-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B3nBAvLe6uEIpJRrVxQ1p4+ihi+yoPI5hNTzApflXKqtAqB2XZNuZtWUn/mrQ4ZK W+tn1CvipP+QGNida+DdIA== 0000906280-96-000079.txt : 19960928 0000906280-96-000079.hdr.sgml : 19960928 ACCESSION NUMBER: 0000906280-96-000079 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960813 ITEM INFORMATION: Other events FILED AS OF DATE: 19960820 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN OILFIELD DIVERS INC CENTRAL INDEX KEY: 0000906520 STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389] IRS NUMBER: 720918249 STATE OF INCORPORATION: LA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22032 FILM NUMBER: 96617995 BUSINESS ADDRESS: STREET 1: 130 E KALISTE SALOOM RD CITY: LAFAYETTE STATE: LA ZIP: 70508 BUSINESS PHONE: 3182344590 MAIL ADDRESS: STREET 1: 130 E KALISTE SALOOM ROAD CITY: LAFAYETTE STATE: LA ZIP: 70508 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 August 13, 1996 Date of Report (Date of earliest event reported) AMERICAN OILFIELD DIVERS, INC. (Exact name of Registrant as specified in its charter) LOUISIANA 0-22032 72-0918249 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification Number) 130 East Kaliste Saloom Road Lafayette, Louisiana 70508 (Address of principal executive offices) (Zip Code) (318) 234-4590 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Item 5. Other Events. On August 13, 1996, American Oilfield Divers,Inc. ("Registrant") announced its earnings for the quarter ended June 30, 1996 and related matters. Such matters are described in the press release attached hereto as Exhibit 99.1. Item 7. Financial Statements and Exhibits. (a) No financial statements are filed with this report. (b) Exhibits. 99.1 Press release issued by the Registrant on August 13, 1996 concerning earnings for the quarter ended June 30, 1996 and related matters. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. By: /s/ Cathy M. Green ___________________________ Cathy M. Green Vice President - Finance and Chief Financial Officer Dated: August 19, 1996 EX-99 2 NEWS RELEASE For further information contact: Greg Rosenstein Cathy Green Manager of Investor Relations Chief Financial Officer (318) 234-4590 (318) 234-4590 _________________________________________________________________________ FOR IMMEDIATE RELEASE TUESDAY, AUGUST 13, 1996 AMERICAN OILFIELD DIVERS HAS MOST PROFITABLE QUARTER REPORTED SINCE GOING PUBLIC Lafayette, LA -- American Oilfield Divers, Inc. (NASDAQ: DIVE) today reported net income of $1.7 million ($0.26 per share) on revenue of $26.8 million for the fiscal second quarter ended June 30, 1996, representing the Company's most profitable quarter reported since going public in 1993. This compares with a net loss of $485,000 (a loss of $.07 per share) on revenue of $19.7 million for the second quarter ended June 30, 1995. These second quarter results are the first reported by AOD based on its new December 31 fiscal year end. For the six months ended June 30, 1996, AOD recorded net income of $1.8 million ($0.27 per share) on revenue of $46.1 million, compared to a net loss of $2.3 million (a loss of $0.34 per share) on revenue of $31.6 million for the six months ended June 30, 1995. Revenue increased 36 percent in the second quarter of 1996 compared to the second quarter of 1995. For the six month period ended June 30, 1996, revenue increased 46 percent over the same period of 1995. The results of operations for the six months ended June 30, 1996 include a $500,000 charge ($290,000 after tax, or $.04 per share) related to the adoption of Statement of Financial Accounting Standards No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long- Lived Assets to be Disposed of," effective January 1, 1996. "AOD achieved strong results in spite of the fact that the April through June quarter is not traditionally associated with uniformly high activity, particularly in the Gulf of Mexico," said George C. Yax, AOD's Chairman of the Board, Chief Executive Officer and President. "However, most of our markets reported higher-than-usual activity for this period, particularly the U.S. Inland and West Coast Services Sector, in which the Chevron platform abandonment project is continuing. The project contributed $6.6 million to our second quarter revenues of $26.8 million. I believe our work on the Chevron project demonstrates our ability to effectively compete in the large-scale turnkey market. Based on our performance, we anticipate being