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. Clerico stated, "I am pleased to report that all business segments were profitable for the second quarter, as we are realizing the efforts of our recovery plan."
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. Along with these efforts, we will also continue to execute proactive cost control measures to appropriately size our operations."
Revenue for the second quarter of 2009 included the completion of a major pipeline repair and replacement project in Nigeria, pipeline repairs in Mexico, pipeline installation projects in India and Indonesia, the Berri and Qatif pipeline project in Saudi Arabia, and the Camarupim and Mexilhao pipeline projects in Brazil. North America OCD and North America Subsea activity consisting of smaller projects and dive support services also contributed to revenues for the quarter.
Selling, general and administrative expenses of $16.7m for the second quarter of 2009 decreased by $8.3m over the same quarter last year, due to continuing company-wide cost control activities, as well as the full recovery of a previously reserved customer balance of approximately $1.3m. "Improved operating performance has enabled us to be released from cash collateralizing letters of credit issued under our bank credit facility. This resulted in an $81.9m increase in unrestricted cash for the 2009 second quarter," concluded Clerico.