PROJ401 - 1995 Annual Report Seatek Enterprises January...

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1995 Annual Report Seatek Enterprises January 1996 Corporate Overview The energy industry has seen dramatic change in the last decade, due to deregulation and increased competition. Despite these difficulties, industry analysts remain optimistic about the future. Unfortunately, as each year passed, the expected upturn did not materialize. In 1995, the warmest winter in almost 100 years, combined with the sluggish economy resulted in a substantial drop in prices. 1995 Operating Results Despite significant progress in restructuring the Company and reducing debt in 1995, our progress was not reflected in our 1995 earnings performance. In fact, while our actions are expected to provide substantial future returns through lower operating and debt service costs, the up- front costs to implement our plan reduced our 1995 earnings. For 1995, Seatek recorded earnings from continuing operations of $9.3 million as compared to $15.5 million in 1994. After preferred dividends, income from continuing
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This note was uploaded on 04/11/2011 for the course MTH 415 taught by Professor Yates during the Spring '11 term at Grand Valley State University.

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PROJ401 - 1995 Annual Report Seatek Enterprises January...

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