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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 1, 2002
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GLOBAL INDUSTRIES, LTD.
(Exact name of registrant as specified in its charter)
Louisiana 2-56600 72-1212563
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation or organization) Number) Identification No.)
8000 Global Drive
Carlyss, LA 70665
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (337) 583-5000
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ITEM 9. REGULATION FD DISCLOSURE
On July 31, 2002, Global Industries, Ltd. issued a press release
announcing operating results for the Second Quarter and Six Months
Ended June 30, 2002 and revised annual earnings guidance, a copy of
which is filed with this report and incorporated herein by reference.
This report is being furnished in accordance with Rule 101(e)(1)
under Regulation FD and shall not be deemed filed for purposes of
Section 18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that section. This report contains
forward-looking information about the Company's business and
prospects 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.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION.
Not applicable.
(c) EXHIBITS
99.1 Press Release dated July 31, 2002
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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.
By: /s/ TIMOTHY W. MICIOTTO
___________________________________
Timothy W. Miciotto
Senior Vice President/
Chief Financial Officer
Dated: August 1, 2002
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EXHIBIT INDEX
EXHIBIT
NUMBER EXHIBIT DESCRIPTION
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99.1 Press Release dated July 31, 2002
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EXHIBIT 99.1
[GLOBAL INDUSTRIES, LTD. LOGO]
FOR IMMEDIATE RELEASE
PRESS RELEASE CONTACT: WILLIAM J. DORE', JR.
713-479-7979
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Global Industries, Ltd. Announces Operating Results for the Second
Quarter and Six Months Ended June 30, 2002
Carlyss, Louisiana, (July 31, 2002) Global Industries, Ltd.
(NASDAQ: GLBL) reported net income of $9.8 million, or $0.10 per
share, for the second quarter ended June 30, 2002 compared to net
income of $2.8 million, or $0.03 per share, for the quarter ended
June 30, 2001. Net income for the six months ended June 30, 2002
was $5.0 million, or $0.05 per share, compared to a net loss of
$0.2 million, or $0.00 per share for the six months ended June 30,
2001.
Revenues for the second quarter ended June 30, 2002 increased $48.4
million, or 44%, to $157.4 million from $109.0 million for the
quarter ended June 30, 2001. Revenues for the six months ended
June 30, 2002 increased $81.8 million to $262.1 million from $180.3
million for the six months ended June 30, 2001.
The Company has revised its earnings guidance for fiscal 2002.
Earnings per share for the year are now expected to be in the range
of $.22 to $.27. This decrease is due primarily to continuing
market uncertainty in the U.S. Gulf of Mexico.
William J. Dore', Global's Chairman and Chief Executive Officer
stated: "We are pleased to report a 44% increase in revenues and
a 246% increase in net income this quarter as compared to the same
period last year. During the quarter, we booked over $132 million
in new work resulting in a backlog of $295.2 million at quarter-
end, our third largest quarter-end backlog in history. Our
worldwide market place is both dynamic and demanding, but one of
considerable opportunity. We are strategically positioned, both
operationally and financially, to capitalize on these opportunities.
Although we have been experiencing some near-term softness in our
domestic markets, we remain optimistic about our future and the
future of our industry. We continue to focus our efforts on
increasing market share, successfully executing projects, and
enhancing financial performance."
A conference call will be held at 9:00 a.m. Central Daylight Time
on Thursday, August 1, 2002. Anyone wishing to listen to the
conference call should dial (800) 553-0358 or (612) 338-9017 and
ask for the "Global Industries Second Quarter Earnings" call.
Phone lines will open ten minutes prior to the start of the call.
Alternatively, the call will be webcast in real-time on the
Company's web site at www.globalind.com, where it will also be
archived for anytime reference until August 15, 2002.
