Halter Marine Group Anounces 4Q,Year-End Results

Halter Marine Group, Inc. announced the company's net income for the quarter ended March 31, 1999 was $1.5 million on revenue of $238.3 million. This compares to net income of $539,000 on revenue of $189.4 million in the fourth quarter of fiscal 1998. For the fiscal year ended March 31, 1999, the company reported net income of $13.3 million on revenue of $998.1 million. For fiscal 1998, Halter Marine Group reported net income of $22.5 million on revenue of $670.2 million. Gross profit margins for the company's vessels, rigs and engineered products segments were 8.1 percent, 0.6 percent, and 20.3 percent, respectively, for the fourth quarter. For the full year, gross profit margins for the company's vessels, rigs and engineered products segments were 8.8 percent, 5.0 percent, and 18.1 percent, respectively. The company's backlog at March 31, 1999 decreased from $784 million at December 31, 1998 to $656 million and was related to the following business segments: vessels, $315 million or 48 percent; rigs, $268 million or 41 percent; and engineered products, $73 million or 11 percent.