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Global Industries 8-K 2006

Documents found in this filing:

  1. 8-K
  2. 8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

 FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 2, 2006

GLOBAL INDUSTRIES, LTD.
(Exact name of registrant as specified in its charters)

Louisiana

0-21086

72-1212563

(State or Other Jurisdiction of

(Commission File Number)

(I.R.S. Employer Identification No.)

Incorporation or Organization)

 

8000 Global Drive

 

70665

P.O. Box 442, Sulphur, LA

70664-0442

(Address of Principal Executive Offices)

(Zip Code)

Registrant's Telephone Number, including Area Code:  (337) 583-5000

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 2.02        RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On August 2, 2006, Global Industries, Ltd. issued a press release announcing its operating results for the second quarter and six months ended June 30, 2006, a copy of which is attached as Exhibit 99.1 to this Report and incorporated into this Item 2.02.

Item 9.01        FINANCIAL STATEMENTS AND EXHIBITS

(a)       Financial statements of business acquired.

Not Applicable.

(b)       Pro forma financial information.

Not Applicable.

(c)        Shell company transactions.

Not applicable.

(d)        Exhibits.

99.1 Global Industries, Ltd. press release dated August 2, 2006.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

GLOBAL INDUSTRIES, LTD.

 

Date:    August 2, 2006

By:

/S/ PETER S. ATKINSON

Name: Peter S. Atkinson

Title: President and Chief Financial Officer

 

EXHIBIT INDEX

 

             Exhibit
             Number            Exhibit Description

99.1                   Global Industries, Ltd. press release dated August 2, 2006.

                                                                                                     

                                                                                                    For Immediate Release
PRESS RELEASE                                                                     
Contact: James Gallagher
                                                                                                   
Tel: 281.529.7979

Global Industries, Ltd. Announces Record Operating Results for the Second Quarter and Six
Months Ended June 30, 2006

Carlyss, Louisiana, (August 2, 2006) Global Industries, Ltd. (Nasdaq: GLBL) announced record results for the second quarter ended June 30, 2006. Revenues were $367.6 million for the second quarter of 2006, an improvement of $158.3 million, or 76%, over the same period a year ago. Gross profit was $101.1 million for the quarter, an improvement of $63.6 million, or 169%, compared to last year's second quarter. Net income for the second quarter of 2006 increased by $50.0 million to $62.4 million, or $0.53 per diluted share, as compared to net income of $12.4 million, or $0.11 per diluted share, for the same period last year.

The improvement in net income was primarily due to the improvement in gross profit which was supplemented by a $13.7 million pre-tax (or $0.08 per diluted share, net of taxes) reduction in the loss provision for litigation partially offset by a $4.5 million (or $0.03 per diluted share, net of taxes) loss on asset impairments which was recorded in the second quarter of 2006. A reduction in our effective tax rate also contributed significantly to the improvement in net income. The improvement in gross profit was primarily due to the combined effects of improved worldwide utilization of our major construction vessels, improved productivity in our Latin America segment, and improved pricing in certain segments. The loss on asset impairments was related to the residual book values of certain smaller vessels which were permanently retired from service during the second quarter of 2006. Our effective annual income tax rate declined to 34.9% in the second quarter of 2006 from 45.5% in the same period last year primarily due to improved operating results in foreign jurisdictions which are taxed under a deemed profits (i.e., percent of revenue) regime.

During the second quarter of 2006, we booked $371.2 million of new work resulting in a backlog of $693.5 million as of June 30, 2006 compared to a backlog of $436.0 million as of June 30, 2005.

William J. Doré, Global's Chairman and Chief Executive Officer, said, "I am pleased to announce these outstanding results which show the potential of our company in the current market conditions.  Our outlook remains strong as energy prices trade near historical highs and our backlog for the balance of 2006 still stands at record levels despite the record revenues earned in the current quarter.  We are continuing to address the challenges posed by increasing cost pressures, lower than expected backlog for 2007,  and the age of some of our vessels during this period of high demand and have retired four smaller vessels.  We have taken delivery of a newly built dive support vessel under long-term charter and are evaluating other options for expanding and modernizing our fleet."

A conference call will be held at 9:00 a.m. Central Daylight Saving Time on Thursday, August 3, 2006. Anyone wishing to listen to the conference call may dial 888.790.9477 or 210.234.9633 and ask for the "Global Second Quarter Earnings" call. Phone lines will open fifteen minutes prior to the start of the call. The call will also be webcast in real time on the Company's website at www.globalind.com, where it will also be archived for anytime reference until August 18, 2006.

