million for the second quarter, up from $2.4 million in the quarter ended March 31, 2004. Response revenues were $5.9 million for the second quarter of 2003.
  • At June 30, 2004, the Company reported working capital of $7.9 million and total debt of $11.7 million. Net cash provided by operating activities was $3.0 million in the quarter.
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