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Friday, 21 November, 2008, 23:20 GMT | more >>

Delays cool Boots & Coots earnings



By Upstream staff 

Houston well control group Boots & Coots attributed a sharp fall in net income to delays in its customers' projects in the Gulf of Mexico and Venezuela.

Boots & Coots reported first quarter 2007 net income of $464,000, or one cent per diluted share, down from $1.3 million, or three cents per diluted share in the year-ago quarter.

The company said the 2006 period included a roughly $600,000 gain on the redemption of its outstanding preferred stock and one month of operating revenues from a hydraulic workover and snubbing business bought effective 1 March 2006.

Revenues for the 2007 quarter rose to $22.3 million from $11.5 million in the year-ago period.

Earnings before income tax, debt and amortisation were $2.7 million, compared with $2.6 million in the first quarter of 2006.

Boots and Coots's well intervention business saw revenue rise to $20.8 million from $10 million a year ago, while revenues from its response segment were flat with revenues of about $1.4 million.

The company said operations were underway in most projects in the affected projects and it expected activity to increase from the second quarter. It expected onshore activity in North America, the Middle East and North Africa to boost income in the second and third quarters.


Monday, 07 May, 2007, 21:49 GMT  | last updated: Monday, 07 May, 2007, 21:49 GMT

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