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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of Earliest Event Reported): July 30, 1998
GulfMark Offshore, Inc.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
000-22853 76-0526032
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(Commission File Number) (I.R.S. Employer Identification No.)
5 Post Oak Park, Suite 1170, Houston, Texas 77027
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(Address of Principal Executive Offices) (Zip Code)
(713)963-9522
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
(Exhibit Index Located on Page 3)
1
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ITEM 5. OTHER EVENTS
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On July 30, 1998, GulfMark Offshore, Inc. (NASDAQ: GMRK) announced
significantly increased earnings for the quarter ended June 30, 1998.
Additional information is included in the Company's press release dated
July 30, 1998, which is attached hereto as Exhibit 99.1
(b) Exhibits.
Exhibit No. Description
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99.1 Press Release dated July 30, 1998
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.
GulfMark Offshore, Inc.
Date: July 30, 1998 By: /s/ Frank R. Pierce
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Executive Vice President
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EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release dated July 30, 1998
3
GulfMark Offshore, Inc.
5 Post Oak Park, Suite 1170
Houston, Texas 77027-3414
PRESS RELEASE
FOR IMMEDIATE RELEASE
July 30, 1998 - Houston - GulfMark Offshore, Inc. (NASDAQ:GMRK) announced
significantly increased earnings for the quarter ended June 30, 1998.
For the quarters ended June 30, 1998 and 1997, the Company reported net
income of $5,330,000 or $0.65 per share (diluted), as compared to $1,670,000,
or $0.24 per share (diluted), in the same period of 1997, an increase of 171%.
Revenues for the quarter ended June 30, 1998 nearly doubled to $22,447,000
compared to $11,352,000 in the same period in 1997.
Almost three-fourths of the improvement came from the North Sea region. In
particular, the five vessels added in February as a result of the Brovig Supply
ASA acquisition accounted for half of the company-wide increases in revenue and
operating earnings. Other increases came from the newly constructed Highland
Rover, which was added to the North Sea fleet in March 1998. As a result of the
acquisitions discussed above, depreciation expense increased by just over $1
million over the same period last year. Day rates for the Company's North Sea
capable vessels have remained strong increasing 22% over the same period last
year to $12,545 per day. The average day rate for the remaining vessels in the
fleet (primarily the vessels working in Southeast Asia) increased by more than
38% over the same period in 1997 while utilization improved from 69.2% to
87.3%.
The Company has also recently taken delivery of two vessels which have
been bareboat chartered from Sanko Shipping, the Leopard Bay (June 1998) and
the Mercury Bay (July 1998) both of which have started multi-year charters.
Additionally, after the close of the quarter ended June 30, 1998, the
Company sold for $3 million cash, its interest in its 51% owned joint venture,
SeaMark Ltd., which operated two bareboat chartered vessels in Southeast Asia.
Gain from the transaction is expected to approximate the proceeds of the sale
and will be included in the Company's results for the quarter ended
September 30, 1998.
GulfMark Offshore, Inc. provides marine transportation services to the
energy industry with a fleet of thirty-four (34) offshore support vessels,
primarily in the North Sea, offshore Southeast Asia and Brazil.
Contact: Frank R. Pierce, Executive Vice President
(713) 963-9522
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GULFMARK OFFSHORE, INC.
Press Release - For Immediate Release
July 30, 1998
Page 2 of 2
OPERATING RESULTS
(in 000's except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
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1998 1997 1998 1997
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<S> <C> <C> <C> <C>
REVENUES............................................... $22,447 $11,352 $38,493 $21,031
Direct operating expenses.............................. (7,846) (4,584) (13,640) (8,886)
General and administrative expenses.................... (1,418) (1,389) (2,787) (2,670)
Depreciation and amortization.......................... (2,967) (1,680) (5,326) (3,284)
------- ------- ------- -------
OPERATING INCOME..................................... 10,216 3,699 16,740 6,191
Interest expense, net of interest income............... (2,221) (1,269) (3,603) (2,401)
Other, net............................................. (142) (38) (212) 44
------- ------- ------- -------
Income from continuing operations before income taxes.. 7,853 2,392 12,925 3,834
Income tax provision................................... (2,523) (722) (4,128) (1,120)
------- ------- ------- -------
INCOME FROM CONTINUING OPERATIONS...................... 5,330 1,670 8,797 2,714
Income (loss) from discontinued operations,
net of taxes......................................... -- -- -- (648)
Loss on disposal of discontinued operations............ -- -- -- (1,426)
------- ------- ------- -------
Net income.......................................... $ 5,330 $ 1,670 $ 8,797 $ 640
======= ======= ======= ========
BASIC EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS.................... $ 0.67 $ 0.25 $ 1.10 $ 0.40
Income (loss) from discontinued operations,
net of taxes....................................... -- -- -- (0.09)
Loss on disposal of segment, net of taxes............ -- -- -- (0.21)
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$ 0.67 $ 0.25 $ 1.10 $ 0.10
======= ======= ======= ========
DILUTED EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS.................... $ 0.65 $ 0.24 $ 1.07 $ 0.39
Income (loss) from discontinued operations,
net of taxes....................................... -- -- -- (0.09)
Loss on disposal of segment, net of taxes............ -- -- -- (0.21)
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$ 0.65 $ 0.24 $ 1.07 $ 0.09
======= ======= ======= =======
Weighted average common shares......................... 7,988 6,730 7,984 6,705
Weighted average diluted common shares................. 8,251 6,981 8,246 6,891
Rates per day worked
North Sea............................................ 12,545 10,283 11,654 9,949
Southeast Asia/Brazil................................ 5,021 3,635 4,814 3,505
Overall Utilization %
North Sea............................................ 98.5 96.8 98.6 94.9
Southeast Asia/Brazil................................ 87.3 69.2 86.6 64.6
Average Owned or Chartered
North Sea............................................ 15.3 9.0 13.7 9.0
Southeast Asia/Brazil................................ 14.0 14.0 14.0 14.0
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Total............................................... 29.3 23.0 27.7 23.0
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