Boots & Coots Earns $0.08 Per Diluted Share for Q2 2008

Boots & Coots International Well Control, Inc. has announced net income of $6.1 million, or $0.08 per diluted share for the quarter ended June 30, 2008, compared to $0.3 million, or $0.00 per diluted share for the same quarter of 2007. Revenues for the quarter increased by 136% to $51.9 million compared to $22.0 million for the 2007 second quarter. EBITDA (earnings before interest, income taxes, depreciation and amortization; see the reconciliation and rationale for this non-GAAP financial measure below) was $9.3 million, or 17.8% of revenues for the quarter compared to $2.0 million, or 9.2% of revenues for the second quarter of 2007.

For the six months ended June 30, 2008, Boots & Coots reported net income of $11.2 million, or $0.14 per diluted share, compared to $0.7 million, or $0.01 per diluted share for 2007. Revenues for the 2008 period were $96.9 million compared to $44.2 million for the prior six month period. EBITDA was $19.1 million for the six months ended June 30, 2008 compared to $4.8 million for the 2007 period.

"Our success in increasing Boots & Coots' presence as well as integrating the company's service lines occurred in several markets and was led by strong Safeguard operations during the quarter,” stated Jerry Winchester, president and chief executive officer. “We expect the opportunities afforded to us from our strategic investments of the funds from last year’s equity offering, along with strong domestic and international markets, will continue to benefit the company through the rest of this year and into 2009."

For the quarter ended June 30, 2008, the effective income tax rate was 5.0% of pre-tax income compared to 28.5% of pre-tax income in the quarter ended June 30, 2007. The effective tax rate for the 2008 six month period was 17.1% of pre-tax income.

Business Segment Results:

Well Intervention

For the quarter ended June 30, 2008, the Well Intervention segment generated revenues of $45.4 million and EBITDA of $7.1 million, compared to revenues of $18.3 million and EBITDA of $0.6 million for the second quarter of 2007. The increases in revenues and EBITDA were primarily due to increased activity in the company’s prevention business, strong international and domestic demand and growth in the company’s recently added pressure control business.

For the six months ended June 30, 2008, the Well Intervention segment generated revenues of $83.4 million and EBITDA of $14.3 million, compared to revenues of $39.2 million and EBITDA of $3.0 million for the 2007 six month period. The increase in revenues and EBITDA were primarily due to growth in the company’s recently added pressure control business, increased activity in the prevention business and strong international and domestic demand.

Response

For the quarter ended June 30, 2008, the Response segment generated revenues of $6.5 million and EBITDA of $2.2 million, compared to revenues of $3.6 million and EBITDA of $1.4 million for the second quarter of 2007. For the six months ended June 30, 2008, the Response segment generated revenues of $13.6 million and EBITDA of $4.8 million, compared to revenues of $5.0 million and EBITDA of $1.7 million for the 2007 six month period. The increases in revenues and EBITDA were primarily due to increased international activity.

 

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