Boots & Coots International Well Control, a provider of pressure control and related services to oil and gas companies, has reported net income of $5.1 million, or $0.07 per diluted share, for the first quarter of 2008, compared to $0.5 million, or $0.01 per diluted share, for the same period of 2007.
Revenues for the quarter were $45 million, compared to $22.3 million for the first quarter of 2007. EBITDA was $9.8 million, or 21.9% of revenues, for the quarter, compared to $2.7 million, or 12.3% of revenues, for the same period of 2007.
For the quarter ended March 31, 2008, the well intervention segment generated revenues of $37.9 million and contributed EBITDA of $7.2 million, compared to revenues of $20.8 million and EBITDA of $2.4 million for the same period of 2007.
For the first quarter of 2008, the response segment generated revenues of $7.1 million and contributed EBITDA of $2.7 million, compared to revenues of $1.4 million and EBITDA of $0.4 million for the same period of 2007.
Jerry Winchester, president and CEO of Boots & Coots, said: Led by two international well intervention projects and higher international response activity, the first quarter generated record revenue for Boots & Coots.
Our well intervention business increased 82% compared to the first quarter of last year, and the utilization rate on our hydraulic workover business increased sequentially from 42% at the end of last year’s fourth quarter to 50% by the end of the first quarter.