Global Results for the Q2 2009
Global Industries, Ltd. (NASDAQ:GLBL) announced revenues of $294.8m for the second quarter of 2009 compared to $300.5m in the second quarter of 2008. Net income was $45.9m, or $0.40 per diluted share, for the second quarter of 2009 compared to a loss of $14.1m, or $0.12 per diluted share, in the second quarter of 2008. Commenting on the second quarter results, Chairman and Chief Executive Officer John A. During the second quarter of 2009, the company booked $116.4m of new work resulting in a backlog of $215.6m as of June 30, 2009. Commenting on the backlog results, John Clerico stated, "We are continuing to bid new projects on a worldwide basis and pursue opportunities with our key relationship customers.
Global Industries 1Q Results
Global Industries, Ltd. (NASDAQ:GLBL) announced revenues of $269.5m for the first quarter of 2009 compared to $301.5m in the first quarter of 2008. Net income was $19m, or $0.17 per diluted share, for the first quarter of 2009 compared to $26.1m, or $0.22 per diluted share, in the first quarter of 2008. Commenting on the first quarter results, Chairman and Chief Executive Officer John A. Clerico stated, "We continue to make progress on our recovery plan at Global, and I am pleased to report that we returned to profitability in the first quarter. Although we experienced additional deterioration in our Camarupim project, this was more than offset by successful project execution elsewhere and the impact of our continuing cost reduction efforts.
Global Industries’ CEO Steps Down
The company also announced that they expect to report a third quarter 2008 net loss of approximately 45 cents to 50 cents per diluted share. The Company continued to experience significant adverse impacts on gross profits during the quarter on certain projects due to productivity and logistical issues. Lower than expected revenues also contributed to the third quarter earnings shortfall, as did lower than expected vessel utilization in . John A. Clerico has been a member of Global's Board since February 2006 and is the Chairman of Chartmark Investments, Inc., a company he founded in 2001. Mr. Clerico previously served as Executive Vice President and Chief Financial Officer of Praxair, Inc. From 1999-2000, Mr.
