Net income for the quarter ended December 31, 2004 was enhanced by a foreign tax refund of approximately $1.6 million or $.10 per diluted share. The tax position for the quarter was also enhanced by the approximate $6 million of ATWOOD BEACON loss of hire insurance being received in a zero tax jurisdiction. Had the Company not received the $1.6 million tax refund during the first quarter, effective tax rate for the quarter would have been around 15%.
FOR THE THREE MONTHS ENDED DECEMBER 31, 2004 2003 (Unaudited) Revenues $45,426,000 $35,325,000 Income (Loss) before Income Taxes 8,143,000 (64,000) (Provision) Benefit for Income Taxes 507,000 (1,840,000) Net Income (Loss) 8,650,000 (1,904,000) Earnings (Loss) per Common Share - Basic 0.57 (0.14) Diluted 0.56 (0.14) Weighted Average Shares Outstanding - Basic 15,079,000 13,852,000 Diluted 15,422,000 13,852,000
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