Horizon Offshore Reports 2001 Earnings

Horizon Offshore, Inc reported net income for the fiscal year ending December 31, 2001, of $10.7 million. This compares with a net income of $6.4 million diluted in 2000. Before recording an extraordinary charge of $0.6 million net of taxes, net income for the fiscal year ending December 31, 2001 was $11.3 million, or $0.49 per share diluted. For the three months ended December 31, 2001, Horizon reported net income of $0.4 million, or $0.02 per share diluted, on revenues of $73.8 million, compared with a net income of $1.4 million, or $0.07 per share diluted, on revenues of $51.8 million for the fourth quarter 2000. For the fiscal year ending December 31, 2001, gross profit was $35.0 million, or 12.9 percent on contract revenues. Contract revenues for 2001 were $272.2 million, 53 percent of which resulted from operations performed for Pemex in Mexico. This compares with gross profit of $24.4 million, or 15.2 percent on contract revenues of $160.5 million for 2000. For 2001, pre-tax net income was $16.1 million, and income tax expense was $4.8 million. For 2000, pre-tax net income was $7.9 million and income tax expense was $2.9 million.