Global Industries, Ltd.
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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 6, 2003
____________________
GLOBAL INDUSTRIES, LTD.
(Exact name of registrant as specified in its charter)
Louisiana 2-56600 72-1212563
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.
8000 Global Drive 70665
P.O. Box 442, Sulphur, LA 70664-0442
(Address of principal (Zip code)
executive offices)
Registrant's telephone number, including area code: (337) 583-5000
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Item 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On August 6, 2003, Global Industries, Ltd. issued a press release
announcing the second quarter earnings and conference call,
a copy of which is attached as Exhibit 99.1 and incorporated herein
by reference.
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 August 6, 2003.
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SIGNATURES
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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 6, 2003
EXHIBIT INDEX
EXHIBIT
NUMBER EXHIBIT DESCRIPTION
99.1 Press Release dated August 6, 2003
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EXHIBIT 99.1
[GLOBAL INDUSTRIES, LTD. LOGO]
FOR IMMEDIATE RELEASE
PRESS RELEASE CONTACT: WILLIAM J. DORE', JR.
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Carlyss, Louisiana, (August 6, 2003) Global Industries, Ltd.
(NASDAQ: GLBL) reported net income of $0.7 million, or $0.01 per
diluted share for the quarter ended June 30, 2003, compared to net
income of $9.8 million, or $0.10 per diluted share for the same
period last year. Net loss for the six months ended June 30, 2003
was $0.3 million, or $0.00 per share, compared to net income of
$5.0 million, or $0.05 per share for the six months ended June 30,
2002.
Revenues for the quarter ended June 30, 2003 decreased $3.2
million, or 2%, to $154.2 million from $157.4 million for the
quarter ended June 30, 2002. Revenues for the six months ended
June 30, 2003 increased $41.0 million, or 16%, to $303.1 million
from $262.1 million for the six months ended June 30, 2002.
Mr. William J. Dore', Global's Chairman and Chief Executive
Officer, stated, "This quarter was very busy, both in terms of
revenue volume and project complexities. Our revenues were a
respectable $154.2 million for the quarter, however, profits were
disappointing. Our net income was $.01 per share. Certain
uncontrollable and controllable events such as a subcontractor labor
work stoppage, weather downtime, and lost productivity had a negative
impact on our profits. We are actively enhancing our organization
to become more efficient and responsive to these types of events
and I am confident we will overcome these obstacles in the future.
During the quarter we booked $51.3 million in new work resulting
in a backlog of $70.5 million at quarter end."
The Company has conformed its segment reporting this quarter to
changes in its operating management structure and existing business
lines that became effective January 1, 2003. The Company's new
reportable segments include two divisions, Offshore Construction
Division and Global Divers and Marine Contractors, each with five
reportable segments. The Global Divers and Marine Contractors
Division includes all diving and marine support services worldwide
and Gulf of Mexico shallow water pipelay.
A conference call will be held at 9:00 a.m. Central Daylight
Savings Time on Thursday, August 7, 2003. Anyone wishing to listen
to the conference call should dial (888) 428-4478 or (651) 224-7558
and ask for the Global Industries second-quarter earnings release
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, under "Investor Relations,"
where it will also be archived for anytime reference until August
22, 2003.
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. 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)
-----------------------------------------
Three Months Ended Three Months Ended
Results of Operations June 30, 2003 June 30, 2002
- ------------------------------------ ------------------- ------------------
Revenues $ 154,153 $ 157,443
Gross profit 13,620 27,802
Selling, general, and
administrative expenses 10,525 9,189
------------------- ------------------
Operating income $ 3,095 $ 18,613
------------------- ------------------
Interest expense 2,850 3,576
Other income (873) (99)
------------------- ------------------
Income before income taxes 1,118 15,136
Income taxes 429 5,302
------------------- ------------------
Net income $ 689 $ 9,834
=================== ==================
Average shares
- -----------------------------------
Basic 100,719,000 102,413,000
Diluted 101,026,000 103,433,000
Net income per share
- -----------------------------------
Basic $ 0.01 $ 0.10
Diluted 0.01 0.10
Other data
- -----------------------------------
Depreciation and amortization $ 15,677 $ 16,478
Deferred income taxes (benefit) 2,141 846