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, Middle East/India, South America, and Mexico's Bay of
Campeche. The Company's shares are traded on the NASDAQ National
Market System 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. Additional factors are included in
the Company's 10K. 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 below are the Company's
results of operations and selected
balance sheet amounts for the
periods indicated
---------------------------------
(In thousands, except shares and
per share amounts)
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Three Months Ended Three Months Ended
June 30, 2002 June 30, 2001
Results of Operations
- ------------------------------------- ------------------- ------------------
Revenues $ 157,443 $ 109,018
Gross profit 27,802 20,531
Goodwill amortization -- 743
Selling, general, and administrative
expenses 9,189 9,282
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Operating income 18,613 10,506
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Interest expense 3,576 5,622
Other expense (income) (99) 609
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Income before income taxes 15,136 4,275
Income taxes 5,302 1,434
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Net income $ 9,834 $ 2,841
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Average shares
- -------------------------------------
Basic 102,413,000 92,670,000
Diluted 103,433,000 95,074,000
Income per share
- -------------------------------------
Basic $ 0.10 $ 0.03
Diluted 0.10 0.03
Other data
- -------------------------------------
Depreciation and amortization $ 16,478 $ 13,785
Deferred income taxes 846 1,473
Backlog at June 30, 2002 and 2001 295,162 117,268
Reportable Segments
- -------------------------------------
Revenues
U.S. Gulf of Mexico offshore
construction $ 26,506 $ 31,302
U.S. Gulf of Mexico diving 6,611 9,784
U.S. Gulf of Mexico marine support 8,800 12,574
West Africa 14,471 5,339
Latin America 69,212 14,118
Asia Pacific 33,866 37,580
Middle East 1,653 3,466
Other -- 96
Intersegment eliminations (3,676) (5,241)
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$ 157,443 $ 109,018
=================== ==================
Income (loss) before income taxes
U.S. Gulf of Mexico offshore
construction $ 1,209 $ (454)
U.S. Gulf of Mexico diving (781) 20
U.S. Gulf of Mexico marine support 1,175 5,551
West Africa (3,721) (436)
Latin America 12,439 (1,475)
Asia Pacific 5,234 2,020
Middle East (1,139) (978)
Other 720 27
------------------- ------------------
$ 15,136 $ 4,275
Set forth below are the Company's
results of operations and selected
balance sheet amounts for the
periods indicated
---------------------------------
(In thousands, except shares and
per share amounts)
----------------------------------
Six Months Ended Six Months Ended
June 30, 2002 June 30, 2001
Results of Operations
- ------------------------------------- ------------------- ------------------
Revenues $ 262,108 $ 180,289
Gross profit 34,674 29,598
Goodwill amortization -- 1,486
Selling, general, and
administrative expenses 18,385 18,191
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Operating income 16,289 9,921
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Interest expense 7,934 10,952
Other expense (income) 658 (620)
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Income (loss) before income taxes 7,697 (411)
Income taxes (benefit) 2,699 (181)
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Net income (loss) $ 4,998 $ (230)
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Average shares
- -------------------------------------
Basic 98,226,000 92,551,000
Diluted 98,736,000 92,551,000
Income per share
- -------------------------------------
Basic $ 0.05 $ (0.00)
Diluted 0.05 (0.00)
Other data
- -------------------------------------
Depreciation and amortization $ 29,839 $ 25,978
Deferred income taxes (benefit) (3,885) (1,059)
Reportable Segments
- -------------------------------------
Revenues
U.S. Gulf of Mexico offshore
construction $ 42,231 $ 55,514
U.S. Gulf of Mexico diving 12,872 16,958
U.S. Gulf of Mexico marine support 17,390 23,330
West Africa 38,196 15,385
Latin America 108,127 18,245
Asia Pacific 48,362 50,649
Middle East 4,407 8,789
Other -- 333
Intersegment eliminations (9,477) (8,914)
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$ 262,108 $ 180,289
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Income (loss) before income taxes
U.S. Gulf of Mexico offshore
construction $ (5,947) $ (3,335)
U.S. Gulf of Mexico diving (2,886) (1,050)
U.S. Gulf of Mexico marine support 2,607 10,451
West Africa (860) 2,112
Latin America 15,891 (3,257)
Asia Pacific 399 (3,640)
Middle East (1,723) (773)
Other 216 (919)
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$ 7,697 $ (411)
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Selected Balance Sheet amounts June 30, 2002 December 31, 2001
- ------------------------------------- ------------------- ------------------
Cash $ 20,761 $ 11,540
Working capital 117,578 64,558
Total assets 787,727 748,177
Debt 172,746 234,740
Shareholders' equity 483,829 396,764