Boots & Coots Reports Upbeat on 2Q04 Results
Boots & Coots
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.
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:
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