SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
[x] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
[ ] Transition Report Pursuant to Section 13 of 15(d) of the
Securities Exchange Act of 1934
For the quarter ended March 31, 1995
Commission file number 0-5567
Seal Fleet, Inc.
(Exact name of registrant as specified in its charter)
Nevada 74-1670096
(State of Incorporation) (IRS Employer ID No.)
3305 Avenue S
Galveston, Texas 77550
(Address of principal executive offices)
(409)-763-8878
(issuer's telephone number)
Indicate by check mark whether the registrant (1) filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes (X) No ( )
Class A common stock, par value $.10 per share, 2,432,248 shares
outstanding as of May 10, 1995.
Class B common stock, par value $.10 per share, 50,000 shares
outstanding as of May 10, 1995.
The Company has historically experienced a decline in utilization
and charter rates during the first part of the year which tends
to affect all profit centers. Additionally, utilization and day
rates are in proportion with the number of drilling rigs in the
Gulf of Mexico which reached a seasonal low in February 1995.
Operating expense increased during the current quarter as
compared with the same quarter in 1994 by approximately $111,000.
This increase is due to an increase in general operating cost
such as fuel, general repairs and insurance.
There was no other material increase or decrease in any other
specific expense.
PART II. Other Information
Item 1. Legal Proceedings
The Company is not a party to any material pending legal
proceeding, other than ordinary routine litigation incidental to
the business.
Item 3. Defaults Upon Senior Securities
Reference is made to Note C of the consolidated financial
statements.
Item 5. Other information.
The Annual Shareholders' Meeting of the Company will be held on
June 13, 1995, at 10:00 AM, at 3305 Avenue S, Galveston, Texas.
The record date is set for April 27, 1995. Proxy material is
scheduled to be mailed May 15, 1995.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits. EX-27
Financial Data Schedule
(b) Reports on Form 8-K. None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this Report to be signed on its
behalf by the undersigned thereunto duly authorized.
SEAL FLEET, INC.
May 15, 1995 (Registrant)
(Date)
Trinidad C. Salinas
(Signature)
Financial Vice President
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from
03-31-95 10QSB, Seal Fleet, Inc., and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> MAR-31-1995
<CASH> 926
<SECURITIES> 0
<RECEIVABLES> 5,564
<ALLOWANCES> 0
<INVENTORY> 177
<CURRENT-ASSETS> 6,826
<PP&E> 10,269
<DEPRECIATION> 7,152
<TOTAL-ASSETS> 10,222
<CURRENT-LIABILITIES> 11,307
<BONDS> 0
<COMMON> 248
0
0
<OTHER-SE> (3,912)
<TOTAL-LIABILITY-AND-EQUITY> 10,222
<SALES> 1,563
<TOTAL-REVENUES> 1,563
<CGS> 0
<TOTAL-COSTS> 1,517
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 205
<INCOME-PRETAX> (159)
<INCOME-TAX> 0
<INCOME-CONTINUING> (159)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (159)
<EPS-PRIMARY> (.08)
<EPS-DILUTED> (.08)
</TABLE>