All individuals listening to the conference call or the replay are reminded that all conference call material is copyrighted by Global and cannot be recorded or rebroadcast without Global's express written consent.

Global Industries provides pipeline construction, platform installation and removal, diving services, and other marine support to the oil and gas industry in the Gulf of Mexico, West Africa, Asia Pacific, the Mediterranean, Middle East/India, South America, and Mexico's Bay of Campeche. The Company's shares are traded on The NASDAQ Select Market under the symbol "GLBL."

This press release may contain forward-looking information based on current information and expectations of the Company that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially are: industry conditions, prices of crude oil and natural gas, the Company's ability to obtain and the timing of new projects, and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual outcomes could vary materially from those indicated.


 

Set forth are the Company's results of operations and

 

selected balance sheet amounts for the periods indicated

 

(in thousands, except per share amounts)

 

Quarter Ended

Six Months Ended

 

June 30

June 30

 

2006

2005

2006

2005

Results of Operations

Revenues

$

367,631

$

209,359

$

613,898

$

346,615

Cost of operations

266,494

171,825

464,631

284,784

Gross profit

101,137

37,534

149,267

61,831

Loss on asset impairments

4,485

--

4,485

--

Provision for Vinci (GTM) litigation

(13,699)

--

(13,699)

--

Net (gain) on asset disposal

(216)

(2,503)

(507)

(2,615)

Selling, general and administrative expenses

14,710

14,393

30,996

24,675

Operating income

95,857

25,644

127,992

39,771

Other expense:

Interest expense

2,460

2,480

 

4,496

4,864

Other (income)

(1,060)

(817)

 

(1,093)

(1,546)

Income before taxes

94,457

23,981

124,589

36,453

Income taxes

32,074

11,628

43,442

16,604

Net income

$

62,383

$

12,353

$

81,147

$

19,849

Earnings Per Common Share

Basic earnings per share

$

0.54

$

0.11

$

0.70

$

0.18

Diluted earnings per share

0.53

0.11

0.69

0.17

Weighted Average Common Shares Outstanding

Basic

115,650

112,512

115,181

112,557

Diluted

117,478

115,346

116,915

114,911

Other Data

Depreciation and Amortization

$

17,199

$

14,022

$

31,654

$

26,052

Backlog at end of period

693,471

435,998

 

   

As of

 

As of

   

June 30, 2006

 

December 31, 2005

Selected Balance Sheet Amounts

Cash

$

143,298

$

128,615

Working Capital (including cash)

317,642

232,050

Total Assets

1,003,545

857,314

Debt

75,240

77,220

Shareholders' Equity

592,668

496,805



 

Set forth are the Company's results of operation

 

 for the periods indicated

 

(In thousands)

 

Quarter Ended
June 30

Six Months Ended
June 30

Reportable Segments

2006

2005

2006

2005

Total Segment Revenues

Gulf of Mexico OCD

$

52,440

$

22,672

$

112,432

$

45,990

Gulf of Mexico Diving

27,674

10,178

57,135

23,698

Latin America

143,974

96,705

206,468

162,461

West Africa

56,288

5,802

89,369

9,320

Middle East

60,190

28,886

132,461

53,768

Asia Pacific

44,969

48,549

50,317

58,919

385,535

212,792

648,182

354,156

 

Intersegment eliminations      

   Gulf of Mexico Diving

(9,599)

(2,792)

(25,344)

(6,900)

   Latin America

(583)

--

(1,218)

--

   Middle East

(4,623)

(414)

(4,623)

(414)

   Asia Pacific

(3,099)

(227)

(3,099)

(227)

     Subtotal   (17,904)   (3,433)   (34,284)   346,615
 

Consolidated revenues

$

367,631

$

209,359

$

613,898

$

346,615

 

Income (loss) before taxes

   Gulf of Mexico OCD.

$

14,634

$

6,755

$

26,265

$

16,676

   Gulf of Mexico Diving

7,599

3,561

15,529

8,391

   Latin America

28,544

(826)

27,432

1,650

   West Africa

13,622

(3,459)

17,705

(7,575)

   Middle East

9,268

11,145

21,189

17,654

   Asia Pacific

7,006

6,497

3,157

(1,088)

   Corporate (Vinci Settlement)

13,699

--

13,699

--

   Over (under) allocated

corporate expenses

85

308

(387)

745

.....  Consolidated income
    before taxes

$

94,457

$

23,981

$

124,589

$

36,453

 

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