Gulfmark Offshore, Inc. Presents at Citi's Global Energy and Utilities Conference, May-14-2013 10:15 AM. Venue: Hyatt Regency, One Avenue De Lafayette, Boston, Massachusetts, United States.

Gulfmark Offshore, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported revenue of $96,888,000 against $87,435,000 a year ago. The sequential increase in quarterly revenue was largely the result of the increase in the average day rate in the Americas region and increases in utilization in the North Sea and Americas regions. Operating income was $9,071,000 against $6,434,000 a year ago. The sequential increase in quarterly operating income was a combination of the aforementioned increase in revenue and a $5.4 million decrease in overall operating expenses. Income before income taxes was $3,260,000 against loss before income taxes of $3,745,000 a year ago. Net income was $2,871,000 or $0.11 per diluted share against net loss of $2,909,000 or $0.11 per diluted share a year ago. Cash flow used in operating activities was $6,157,000 against cash flow provided by operating activities of $11,421,000 a year ago. Capital expenditures during the first quarter totaled $45.9 million, which included $38.5 million of progress payments on the construction of new vessels. The company expects that revenue for the second quarter to be between $100 and $105 million. The company is increasing full-year 2013 revenue guidance forecast to be between $425 and $455 million. The company still expects depreciation expense to be $63 million for the year 2013. The company expects interest expense to be $20 million for the whole year 2013, declining approximately $1 million and the subsequent quarters of the year.

Gulfmark Offshore, Inc., Q1 2013 Earnings Call, Apr 30, 2013