Houston TX - Cal Dive International, Inc. (Nasdaq CDIS) today announced third quarter net income of $4.0 million, an increase of 17% over the $3.4 million earned in the comparable prior year quarter. Net income per share of 27¢ declined by 4¢ as a result of the additional common shares issued in conjunction with the company's initial public offering in July. Revenues of $28.9 million increased $5.0 million or 21% due to the addition of the DP MSV Uncle John.
Chief Executive Officer Owen Kratz said, "A gross profit margin of 29%, while down slightly (2%) from the third quarter of 1996, highlights the versatility of the CDI fleet which was able to absorb sub-par financial performance on a large job and two unusual events during the quarter. While margins on the Bridgeline job were a third of what we normally expect, CDI accomplished a first of its kind subsea construction project tieing-in initial production from Texaco's Deepwater Discovery prospect."
For the first three-quarters of 1997, earnings of $10.5 million increased 50% over the $7.0 million of net income reported in the same period of 1996. Earnings per share of 82¢ increased 30% over the 63¢ earned in the same period of the prior year. Revenues of $76 million matched the consolidated revenues generated for the entire year 1996. The Company's fleet of dynamically positioned vessels contributed $14.5 million or 62% of the $23.2 million increase in consolidated revenues in the first nine months of 1997.
Cal Dive International, headquartered in Houston, Texas is a leading subsea services contractor which operates the largest fleet of permanently deployed DPDSV vessels in the Gulf of Mexico.
This press release includes certain statements that may be deemed "forward looking statements" under applicable law. Forward looking statements are not statements of historical fact and such statements are not guarantees of future performance or events and involve risks and assumptions that could cause actual results to vary materially from those predicted, including among other things, unexpected delays and operational issues associated with turnkey projects, the price of crude oil and natural gas, weather conditions in offshore markets, change in site conditions, and capital expenditures by customers. The Company strongly encourages readers to note that some or all of the assumptions upon which such forward looking statements are based are beyond the Company's ability to control or estimate precisely and may in some cases be subject to rapid and material change.