Page 57: of Maritime Reporter Magazine (December 1996)

ket. PRC added both diversification and prospects for faster growth than

Litton's existing businesses.

Hvide Reports Post-IPO Financial

Earnings

Hvide Marine Incorporated report- ed sharply higher earnings for the three-month period ended

September 30, the first reporting period since Hvide's Initial Public

Offering (IPO) on August 8, 1996.

Operating income of $7.1 million was more than double the $3.1 mil- lion earned in the third quarter of 1995, up 127 percent, reflecting the impact of vessel acquisitions associ- ated with the IPO as well as contin- ued strength from offshore energy activities in the Gulf of Mexico.

Revenues climbed 62 percent to $30.4 million from $18.7 million in the year-earlier period. "The company continues to benefit from exceptional strength in the off- shore energy segment of our busi- ness," commented J. Erik Hvide, chairman, president and CEO. "Supply boat day rates are up more than 60 percent from last year's third quarter and, as a major player in the very active Gulf of Mexico market, we are strategically posi- tioned to benefit from any future increases." $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Boatracs Reports Third Quarter

Earnings

Boatracs Inc. reported that its 1996 third quarter revenues increased 17.9 percent to $931,322, compared with $790,155 in the third quarter of 1995. Net loss for the quarter was two cents per share, compared with one cent per share in 1995. Boatracs, headquartered in

San Diego, is the U.S. distributor of the OmniTRACS Systems, a satel- lite-based communications and tracking system developed and man- ufactured by QUALCOMM Inc. The system provides two-way communi- cations between vessels at sea and base stations on land, or with other vessels.

Halliburton Reports Third

Quarter Earnings

Halliburton Co. reported net income of $82.6 million, or $.71 per share, for the third quarter, an improvement of 20 percent com- pared to the continuing operations of the year earlier quarter.

December, 1996

Substantial growth was experi- enced in the U.S. where revenues increased by 21 percent over the same quarter last year. Higher activity levels in the Gulf of

Mexico, the Permian Basin and

South Texas areas all contributed to growth.

Dick Cheney, Halliburton chairman of the board, president and CEO, said, "One major pro- gram which should contribute to future growth and earnings is the focusing of all upstream petroleum industry activities into the compa-

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