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    Torch Offshore announces third quarter earnings

    News // November 22, 2002
    Torch Offshore has announced that revenues for the quarter ended September 30, 2002 were $13.8 million, a decrease of 11.3 per cent compared to revenues of $15.6 million for the third quarter of 2001. Gross profit (revenues less cost of sales) for the third quarter of 2002 was $2.6 million or 18.7 per cent of revenues compared to the third quarter 2001 gross profit of $3.9 million or 25.1 percent of revenues. The net loss attributable to common stockholders was $0.3 million or $0.02 per diluted share for the third quarter of 2002. Third quarter 2001 net income attributable to common stockholders was $1.0 million or $0.07 per diluted share.

    For the first nine months of 2002, revenues decreased 2.1 per cent to $43.5 million generating a gross profit of $8.8 million or 20.2 per cent of revenues, compared to the year-ago nine-month period revenues of $44.4 million that produced a gross profitof $12.1 million or 27.3 per cent of revenues.

    Net loss attributable to stockholders for the first nine months of 2002 totaled $0.1 million or $0.01 per diluted share. Earnings before non-recurring charges totaled $2.3 million or $0.23 per diluted share for the nine-month 2001 period. Including the nonrecurring charges, the net loss attributable to common stockholders for the nine-month 2001 period was $0.8 million or $0.08 per diluted share.

    Lyle G Stockstill, Torch Offshore Chairman and Chief Executive Officer, commented: "We were disappointed in our third quarter 2002 results of operations. Several occurrences, mostly outside of our immediate control, contributed to this lackluster quarterincluding an overall depressed Gulf of Mexico market, a timing delay on our significant non-Gulf of Mexico project, and the impact of two major storms in the Gulf of Mexico."

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