Article: Torch Offshore Announces First Quarter Earnings and Charter of the Midnight Hunter.

Business Editors

NEW ORLEANS--(BUSINESS WIRE)--May 2, 2002

Torch Offshore, Inc. (NASDAQ:TORC)

FIRST QUARTER RESULTS

Torch Offshore, Inc. (Nasdaq:TORC) (the "Company") announced today that revenues for the quarter ended March 31, 2002 were $16.7 million, an increase of 15.4 percent compared to revenues of $14.5 million for the first quarter of 2001. Gross profit (revenue less cost of sales) for the first quarter of 2002 was $4.0 million or 23.8 percent of revenues compared to the first quarter 2001 gross profit of $4.1 million or 28.3 percent of revenues. Net income attributable to common stockholders was $0.6 million or $0.04 per ...

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