McDermott Reports March 2002 Quarter Results

Tuesday, April 30, 2002
McDermott International, Inc. reported a net loss of $.6 million or a $.01 per share loss (basic and diluted) for the first quarter of 2002, compared to a net loss of $4.4 million or $.07 per share loss (basic and diluted) for the first quarter of 2001. The results for the first quarter of 2001 have been restated to reflect the Hudson Products Company subsidiary as a discontinued operation under Statement of Financial Accounting Standards No. 144 ("FASB 144"). While not qualifying for such treatment under FASB 144, we have also included our McDermott Engineers & Constructors (Canada) LTD. subsidiary, which we sold in October of 2001, as a discontinued operation to provide a more meaningful quarter to quarter comparison. The company had revenues of $399.2 million in the first quarter of 2002 compared to revenues of $268.4 million in the first quarter of 2001. The backlog, totaling $3.2 billion at March 2002, increased sequentially from December 2001 by over $300 million and by greater than $900 million from March of 2001. "Despite the increased revenues in our marine construction services segment and the absence of goodwill amortization expense in the current quarter, we experienced cost overruns on a first of a kind spar project at J. Ray McDermott and increased pension expense at corporate, resulting in an operating loss for the quarter," said Bruce Wilkinson, chairman of the board and chief executive officer. "Clearly our focus is to capitalize on the experiences we gained on the Medusa EPIC spar project in executing our future EPIC spar projects."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Obama’s Budget ‘Grossly Imbalanced’ For US Ports -AAPA

Landside freight transportation funds would increase; navigation, port security and emission reduction funds would drop    The American Association of Port Authorities

Amazon Expands Logistics Reach in China

Amazon.com Inc is aggressively expanding its logistics operations in China as part of a broader effort to control the rising cost of shipping billions of packages.

AIWA Highlights Investment Needs on the Nation’s Marine Highways

Nowhere is that more important than on the Atlantic Intracoastal Waterway. As 2016 begins, we at the Atlantic Intracoastal Waterway Association (AIWA) are looking

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0719 sec (14 req/sec)