Revenues of $892.3 million generated during the quarter were up 9% compared to the previous quarter and were 28% higher than last year's September quarter. The Company estimates that revenues were impacted by approximately $21 million due to activity disruptions from hurricanes experienced during the quarter, resulting in a negative impact of approximately $11 million to pretax income, or $.02 per diluted share.
Capital spending was $98.2 million for the quarter, resulting in fiscal 2005 spending of $323.8 million.
Cash and cash equivalents as of September 30, 2005 was $356.5 million, which exceeded total debt by $273.7 million.
On July 28, 2005 the Company's Board of Directors approved a 2-for-1 stock split that was effected by the payment of a stock dividend on September 1, 2005 to stockholders of record as of August 18, 2005. All share and earnings per share amounts have been restated for all periods presented to reflect the 2-for-1 stock split. The Company did not purchase any of its common stock during the quarter. The Company has purchased 3,982,000 shares of its common stock for $98.4 million year to date and has remaining authorization to purchase up to $153.1 million in stock.
Commenting on the results, Chairman and CEO Bill Stewart said, "BJ generated another quarter of record operating results, led by continued activity increases and improved pricing in the U.S. market and a strong rebound in Canadian activity subsequent to the seasonal Spring break up period.
"We estimate that our offshore operations in the Gulf of Mexico lost around 21 days of business during the quarter as a result of the hurricanes. Fortunately, all of our personnel are safe and accounted for and have been working extremely hard to restore operations that were negatively impacted by the storms. This diligence and commitment is commendable in light of the personal losses and inconveniences our employees have experienced.
"We expect activity to remain strong with continuing growth in our major markets. We are projecting our fiscal 2006 revenue to increase 15-20%, generating an earnings increase of 40-45% over the fiscal year ended September 30, 2005."
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