GulfMark 4Q Results Show 8% Decline

GulfMark Offshore Inc. announced results for the fourth quarter, reporting an 8% decline in earnings despite higher revenue. The Texas-based company reported that net income for the fourth quarter was $8.18 million or $0.39 per share, which declined from $8.90 million or $0.44 per share in the prior year quarter. On average, six analysts polled by First Call/Thomson Financial had estimated fourth quarter earnings of $0.45 per share. The fourth quarter results of the prior year included an income tax benefit of $4.8 million or $0.24 per share on release of deferred tax liabilities related to a tax audit. Income from continuing operations before tax for the quarter was $9.32 million, an increase from $4.08 million in the previous year quarter. Operating income for the period was $13.09 million, up 79% from $7.30 million in the year-ago quarter. Fourth quarter revenues were $51.59 million, an increase of 25% from $41.42 million in the year-ago quarter. Analysts had estimated revenues for the fourth quarter at $53.52 million. The increase in revenues was primarily due to increased day rates in all regions, improved vessel utilization, the addition of new vessels as well as the full year impact of the Highland Citadel purchased last year. Net income for the fiscal year 2005 was $38.39 million or $1.86 per share, a turnaround from net loss of $4.63 million or $0.23 per share in the previous year. Wall Street analysts had expected earnings of $1.91 per share for the year. (Source: Trading Markets)