Boots & Coots Reports Second Quarter 2001 Results
Boots & Coots International Well Control, Inc., reported that revenues for the quarter ended June 30, 2001, increased by 171% to $12.1 million as compared with revenue of $4.4 million for the same period of 2000. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by $2.8 million to $2.2 million in the current period from a loss of ($0.6) million in the same period for the prior year. Net income prior to preferred stock dividends, which are paid in kind, improved in the current period to $1.0 million versus a net loss of ($4.4) million for the 2000 period. Net income attributable to common shareholders was $0.3 million for the current period.
For the six months ended June 30, 2001, revenue was $21.0 million as compared with revenue of $12.0 million for the same period a year ago, an increase of 76%. In the current six month period, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by $3.6 million to $3.2 million from a loss of ($0.4) million in comparable period for the prior year. Net income for the current period before preferred stock dividends, was $1.7 million compared to a net loss of ($7.1) in first half of 2000. Net income attributable to Common Shareholders, after preferred stock dividends of $1.4 million, was $0.3 million or $0.01 per share for the six months ended June 30, 2001, versus a net loss of ($7.3) million or ($0.21) per share, for the 2000 six-month period. Boots & Coots Chairman and Chief Executive Officer Larry Ramming said, ``We are pleased to report a continuation of the upward trend in both revenues and profits that began in the fourth quarter of last year. In the second quarter, our revenues increased by approximately 35% over the first quarter of this year; over 40% of this revenue increase resulted in additional EBITDA contribution. Our revenue growth reflects continued expansion of our WELLSURE® and Safeguard programs, both of which enhance our market segment and scope, and expansion of our Prevention, Response and Restoration delivery system, buoyed by favorable industry activity levels. We believe our revenue growth and improved contribution margins during the second quarter validate our Prevention, Response and Restoration business model and demonstrate its growth capabilities.''
Boots & Coots also announced today that it will hold a conference call on August 15, 2001 to discuss the specific results of the second quarter ended June 30, 2001 and provide updates to recent activities, progress and developments. Specific information regarding the call will be forthcoming.