Boots & Coots Announces Strong Results for 2005
Tuesday March 14, 5:37 pm ET
HOUSTON, March 14 /PRNewswire-FirstCall/ -- Boots & Coots International Well Control, Inc. (Amex: WEL - News), the premier pressure control company for the oil and gas industry, today reported revenues were up 22 percent at $29.5 million for fiscal year 2005 compared to revenues of $24.2 million for 2004. Net income was $2.8 million for 2005 compared to a net loss of $0.2 million for 2004. Net income attributable to common shareholders for 2005 was $1.9 million, or $0.06 per diluted share compared to a net loss attributable to common shareholders for 2004 of $1.0 million, or $0.04 per diluted share. The results for the year ended December 31, 2005 do not include results from the recently acquired hydraulic workover business of Oil States International, Inc., Hydraulic Well Control (HWC).
ADVERTISEMENT
For the quarter ended December 31, 2005, revenues were $5.9 million compared with revenues of $9.5 million for the same period in 2004. Income from continuing operations for the quarter was $1.4 million compared to $0.6 million in net income for the fourth quarter of 2004. Operating margin for 2004 was reduced by pass-through charges incurred during the fourth quarter of 2004, which related to response services performed in Iraq. Net income attributable to common shareholders was $1.2 million, or $0.04 per diluted share for the fourth quarter of 2005 compared to net income attributable to common shareholders for the prior year period of $0.4 million, or $0.01 per diluted share for the fourth quarter of 2004. The results for the quarter ended December 31, 2005 do not include results from HWC.
"Results were strong across the board. The aftermath of the hurricanes in the Gulf is keeping our teams busy, and our SafeGuard business continues to strengthen," said Jerry Winchester, president and chief executive officer. "We ended the year with our prevention service segment revenues at $13.9 million, up 72 percent from 2004, and we expect the opportunities to grow this segment will continue through 2006. Further strengthening our 'non- event' performance in 2006 will be the results from HWC, which reported unaudited revenues of $39.9 million for the twelve months ended December 31, 2005. More importantly, HWC's 250 employees located across the globe bring us geographically closer to our customers with service offerings geared toward increasing production and complementing our risk-reduction SafeGuard services."
"We enter 2006 with greater geographical reach, increased core service offerings, enhanced service packages, a stronger balance sheet and a stronger board," said Kirk Krist, chairman of the board. "We believe we are well positioned for growth in 2006 while we cement our position in the industry as a leader in pressure control."
Earnings before interest, taxes, depreciation and amortization (EBITDA) was $5.3 million for 2005 compared to $2.0 million for the prior year period. For the fourth quarter of 2005, EBITDA was $1.9 million compared to $0.5 million for the fourth quarter of 2004.
Operational highlights include:
* Prevention revenues were $13.9 million for 2005 compared to
$8.1 million for 2004. Prevention revenues were $3.5 million for the
fourth quarter of 2005, compared to $1.8 million for the fourth
quarter of 2004. During 2005 the company added new SafeGuard
contracts that generated $6.8 million of this revenue for the year.
* Response revenues were $15.6 million for 2005 compared to
$16.1 million for the prior year. Response revenues were $2.4 million
for the fourth quarter of 2005, as compared to $7.8 million for the
fourth quarter of 2004.
News 
Market Data 
Discover 
