GulfMark Offshore posts net income of $14.1m for Q2, 2012
GulfMark Offshore, Inc. (NYSE:GLF) announced the results of its operations for the three- and six-month periods ended June 30, 2012. For the three months ended June 30, 2012, revenue was $104.9 million, and net income for the same period was $14.1 million, or $0.53 per diluted share, the GLF press release said.
Bruce Streeter, President and CEO, commented, "We were very pleased to see operating income increase by nearly $19 million, an increase of approximately 300% over the prior quarter. Revenue increased 20% from the prior quarter and 8% from the second quarter of 2011. Direct operating expenses were on the high side of guidance, but in line with the higher operating tempo in the quarter. Improvement occurred in all regions. Drydocks and project-related expenses, although slightly lower than projected, were still above what we expect on a long-term basis. We expect that what we are doing this year will have a larger benefit in 2013 and beyond, and we continue to believe that revenue for 2012 will be stronger than 2011. We continue to evaluate opportunities and have added to our new construction program while maintaining our strong balance sheet. We are positive on the near term and we have very high expectations for the future.
Consolidated revenue of the Company for the second quarter of 2012 was $104.9 million, an increase of 20%, or $17.5 million, over the first quarter of 2012. The sequential increase in quarterly revenue was the result of typical seasonal strengthening in the North Sea and a strong recovery in the Americas region. Consolidated operating income was up $18.8 million, or 292%, from the prior quarter. The sequential increase in quarterly operating income was driven substantially by the increase in revenue, plus a slight benefit from a decrease in quarterly drydock expense.
Direct operating expenses for the second quarter were $48.8 million, consistent with the first quarter amount. The Company performed 8 drydocks during the quarter for a total drydock expense of $7.6 million, lower than the $9 million anticipated for the quarter; however, the anticipated annual drydock expense for 2012 remains at $29 million. Consolidated general and administrative expenses were $12.0 million for the second quarter, consistent with the Company's anticipated average quarterly run rate for 2012. Depreciation expense for the quarter was $14.9 million, consistent with the Company's anticipated 2012 quarterly run rate of $15 million.
GulfMark Offshore, Inc. provides marine transportation services to the energy industry through a modern fleet of offshore support that include: Platform Supply, Anchor Handling Towing Supply, Fast Supply/Crewboats and Specialty Vessels. serving major offshore energy markets in the world.