Backlog at June 30, 2003 and 2002 70,472 295,162
Set forth below are the Company's results
of operations and selected balance sheet
amounts for the periods indicated
-----------------------------------------
(In thousands)
-----------------------------------------
Three Months Ended Three Months Ended
Reportable Segments June 30, 2003 June 30, 2002
- ------------------------------------ ------------------- ------------------
Total Segment Revenues
Offshore Construction Division
Gulf of Mexico $ 26,969 $ 18,549
West Africa 33,933 14,471
Latin America 3,352 69,212
Asia Pacific 22,573 29,692
Middle East 41,298 144
------------------- ------------------
Subtotal 128,125 132,068
------------------- ------------------
Global Divers and Marine Contractors
Gulf of Mexico 18,860 21,396
West Africa 3,920 345
Latin America -- 5,102
Asia Pacific 7,698 14,632
Middle East 3,582 1,510
------------------- ------------------
Subtotal 34,060 42,985
------------------- ------------------
Total 162,185 175,053
Intersegment elimination (8,032) (17,610)
------------------- ------------------
Total segment revenues from
external customers $ 154,153 $ 157,443
=================== ==================
Income (loss) before income taxes
Offshore Construction Division
Gulf of Mexico $ 26 $ 280
West Africa (7,707) (3,870)
Latin America (6,826) 9,856
Asia Pacific 3,108 3,740
Middle East 8,843 (518)
------------------- ------------------
Subtotal (2,556) 9,488
------------------- ------------------
Global Divers and Marine Contractors
Gulf of Mexico 612 1,285
West Africa 1,206 149
Latin America (185) 2,638
Asia Pacific 1,035 1,491
Middle East 939 (621)
------------------- ------------------
Subtotal 3,607 4,942
------------------- ------------------
Other 67 706
------------------- ------------------
Total $ 1,118 $ 15,136
=================== ==================
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
Results of Operations June 30, 2003 June 30, 2002
- ------------------------------------ ------------------- ------------------
Revenues $ 303,093 $ 262,108
Gross profit 24,408 34,674
Selling, general, and
administrative expenses 20,004 18,385
------------------- ------------------
Operating income $ 4,404 $ 16,289
------------------- ------------------
Interest expense 5,595 7,934
Other expense (income) (700) 658
------------------- ------------------
Income (loss) before income taxes (491) 7,697
Income taxes (benefit) (182) 2,699
------------------- ------------------
Net income (loss) $ (309) $ 4,998
=================== ==================
Average shares
- ------------------------------------
Basic 100,645,000 98,226,000
Diluted 100,645,000 98,736,000
Net income per share
- ------------------------------------
Basic $ (0.00) $ 0.05
Diluted (0.00) 0.05
Other data
- ------------------------------------
Depreciation and amortization $ 27,766 $ 29,839
Deferred income taxes (benefit) 7,230 (3,885)
Selected Balance Sheet Amounts June 30, 2003 December 31, 2002
- ------------------------------------ ------------------- ------------------
Cash $ 14,513 $ 28,204
Working capital 74,706 75,060
Total assets 702,147 701,644
Debt 127,743 126,657
Shareholders' equity 443,357 441,188
Set forth below are the Company's results
of operations and selected balance sheet
amounts for the periods indicated
-----------------------------------------
(In thousands)
-----------------------------------------
Six Months Ended Six Months Ended
Reportable Segments June 30, 2003 June 30, 2002
- ------------------------------------ ------------------- ------------------
Total Segment Revenues
Offshore Construction Division
Gulf of Mexico $ 64,513 $ 30,272
West Africa 72,810 38,196
Latin America 7,268 108,127
Asia Pacific 54,586 39,604
Middle East 51,285 177
------------------- ------------------
Subtotal 250,462 216,376
------------------- ------------------
Global Divers and Marine Contractors
Gulf of Mexico 39,152 38,872
West Africa 5,474 1,409
Latin America 210 6,392
Asia Pacific 13,842 20,638
Middle East 8,274 4,231
------------------- ------------------
Subtotal 66,952 71,542
------------------- ------------------
Total 317,414 287,918
Intersegment elimination (14,321) (25,810)
------------------- ------------------
Total segment revenues from
external customers $ 303,093 $ 262,108
=================== ==================
Income (loss) before income taxes
Offshore Construction Division
Gulf of Mexico $ (171) $ (6,431)
West Africa (6,788) (1,442)
Latin America (13,637) 12,755
Asia Pacific 5,488 571
Middle East 10,106 (1,050)
------------------- ------------------
Subtotal (5,002) 4,403
------------------- ------------------
Global Divers and Marine Contractors
Gulf of Mexico 2,261 167
West Africa 1,515 582
Latin America (323) 3,191
Asia Pacific (435) (175)
Middle East 1,431 (673)
------------------- ------------------
Subtotal 4,449 3,092
------------------- ------------------
Other 62 202
------------------- ------------------
Total $ (491) $ 7,697