very competitive on future projects of such scope and magnitude in both the U.S. west coast and inland markets. As of June 30, 1996, our Inland and West Coast Service Sector had an approximate $12.8 million backlog of work, which includes the remaining portion of the Chevron project to be completed in fiscal 1996. "Also, diver days in the Gulf of Mexico market increased approximately 24 percent over the second quarter of 1995," Yax said. "This was attributable to a large number of projects involving pipeline maintenance and repair. Finally, increased demand for subsea pipeline connectors, manufactured by Big Inch Marine Systems, contributed to the Company's strong results." more . . . Companywide, AOD averaged 109 dive crews per day and 53 percent vessel utilization during the second quarter of 1996 compared with 88 dive crews per day and 41 percent vessel utilization during the second quarter of 1995. The Company's gross profit percentage was 34 percent in the second quarter of 1996 compared with 29 percent in the second quarter of 1995. "The strong second quarter and six month results further indicate that AOD's focus on internal improvements and business diversification is working, as our new, developing subsidiaries report more consistent revenue streams," Yax said. "Our diversification strategy has brought us to markets where demand is increasing for our diverse diving and related services. Going forward, I believe we will continue to benefit from increasing demand in the Gulf of Mexico diving market as the traditional diving season reaches its peak. The third quarter is already off to an extremely positive start." Through 41 days of the third quarter of fiscal 1996, the Company has averaged approximately 143 dive crews per day and approximately 63 percent vessel utilization. This compares to 140 dive crews per day and 58 percent vessel utilization for the third quarter of fiscal 1995. Statements in this press release that are not statements of historical fact are forward-looking statements involving risks and assumptions that could cause actual results to vary materially from those predicted, including, among other things, prices of crude oil and natural gas, weather conditions in offshore markets, capital expenditures by customers and the Company's ability to procure large turnkey projects. American Oilfield Divers, Inc., is a leading provider of diving services, subsea products, marine construction and environmental services to the offshore oil and gas industry, primarily in the U.S. Gulf of Mexico, U.S. West Coast, internationally and to certain U.S. inland customers. Tables follow . . . AMERICAN OILFIELD DIVERS, INC. Consolidated Results of Operations and Financial Position ($ in thousands except for per share amounts) Three Months Ended Six Months Ended June 30, June 30, ____________________ ____________________ Income Statement 1996 1995 1996 1995 _______ ________ ________ _______ Diving and related revenues $26,829 $19,713 $46,057 $31,634 Operating income (loss) 2,992 (311) 3,017 (3,231) Other income (expense), net (7) (457) 142 (604) ________ ________ ________ _______ Income (loss) before income taxes and minority interest 2,985 (768) 3,159 (3,835) Income tax provision (benefit) 1,250 (330) 1,320 (1,580) Minority interest in earnings of subsidiary --- (47) --- --- ________ ________ ________ _______ Net income (loss) $ 1,735 $ (485) $ 1,839 $(2,255) ======== ======== ======== ======== Net income (loss) per share $ .26 $ (.07) $ .27 $ (.34) ======== ======== ======== ======== Weighted average shares outstanding 6,788 6,709 6,750 6,709 ======== ======== ======== ======== Operational Data Dive crew days 9,946 8,042 16,878 13,435 Dive crews per day 109 88 93 74 Diving support vessel utilization 53% 41% 50% 36% Earnings before interest, taxes, depreciation and amortization (EBITDA) $4,396 $ 954 $6,283 $(787) EBITDA as % of revenue 16.4% 4.8% 13.6% (2.5%) SG&A as % of revenue 17.8% 23.7% 20.6% 28.9% Gross Profit % 34.2% 28.6% 34.3% 26.5% June 30, December 31, Balance Sheet 1996 1995 _________ __________ Assets: Current assets $34,059 $34,851 Plant and equipment, net 27,649 25,550 Other long-term assets 2,913 3,520 _______ _______ Total assets $64,621 $63,921 ======= ======= Liabilities & Stockholders' Equity: Current liabilities $13,543 $18,953 Long-term debt 9,000 5,413 Stockholders' equity 42,078 39,555 ______ _______ Total liabilities & stockholders equity $64,621 $63,921 ======= ======= More...
