Horizon Offshore, Inc. reported first quarter net income of $0.4 million or $0.02 per share compared with a net income of $2.7 million or $0.12 per share-diluted before an extraordinary charge of $0.6 million net of tax for the first quarter of 2001.
For the first quarter of 2002, Horizon reported gross profit of $5.0 million, or 7.6 percent, on contract revenues of $66.1 million, compared with gross profit of $9.5 million, or 17.6 percent, on contract revenues of $54.1 million last year. Pre-tax net income of $0.5 million and an income tax provision of $0.2 million were recorded for the first quarter of 2002, compared with a pre-tax net income of $4.2 million and an income tax provision of $1.5 million in the first quarter of 2001.
In April 2002, Horizon sold 3,000,000 shares of common stock in a public offering and received $30.8 million after deducting the underwriting discount and expenses. The company used $20.0 million to reduce indebtedness under its revolving credit facilities, and the remainder will be used for general corporate purposes.
"We achieved these results in a most competitive market, and we believe we are beginning to see a more improved market, both domestically and internationally, going forward in 2002 and into 2003. We have leveraged our domestic Gulf of Mexico business into what has become a very diverse international marine construction company. We are proud as a company to report our eighth consecutive profitable quarter," said Bill J. Lam, President and Chief Executive Officer.