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 Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Singapore's Marine & Offshore Sector Powering Output

Singapore's first-quarter growth could be revised higher after data on Friday showed unexpectedly strong industrial output in March, double the pace of market expectations,

Gulf Island Fab Reports Q1 2014 Revenue Increase

Houston headquartered Gulf Island Fabrication, Inc. reported net income of $3.5 million ($0.24 earnings per share) on revenue of $134.7 million for its first quarter ended March 31,

Matson Declares Q2 2014 Dividend

Leading US carriers in the Pacific, Matson, Inc., apprises it has declared a second quarter 2014 dividend of $0.16 per common share. "Today's authorization continues

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1594 sec (6 req/sec)