SEABULK INTERNATIONAL REPORTS 4 QUARTER AND FULL YEAR 2004 RESULTS

Published Mar 8, 2005 12:01 AM by The Maritime Executive

Seabulk International, Inc. (Nasdaq: SBLK)reported net income of $10.7 million or $0.45 per diluted share for the quarter ended December 31, 2004. The net income figure includes a gain of $1.7 million or $0.07 per diluted share on the sale of four offshore vessels. Revenue in the quarter totaled $93.2 million. In the year-earlier period, the Company had a net loss of $7.3 million or $0.32 per diluted share on revenue of $79.7 million. Included in the year-earlier loss was a charge of $1.2 million or $0.05 per diluted share on the writedown of two geophysical vessels.

Operating income in the fourth quarter of 2004 was $20.6 million versus $1.0 million in the year-earlier period.

"Our fourth quarter results were the best of the year and the momentum has continued into 2005," commented Chairman and Chief Executive Gerhard E. Kurz. "The offshore business worldwide is on the upswing as energy demand grows and supplies remain constrained. Our tanker business had its best quarter of the year, with no vessel drydockings -- and hence no lost revenue days -- and high rates for our two foreign-flag products carriers. The towing business had another solid quarter as the pace of international trade remained robust. We expect these trends to fundamentally continue in 2005, with the caveat that foreign-flag product-tanker rates may decline somewhat from their lofty levels and first quarter results will be tempered by two tanker drydockings."

For the twelve months ended December 31, 2004, the Company had net income of $25.9 million or $1.09 per diluted share on revenue of $352.3 million. Included in net income were gains of $4.1 million or $0.17 per diluted share from vessel sales and $4.5 million or $0.19 per diluted share from the settlement of litigation. In the prior year, ended December 31, 2003, the Company had a net loss of $5.0 million or $0.21 per diluted share on revenue of $316.6 million. Included in the year-earlier loss was a charge of $1.6 million or $0.07 per diluted share on the early extinguishment of debt. Operating income of $60.3 million in 2004 was nearly double the $33.7 million earned in 2003.

For more information regarding Seabulk International's financial results visit their website at http://www.seabulkinternational.com.