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Halter Marine Group Inc. | |||||||
Consolidated Income Statement | |||||||
(Unaudited) | |||||||
(in millions, except per share data) | |||||||
Six Months Ended | Three Months Ended | ||||||
September 30 | September 30 | ||||||
1997 | 1996 | 1997 | 1996 | ||||
Contract revenue earned | $300.2 | $180.4 | $151.2 | $94.5 | |||
Cost of revenue earned | 260.0 | 156.3 | 129.5 | 81.7 | |||
Gross Profit | 40.2 | 24.1 | 21.7 | 12.8 | |||
Selling, general and | |||||||
administrative expenses | 16.4 | 10.4 | 8.7 | 5.6 | |||
Amortization of excess cost | |||||||
over net assets acquired | 0.7 | 0.3 | |||||
Operating income | 23.1 | 13.7 | 12.7 | 7.2 | |||
Other expenses: | |||||||
Interest expense | 3.1 | 1.7 | 1.7 | 0.8 | |||
Other, net | 1.1 | 0.9 | |||||
4.2 | 1.7 | 2.6 | 0.8 | ||||
Income before income taxes | 18.9 | 12.0 | 10.1 | 6.4 | |||
Income taxes | 5.7 | 4.8 | 2.3 | 2.5 | |||
Net income | $13.2 | $7.2 | $7.8 | $3.9 | |||
Net income per share (1) | $0.69 | $0.40 | $0.40 | $0.22 | |||
(pro forma for 1996) | |||||||
Weighted average shares | |||||||
Outstanding (1) | |||||||
(pro forma for 1996) | 19.1 | 18.0 | 19.3 | 18.0 | |||
Depreciation expense: | |||||||
Included in cost of revenue earned | $4.9 | $3.7 | $2.6 | $1.9 | |||
Included in S,G, and A expenses | 0.2 | 0.1 | 0.1 | 0.0 | |||
Total Depreciation | $5.1 | $3.8 | $2.7 | $1.9 | |||
(1) Weighted average shares outstanding does not reflect the effect of the | |||||||
company's recently announced three - for - two common stock split to | |||||||
stockholders of record as of October 15, 1997. After adjusting for the effect of | |||||||
the stock split, earnings per share would have been $0.46 and $0.27 for the six | |||||||
months ended September 30, 1997 and 1996, repectively; and $0.27 and $0.14 | |||||||
for the three months ended September 30, 1997, and 1996, respectively. | |||||||
Weighted average shares outstanding would have been 28.6 million and | |||||||
27.0 million for the six months ended September 30, 1997, and 1996, respectively; | |||||||
and, 29.0 million and 27.0 million for the three months ended September 30, 1997, | |||||||
and 1996, respectively. |