Trico Marine Reports First Quarter 2001 Results

Apr 27, 2001, 01:00 ET from Trico Marine Services, Inc.

    HOUSTON, April 27 /PRNewswire/ --
 Trico Marine Services, Inc. (Nasdaq:   TMAR) today reported net income for the
 quarter ended March 31, 2001, of $2.0 million, or $0.05 per share (diluted),
 on revenues of $43.3 million, compared to a net loss of $9.1 million, or
 $(0.32) per share (diluted), on revenues of $26.4 million for the first
 quarter of 2000.
     The increase in revenues for the first quarter of 2001 resulted from
 higher average day rates for all the Company's vessel classes, particularly
 the Gulf of Mexico supply boats, compared to the first quarter 2000.  Supply
 boat day rates for the Gulf of Mexico averaged $6,631 for the quarter,
 compared to $3,347 for the first quarter 2000.  Average day rates for the
 North Sea fleet increased to $10,389 for the most recent quarter, compared to
 $8,650 for the first quarter 2000.
     The utilization rate for Gulf of Mexico supply boats was 73% for the first
 quarter 2001, compared to 70% for the year-ago period.  Utilization of the
 North Sea vessels increased to 89% in the most recent quarter, compared to
 73% in the first quarter 2000.
     "The strengthening of the Gulf of Mexico market, which carried over from
 the fourth quarter and continues today, is perhaps the biggest factor in our
 improved first quarter results," said Thomas E. Fairley, Trico's President and
 Chief Executive Officer.  "We did, however, experience a more pronounced
 seasonal slowdown than expected for three of our large North Sea
 anchor-handling vessels.  The international market has since strengthened
 significantly, and in early April, we announced that eight new contracts for
 our North Sea vessels, totaling $32 million in anticipated revenues, have been
 awarded to Trico, all at higher day rates.  These included three contracts in
 Brazil."
     Fairley added that the Company is well positioned to benefit from the
 continued strength in the international market and the favorable outlook for
 natural gas drilling in the Gulf of Mexico.
     Trico Marine provides a broad range of marine support services to the oil
 and gas industry, primarily in the Gulf of Mexico, the North Sea and Latin
 America.  The services provided by the Company's diversified fleet of vessels
 include the marine transportation of drilling materials, supplies and crews,
 and support for the construction, installation, maintenance and removal of
 offshore facilities.
     Certain statements in this press release that are not historical fact may
 be "forward looking statements."  Actual events may differ materially from
 those projected in any forward-looking statement.  There are a number of
 important factors involving risks and uncertainties beyond the control of the
 Company that could cause actual events to differ materially from those
 expressed or implied by such statements.  A description of risks and
 uncertainties attendant to Trico Marine Services, Inc. and its industry and
 other factors which could affect the Company's financial results are included
 in the Company's Securities and Exchange Commission filings.
 
                  TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
               (In thousands, except share and per share amounts)
 
                                                  Three months ended March 31,
                                                     2001               2000
 
     Revenues:                                     $43,277            $26,381
 
     Operating Expenses:
        Direct operating expenses and
         other                                      18,761             15,813
        General and administrative                   3,121              2,544
        Amortization of marine inspection
         costs                                       3,213              3,889
        Depreciation and amortization
         expense                                     8,312              8,548
                                                    33,407             30,794
 
     Operating income (loss)                         9,870             (4,413)
     Amortization of deferred financing
      costs                                            337                349
     Other expense, net, including
      interest                                       6,570              8,164
     Income (loss) before taxes                      2,963            (12,926)
     Income tax expense (benefit)                    1,000             (3,865)
     Net income (loss)                              $1,963            $(9,061)
 
     Basic earnings per common share:
     Net income (loss)                               $0.05             $(0.32)
     Avg. common shares outstanding             36,246,341         28,390,416
 
     Diluted earnings per common share:
     Net income (loss)                               $0.05             $(0.32)
     Average common shares outstanding          36,946,069         28,390,416
 
 
     Average Day Rates:
        Supply                                      $6,631             $3,347
        Supply /Anchor Handling (N. Sea)            10,389              8,650
        Lift                                           ---              3,963
        Crew/line handling                           2,723              2,285
 
     Utilization:
        Supply                                         73%                70%
        Supply /Anchor Handling (N. Sea)               89%                73%
        Lift                                           ---                44%
        Crew/line handling                             89%                76%
 
     Average no. of Vessels:
        Supply                                        54.0               53.0
        Supply/Anchor Handling (N. Sea )              18.0               18.0
        Lift                                           ---                6.0
        Crew/line handling                            21.9               22.0
 
