Boots & Coots International Well Control, Inc. (WEL), a provider of integrated pressure control services to oil and gas exploration companies, reported Tuesday a decline in fourth-quarter profit, hurt by higher operating costs and expenses, despite significant growth in revenues.
The Houston, Texas-based company's quarterly net income decreased to $5.14 million or $0.07 per share from $5.82 million or $0.08 per share in the previous year. On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter grew to $55.87 million from $36.11 million in the year earlier. Street analysts estimated revenues of $51.97 million for the period.
Pressure Control segment revenues surged to $27.5 million from $10.46 million in the earlier year, while revenues from Well Intervention were $23.57 million, almost flat with the prior year. Equipment services generated revenues of $4.79 million, up from $1.84 million in the year-ago quarter.
Cost of sales for the quarter increased to $33.65 million from $19.97 million in the prior year. Operating expenses were $9.75 million, up from $4.43 million last year. Selling, general and administrative expenses increased to $2.59 million from $1.82 million in the earlier year.
For the full year, the company posted net income of $21.82 million or $0.28 per share, compared to $7.89 million or $0.11 per share in the previous year. Yearly revenues surged to $209.24 million from $105.3 million last year.
Jerry Winchester, president and chief executive officer said, "In 2009, we will continue to focus on international markets to further strengthen our operations. Our domestic operations remain centered on the prolific shale plays. Additionally, we will look for opportunities to selectively expand complementary product offerings and services both domestically and internationally."
WEL closed Monday's regular trading at $1.17.
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