Trico Marine Reports 2Q Results
Thursday, August 14, 2003
Trico Marine Services, Inc. has reported a net loss for the second quarter ended June 30, 2003, of $42 million, or $(1.16) per share (diluted), including a charge of $5.2 million, resulting from the loss on assets held for sale and a charge of $28.6 million due to the partial impairment of goodwill primary related to the company's North Sea reporting unit.
This compares to a loss of $13.8 million, or $0.38 per share (diluted) in the second quarter of 2002, which included a charge of $9.2 million resulting from the early extinguishment of debt. Second quarter 2003 revenues increased to $34.5 million compared to $32.6 million for the second quarter of 2002.
The net loss for the six month period ended June 30, 2003 was $55.5 million or $(1.53) per share (diluted). This compares to a net loss of $18.6 million, or $(0.51) per share (diluted), on revenue of $64.7 million for the first six months of 2002.
"We experienced a small improvement in market conditions in the U.S. Gulf of Mexico and North Sea throughout the quarter," said Thomas E. Fairley, president and chief executive officer. "While we are cautious about the market, we are guardedly optimistic that things will continue to improve in the second half of 2003 and into 2004."
Supply boat day rates in the Gulf of Mexico averaged $4,942 for the second quarter, compared to $5,839 for the same period last year, and $5,277 for the first quarter of 2003. Day rates for the North Sea fleet averaged $11,911 for the second quarter, compared to $11,443 for the second quarter of 2002 and $10,459 for the first quarter 2003. Crew and line handling vessels averaged $2,984 for the quarter compared to $2,634 for the same period last year, and $2,762 for the first quarter of 2003.
The utilization rate for Gulf of Mexico supply boats increased to 56% for the quarter, compared to 49% for the year-ago period and 47% for the first quarter of 2003. Utilization of the North Sea vessels was 88% in the most recent quarter, compared to 93% in the second quarter 2002 and 80% for the first quarter of 2003. The utilization rate for the crew and line handling vessels was 65% for the quarter, compared to utilization rates of 68% for the year -- ago period and 68% for the first quarter of 2003.