Boots & Coots Announces Strong 2005 Results

Boots & Coots International Well Control reports that revenues were up 22 percent at $29.5 million for fiscal year 2005 compared to revenues of $24.2 million for 2004.

"Results were strong across the board," said Jerry Winchester, Boots & Coots president and CEO. "The aftermath of the hurricanes in the Gulf is keeping our teams busy, and our SafeGuard business continues to strengthen."

The company's net income for 2005 was $2.8 million, compared to a net loss of $0.2 million for 2004. Net income attributable to common shareholders for 2005 was $1.9 million, or $0.06 per diluted share compared to a net loss attributable to common shareholders for 2004 of $1.0 million, or $0.04 per diluted share. The 2005 results do not include results from the recently acquired hydraulic workover business of Oil States International, Hydraulic Well Control (HWC).

"We ended the year with our prevention service segment revenues at $13.9 million, up 72 percent from 2004, and we expect the opportunities to grow this segment will continue through 2006," said Winchester. "Further strengthening our 'non- event' performance in 2006 will be the results from HWC, which reported unaudited revenues of $39.9 million for the twelve months ended December 31, 2005. More importantly, HWC's 250 employees located across the globe bring us geographically closer to our customers with service offerings geared toward increasing production and complementing our risk-reduction SafeGuard services."

Boots & Coots stated that the 2005 operations highlights include:

  • Prevention revenues were $13.9 million for 2005 compared to $8.1 million for 2004.
  • The company added new SafeGuard contracts that generated $6.8 million for the year.
  • Response revenues were $15.6 million for 2005 compared to $16.1 million for the prior year.

"We enter 2006 with greater geographical reach, increased core service offerings, enhanced service packages, a stronger balance sheet, and a stronger board," concluded Kirk Krist, chairman of the board. "We believe we are well positioned for growth in 2006 while we cement our position in the industry as a leader in pressure control."