NEWS RELEASE
For further information contact:
Greg Rosenstein Cathy Green
Manager of Investor Relations Chief Financial
Officer
(318) 234-4590 (318) 234-4590
FOR IMMEDIATE RELEASE
TUESDAY, AUGUST 6, 1996
AMERICAN OILFIELD DIVERS HISTORICAL FINANCIAL RESULTS
REFLECT CHANGE IN FISCAL YEAR END
Lafayette, LA -- In conjunction with its previously announced
change in fiscal year end from October 31 to December 31, American
Oilfield Divers, Inc. (NASDAQ: DIVE) has made available
historical financial and operational results for each quarter of
the fiscal year ended December 31, 1995, and the first quarter
ended March 31, 1996. On August 13, 1996, the Company will announce
results for its new second quarter ended June 30, 1996.
"By changing AOD's fiscal year end to December 31, the Company
will report quarterly and annual results on a comparable basis
with other public companies in the oil and gas industry," said
George C. Yax, AOD's Chairman of the Board, Chief Executive
Officer and President."
American Oilfield Divers, Inc., is a leading provider of diving
services, subsea products, marine construction and environmental
services to the offshore oil and gas industry, in the U.S. Gulf
of Mexico, U.S. West Coast and internationally, and to certain
U.S. inland customers.
Table to follow . . .
AMERICAN OILFIELD DIVERS, INC.
Consolidated Results of Operations
(in thousands except for per share amounts and dive crew information)
Three Months Ended
___________________________________________________________
(Unaudited) March 31, June 30, September 30, December 31, March 31,
Income Statement 1995 1995 1995 1995 1996<F1>
_________ __________ _____________ ____________ ___________
Diving and related revenues $11,921 $19,713 $32,055 $25,197 $19,228
Costs and expenses:
Diving and related expenses 9,182 14,084 22,220 17,638 12,621
Selling, general and administrative
expenses 4,480 4,675 5,173 5,215 4,720
Depreciation and amortization 1,179 1,265 1,352 1,357 1,362
__________ __________ __________ __________ __________
Total costs and expenses 14,841 20,024 28,745 24,210 18,703
__________ __________ __________ __________ __________
Operating income (loss) (2,920) (311) 3,310 987 525
Other income (expense), net (147) (457) (381) (329) 149
__________ __________ __________ __________ __________
Income (loss) before income taxes
and minority interest (3,067) (768) 2,929 658 674
Income tax provision (benefit) (1,250) (330) 1,300 280 280
__________ __________ __________ __________ __________
Income (loss) before minority interest (1,817) (438) 1,629 378 394
Minority interest in (earnings)
loss of subsidiary 47 (47) --- (116) ---
__________ __________ __________ __________ __________
Net income (loss) $ (1,770) $ (485) $ 1,629 $ 262 $ 394
========== ========== ========== ========== ==========
Net income (loss) per share $ (.26) $ (.07) $ .24 $ .04 $ .06
========== ========== ========== ========== ==========
Weighted average shares outstanding 6,709 6,709 6,709 6,709 6,709
========== ========== ========== ========== ==========
Operational Data
Dive crew days 5,393 8,042 12,919 9,139 6,932
Dive crews per day 60 88 140 99 76
Diving support vessel utilization 31.7% 40.9% 57.5% 50.3% 41.0%
Earnings before interest, taxes,
depreciation and amortization
(EBITDA) $(1,741) $ 954 $4,662 $2,344 $1,887
EBITDA as % of revenue (14.6%) 4.8% 14.5% 9.3% 9.8%
SG&A as % of revenue 37.6% 23.7% 16.1% 20.7% 24.5%
Gross profit % 23.0% 28.6% 30.7% 30.0% 34.4%
<FN>
<F1> As a result of the change in fiscal year end, the Company is now required
to implement Statement of Financial Accounting Standards No. 121, "Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
of," for the fiscal year ended December 31, 1996. The impact of adoption of
this Standard will be recorded effective January 1, 1996 and will be reflected
in the Company's results of operations for the six month period ended June 30,
1996 reported in form 10-Q on or before August 14, 1996.
</FN>