Horizon Offshore Reports First Quarter Results

Tuesday, April 30, 2002
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.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

WCI Applauds Increased USACE Funding

Today WCI applauded the leadership of Senate Appropriations Committee Chairman Thad Cochran (R-MS) and Senate Energy & Water Development (E&WD) Appropriations Subcommittee

Shipping Freight Rates Drop Amidst Overcapacity

Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility

WFP: Aid Cargo for Yemen will be Delivered After Ship Docks

The World Food Programme will deliver a cargo of Iranian aid for Yemen once the ship carrying it reaches Djibouti's port, the U.N agency said on Friday. Earlier

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1848 sec (5 req/sec)