Three Months Ended June 30, 1996 _______________________________________________________________________________________________ Gulf International West Coast Subsea Services Services Services Products Total _________ ________ __________ _________ __________ Diving and Related Revenues $11,453 $3,132 $9,811 $2,433 $26,829 Diving and Related Expenses $ 7,772 $2,000 $6,526 $1,354 $17,652 Gross Profit $ 3,681 $1,132 $3,285 $1,079 $ 9,177 Gross Profit Percentage 32.1% 36.1% 33.5% 44.3% 34.2%
Three Months Ended June 30, 1995 _______________________________________________________________________________ Gulf International West Coast Subsea Services Services Services Products Total _________ ________ __________ _________ __________ Diving and Related Revenues $9,946 $4,424 $2,931 $2,412 $19,713 Diving and Related Expenses $7,953 $2,695 $2,293 $1,143 $14,084 Gross Profit $1,993 $1,729 $ 638 $1,269 $ 5,629 Gross Profit Percentage 20.0% 39.1% 21.8% 52.6% 28.6% Includes diving and related services, pipelay/bury and derrick barge services provided by American Marine Construction, Inc. and environmental remediation and oil spill response services provided by American Pollution Control, Inc., all of which were performed in the Gulf of Mexico. The pipelay/bury barge was sold effective March 1, 1996. Includes all diving and related services performed outside the United States and its coastal waters except for Latin America, which is included in inland and west coast services. Includes diving and related services off the U.S. West Coast by American Pacific Marine, Inc. and diving and related services provided by American Inland Divers, Inc. Includes manufacturing and marketing of Big Inch pipeline connectors and Tarpon marginal well production systems.
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Six Months Ended June 30, 1996 ______________________________________________________________________________________ Gulf International West Coast Subsea Services Services Services Products Total _________ ________ __________ _________ __________ Diving and Related Revenues $22,257 $5,432 $14,776 $3,592 $46,057 Diving and Related Expenses $15,460 $3,022 $ 9,871 $1,920 $30,273 Gross Profit $ 6,797 $2,410 $ 4,905 $1,672 $15,784 Gross Profit Percentage 30.5% 44.4% 33.2% 46.5% 34.3%
Six Months Ended June 30, 1995 ____________________________________________________________________________________________________ Gulf International West Coast Subsea Services Services Services Products Total _________ ________ __________ _________ __________ Diving and Related Revenues $18,019 $6,357 $4,093 $3,165 $31,634 Diving and Related Expenses $14,380 $3,748 $3,427 $1,711 $23,266 Gross Profit $ 3,639 $2,609 $ 666 $1,454 $ 8,368 Gross Profit Percentage 20.2% 41.0% 16.3% 45.9% 26.5% Includes diving and related services, pipelay/bury and derrick barge services provided by American Marine Construction, Inc. and environmental remediation and oil spill response services provided by American Pollution Control, Inc., all of which were performed in the Gulf of Mexico. The pipelay/bury barge was sold effective March 1, 1996. Includes all diving and related services performed outside the United States and its coastal waters except for Latin America, which is included in inland and west coast services. Includes diving and related services off the U.S. West Coast by American Pacific Marine, Inc. and diving and related services provided by American Inland Divers, Inc. Includes manufacturing and marketing of Big Inch pipeline connectors and Tarpon marginal well production systems.
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