Marine Link
Wednesday, September 28, 2016

Horizon Offshore Reports 2001 Earnings

March 12, 2002

Horizon Offshore, Inc reported net income for the fiscal year ending December 31, 2001, of $10.7 million. This compares with a net income of $6.4 million diluted in 2000. Before recording an extraordinary charge of $0.6 million net of taxes, net income for the fiscal year ending December 31, 2001 was $11.3 million, or $0.49 per share diluted. For the three months ended December 31, 2001, Horizon reported net income of $0.4 million, or $0.02 per share diluted, on revenues of $73.8 million, compared with a net income of $1.4 million, or $0.07 per share diluted, on revenues of $51.8 million for the fourth quarter 2000. For the fiscal year ending December 31, 2001, gross profit was $35.0 million, or 12.9 percent on contract revenues. Contract revenues for 2001 were $272.2 million, 53 percent of which resulted from operations performed for Pemex in Mexico. This compares with gross profit of $24.4 million, or 15.2 percent on contract revenues of $160.5 million for 2000. For 2001, pre-tax net income was $16.1 million, and income tax expense was $4.8 million. For 2000, pre-tax net income was $7.9 million and income tax expense was $2.9 million.


Maritime Reporter Magazine Cover Sep 2016 - Maritime & Ship Security

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News