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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.

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© 1997 Halter Marine Group, Inc.