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Tuesday, 07 October, 2008, 07:10 GMT | more prices >>

Boots & Coots kicks heels



By Upstream staff 

Boots & Coots International Well Control saw net income fall sharply as the company experienced lower activity in its Gulf of Mexico and Venezuela operating regions.

The company was also hit by lower revenues in its well response business.

Boots & Coots reported third quarter net income of $1.3 million, or two cents per diluted share, compared with $3.4 million, or five cents per diluted share, previously.

Revenues for the quarter were $25 million compared with $28.3 million for the same quarter last year.

For the nine months to 30 September, Boots & Coots reported net income of $2.1 million, or three cents per diluted share, compared with net income of $7.3 million, or 13 cents per diluted share, in the same period in 2006.

Revenues for the year to date were $69.2 million from $63.3 million previously.

The company was also hit by $1.8 million in start-up costs as it sought to enter the snubbing and workover market in North Texas, the international expansion of its snubbing and prevention services and its entrance into the pressure control rental tools business.


Tuesday, 06 November, 2007, 00:50 GMT  | last updated: Tuesday, 06 November, 2007, 00:52 GMT

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