HOUSTON, Aug. 3 /PRNewswire-FirstCall/ -- Boots & Coots International
Well Control, Inc. (Amex: WEL - News), a global prevention, emergency
response and restoration company for the oil and gas industry,
reported today that revenues for the second quarter ended June
30, 2004 were $6.9 million compared to revenues of $8.0 million
for the second quarter of 2003. Earnings before interest, taxes,
depreciation and amortization (EBITDA) were $1.4 million in the
current quarter compared to $2.9 million in the same quarter
for the prior year. Net income for the current quarter was $0.5
million versus a net income of $1.9 million for the prior year
quarter. Net income attributable to common stockholders was $0.3
million for the current quarter compared to a net income attributable
to common stockholders of $1.6 million in the prior year quarter.
For the six months ended June 30, 2004, revenues were $11.3 million
compared to revenues of $19.0 million for the six-month period
a year ago. The prior period includes $12.1 million in revenues
earned from work in Iraq (including a first quarter equipment
sale of $6.6 million). In the current six-month period EBITDA
was $2.0 million (prior period $7.1 million) and income from
continuing operations was $0.5 million (prior period $5.2 million).
After deducting preferred stock dividends, net income attributable
to common stockholders was $0.2 million for the six months ended
June 30, 2004, versus $4.2 million for the 2003 six-month period.
Basic earnings per share were $0.01 as compared to $0.24 for
the six-month comparable period. Diluted earnings per share were
$0.01 as compared to $0.20 for the six-month comparable period.
"We experienced a solid quarter in our response segment.
Our reputation as the premier response company in the industry
continues to support our strong market share in this segment," said
Jerry Winchester, President and Chief Executive Officer. "Led
by non-event related work in our Venezuelan operation, revenue
in our prevention segment remained steady. We continue to believe
prevention activity, which is the platform of our business
model, will increase over the second half of the year."
Operational highlights include:
* Prevention revenues were $2.2 million for the second quarter compared
to $2.1 million for the prior quarter and $2.2 million for the second
quarter of 2003.
* Response revenues were $4.7 million for the second quarter, up from
$2.4 million in the quarter ended March 31, 2004. Response revenues
were $5.9 million for the second quarter of 2003.
* At June 30, 2004, the Company reported working capital of $7.9 million
and total debt of $11.7 million. Net cash provided by operating
activities was $3.0 million in the quarter.
(Tables to follow)
BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.
SUMMARY OF OPERATING RESULTS
Three and Six Months Ended June 30, 2004 and 2003
(UNAUDITED)
(in thousands except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
Revenue $6,936 $8,026 $11,347 $18,957
Earnings Before Interest,
Taxes, Depreciation and
Amortization $1,400 $2,860 $1,980 $7,132
Income From Continuing
Operations $485 $1,854 $493 $5,152
Income (Loss) From
Discontinued Operations,
net of tax ($2) --- ($2) $15
Net Income $483 $1,854 $491 $5,167
Preferred Dividend
Requirements and Accretion $194 $265 $316 $997
Net Income Attributable to
Common Stockholders $289 $1,589 $175 $4,170
Basic Earnings Income Per
Common Share:
-- Continuing Operations $0.01 $0.08 $0.01 $0.24
-- Discontinued Operations 0.00 0.00 0.00 0.00
-- Net Income 0.01 0.08 0.01 0.24
Diluted Earnings Income Per
Common Share:
-- Continuing Operations $0.01 $0.06 $0.01 $0.20
-- Discontinued Operations 0.00 0.00 0.00 0.00
-- Net Income 0.01 0.06 0.01 0.20
Weighted Average Common Shares
Outstanding
-- Basic 27,360 20,682 27,330 17,031
-- Diluted 27,878 24,627 27,880 21,387
BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.
UNAUDITED RECONCILIATION BETWEEN CONSOLIDATED STATEMENT OF
OPERATIONS AND EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION
Three and Six Months Ended June 30, 2004 and 2003
(UNAUDITED)
(in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
Net Income $483 $1,854 $491 $5,167
(Income) Loss from
Discontinued Operations,
Net of Income Taxes $2 --- $2 ($15)
Income Tax Expense $286 $271 $609 $575
Interest Expense and Other $377 $481 $377 $906
Depreciation and Amortization $252 $254 $501 $499
Earnings Before Interest,
Taxes, Depreciation and
Amortization $1,400 $2,860 $1,980 $7,132
BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
(in thousands)
June 30, December 31,
2004 2003
Current Assets $12,927 $16,323
Current Liabilities $5,038 $6,948
Total Working Capital $7,889 $9,375
Total Assets $15,992 $19,726
Long Term Debt and Notes Payable $10,525 $12,398
Total Liabilities $15,563 $19,346
Total Shareholders' Equity $429 $380
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About Boots & Coots
Boots & Coots International Well Control, Inc., Houston,
Texas, provides a suite of integrated oilfield services centered
on the prevention, emergency response and restoration of blowouts
and well fires around the world. Boots & Coots' proprietary
risk management program, WELLSURE®, combines traditional
well control insurance with post-event response as well as
preventative services, giving oil and gas operators and insurance
underwriters a medium for effective management of well control
insurance policies. The Company's SafeGuard program, developed
for regional producers and operators sponsored by Boots & Coots,
provides dedicated emergency response services, risk assessment
and contingency planning, and continuous training and education
in all aspects of critical well management. For more information,
visit the Company's web site at http://www.bootsandcoots.com
.
Certain statements included in this
news release are intended as "forward- looking statements" under
the Private Securities Litigation Reform Act of 1995. Boots & Coots
cautions that actual future results may vary materially from
those expressed or implied in any forward-looking statements.
More information about the risks and uncertainties relating
to these forward- looking statements are found in Boots & Coots'
SEC filings, which are available free of charge on the SEC's
web site at http://www.sec.gov.
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Boots
& Coots Reports Positive Operating Results for the Quarter