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SOURCE Trico Marine Services, Inc.
    HOUSTON, April 27 /PRNewswire/ --
 Trico Marine Services, Inc. (Nasdaq:   TMAR) today reported net income for the
 quarter ended March 31, 2001, of $2.0 million, or $0.05 per share (diluted),
 on revenues of $43.3 million, compared to a net loss of $9.1 million, or
 $(0.32) per share (diluted), on revenues of $26.4 million for the first
 quarter of 2000.
     The increase in revenues for the first quarter of 2001 resulted from
 higher average day rates for all the Company's vessel classes, particularly
 the Gulf of Mexico supply boats, compared to the first quarter 2000.  Supply
 boat day rates for the Gulf of Mexico averaged $6,631 for the quarter,
 compared to $3,347 for the first quarter 2000.  Average day rates for the
 North Sea fleet increased to $10,389 for the most recent quarter, compared to
 $8,650 for the first quarter 2000.
     The utilization rate for Gulf of Mexico supply boats was 73% for the first
 quarter 2001, compared to 70% for the year-ago period.  Utilization of the
 North Sea vessels increased to 89% in the most recent quarter, compared to
 73% in the first quarter 2000.
     "The strengthening of the Gulf of Mexico market, which carried over from
 the fourth quarter and continues today, is perhaps the biggest factor in our
 improved first quarter results," said Thomas E. Fairley, Trico's President and
 Chief Executive Officer.  "We did, however, experience a more pronounced
 seasonal slowdown than expected for three of our large North Sea
 anchor-handling vessels.  The international market has since strengthened
 significantly, and in early April, we announced that eight new contracts for
 our North Sea vessels, totaling $32 million in anticipated revenues, have been
 awarded to Trico, all at higher day rates.  These included three contracts in
 Brazil."
     Fairley added that the Company is well positioned to benefit from the
 continued strength in the international market and the favorable outlook for
 natural gas drilling in the Gulf of Mexico.
     Trico Marine provides a broad range of marine support services to the oil
 and gas industry, primarily in the Gulf of Mexico, the North Sea and Latin
 America.  The services provided by the Company's diversified fleet of vessels
 include the marine transportation of drilling materials, supplies and crews,
 and support for the construction, installation, maintenance and removal of
 offshore facilities.
     Certain statements in this press release that are not historical fact may
 be "forward looking statements."  Actual events may differ materially from
 those projected in any forward-looking statement.  There are a number of
 important factors involving risks and uncertainties beyond the control of the
 Company that could cause actual events to differ materially from those
 expressed or implied by such statements.  A description of risks and
 uncertainties attendant to Trico Marine Services, Inc. and its industry and
 other factors which could affect the Company's financial results are included
 in the Company's Securities and Exchange Commission filings.
 
                  TRICO MARINE SERVICES, INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)
               (In thousands, except share and per share amounts)
 
                                                  Three months ended March 31,
                                                     2001               2000
 
     Revenues:                                     $43,277            $26,381
 
     Operating Expenses:
        Direct operating expenses and
         other                                      18,761             15,813
        General and administrative                   3,121              2,544
        Amortization of marine inspection
         costs                                       3,213              3,889
        Depreciation and amortization
         expense                                     8,312              8,548
                                                    33,407             30,794
 
     Operating income (loss)                         9,870             (4,413)
     Amortization of deferred financing
      costs                                            337                349
     Other expense, net, including
      interest                                       6,570              8,164
     Income (loss) before taxes                      2,963            (12,926)
     Income tax expense (benefit)                    1,000             (3,865)
     Net income (loss)                              $1,963            $(9,061)
 
     Basic earnings per common share:
     Net income (loss)                               $0.05             $(0.32)
     Avg. common shares outstanding             36,246,341         28,390,416
 
     Diluted earnings per common share:
     Net income (loss)                               $0.05             $(0.32)
     Average common shares outstanding          36,946,069         28,390,416
 
 
     Average Day Rates:
        Supply                                      $6,631             $3,347
        Supply /Anchor Handling (N. Sea)            10,389              8,650
        Lift                                           ---              3,963
        Crew/line handling                           2,723              2,285
 
     Utilization:
        Supply                                         73%                70%
        Supply /Anchor Handling (N. Sea)               89%                73%
        Lift                                           ---                44%
        Crew/line handling                             89%                76%
 
     Average no. of Vessels:
        Supply                                        54.0               53.0
        Supply/Anchor Handling (N. Sea )              18.0               18.0
        Lift                                           ---                6.0
        Crew/line handling                            21.9               22.0
 
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 SOURCE  Trico Marine Services, Inc.