Boots & Coots International Well Control, Inc.

	Contact \| About \| FAQ \| Translate
	search:

NEWS - May 12, 2004

  Boots & Coots Reports Operating Results for the First Quarter Ended March 31, 2004

    < Previous Page

Investor Contact:

Jennifer Tweeton
VOLLMER
713-970-2100
jennifert@vollmerpr.com

Rob Schatz/Richard Cooper
Strategic Growth International
212-838-1444
info@sgi-ir.com

HOUSTON (May 12, 2004) — Boots & Coots International Well Control, Inc. (Amex: WEL), reported today that revenues for the first quarter ended March 31, 2004, were $4.4 million, a decrease of $6.5 million compared with revenue of $10.9 million for the same period in 2003. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $0.6 million in the current period compared to $4.3 million in the same period for the prior year. Net income for the current period was $8 thousand versus a net income of $3.3 million for the prior year period. Net loss attributable to common stockholders was $0.1 million for the current period compared to a net income attributable to common stockholders of $2.6 million in the prior year period.

“As we expected and stated in our March earnings call, the first quarter of this year reflected a decrease in prevention service revenues from the prior year. However, excluding an equipment sale associated with our work in Iraq during the first quarter of last year, prevention service revenues increased $0.1 million,” stated Jerry Winchester, President and Chief Executive Officer. “We expect these non-event revenues to improve in the second quarter and, for the year, our expectation remains that the expansion of existing SafeGuard services and the development of new SafeGuard locations will expand our base prevention revenues to the point they will sustain the company’s operations, with any response revenues having a positive impact on the bottom line.”

Operational highlights include:

· Prevention revenues were $2.13 million for the first quarter compared to $8.66 million for the first quarter of 2003. Included in 2003 is a $6.63 million equipment sale related to the Restore Iraq Oil (RIO) contract.

· Response revenues were flat at $2.3 million for the first quarter of 2004 and 2003.

· At March 31, 2004 the company reported working capital of $7.5 million and total debt of $11.9 million. Net cash provided by operating activities was $1.1 million in the quarter.

 BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.

                         SUMMARY OF OPERATING RESULTS
                                 (UNAUDITED)

                   (in thousands except per share amounts)


                                                        Three Months Ended
                                                             March 31,
                                                       2004             2003

    Service Revenues                                 $4,411           $4,302

    Equipment Sales Revenues                             $0           $6,629

    Total Revenues                                   $4,411          $10,931

    Earnings Before Interest, Taxes,
     Depreciation
     and Amortization (1)                              $580           $4,272

    Income from Continuing Operations                    $8           $3,298

    Income from Discontinued Operations,
     Net of Income Taxes                                 --              $15

    Net Income                                           $8           $3,313

    Preferred Dividend Requirements and
     Accretion                                         $122             $732

    Net Income (Loss) Attributable to
     Common Stockholders                              ($114)          $2,581

    Income (Loss) Per Share - Basic
     - Continuing Operations                          (0.00)            0.19
     - Discontinued Operations                         0.00             0.00
     - Net Income (Loss)                              (0.00)            0.19

    Weighted Average Common Shares
     Outstanding
      - Basic                                        27,300           13,495

    Income (Loss) Per Share - Diluted
     - Continuing Operations                          (0.00)            0.14
     - Discontinued Operations                         0.00             0.00
     - Net Income (Loss)                              (0.00)            0.14


    Weighted Average Common Shares
     Outstanding
      - Diluted                                      27,300           18,061

     1. Earnings before interest, taxes, depreciation and amortization,
        commonly referred to as EBIDTA, is not a defined term within Generally
        Accepted Accounting Principles. The table below reconciles Net Income
        to Earnings before interest, taxes, depreciation and amortization
        (EBIDTA)


^ Back to Top

                BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.
          UNAUDITED RECONCILIATION BETWEEN CONSOLIDATED STATEMENT OF
               OPERATIONS AND EARNINGS BEFORE INTEREST, TAXES,
                        DEPRECIATION AND AMORTIZATION

                                (in thousands)


                                                        Three Months Ended
                                                             March 31,
                                                       2004             2003


    Net Income                                          $8             $3,313

    (Income) from Discontinued Operations,
      Net of Income Taxes                            $  --               ($15)

    Income Tax Expense                               $ 323               $304

    Interest Expense (Income)                         $ --               $425

    Depreciation and Amortization                    $ 249               $245

    Earnings Before Interest, Taxes,
      Depreciation and Amortization                  $ 580            $ 4,272


^ Back to Top

                BOOTS & COOTS INTERNATIONAL WELL CONTROL, INC.
                     CONDENSED CONSOLIDATED BALANCE SHEET

                                (in thousands)


                                                     March 31,    December 31,
                                                       2004            2003


    Current Assets                                   $12,565         $16,323

    Current Liabilities                               $5,060          $6,948

    Total Working Capital                             $7,505          $9,375

    Total Assets                                     $15,758         $19,726

    Long Term Debt and Notes Payable                 $10,741         $12,398

    Total Liabilities                                $15,801         $19,346

    Total Shareholders' Equity (Deficit)                ($43)           $380


^ Back to Top

About Boots & Coots

Boots & Coots International Well Control, Inc., Houston, Texas, provides a suite of integrated oilfield services centered on the prevention, emergency response and restoration of blowouts and well fires around the world. Boots & Coots' proprietary risk management program, WELLSURE®, combines traditional well control insurance with post-event response as well as preventative services, giving oil and gas operators and insurance underwriters a medium for effective management of well control insurance policies. The Company's SafeGuard program, developed for regional producers and operators sponsored by Boots & Coots, provides dedicated emergency response services, risk assessment and contingency planning, and continuous training and education in all aspects of critical well management. For more information, visit the Company's web site at http://www.bootsandcoots.com .

Certain statements included in this news release are intended as "forward- looking statements" under the Private Securities Litigation Reform Act of 1995. Boots & Coots cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. More information about the risks and uncertainties relating to these forward- looking statements are found in Boots & Coots' SEC filings, which are available free of charge on the SEC's web site at http://www.sec.gov.

< Previous Page | ^ Back to Top

WELL CONTROL 1.800.BLOWOUT