and improved margins helped the company go from loss to profit this year.

Net income for the year ending September 30 was $3.58 million, or 18 cents per share, compared to a loss of $5 million for fiscal 1993, or 31 cents per share.

Fourth quarter net income rose 1.7 percent to $350,000, or two cents per share, from $344,000, also two cents per share, according to Bloomberg Business News.

In the fourth quarter, the company's revenues rose 12.2 percent to $29.9 million from $26.6 million.

Net revenue rose 27.7 percent to $120.2 million from $94.2 million.

Arethusa owns and/or operates a fleet of 15 mobile offshore drilling rigs, including ten semisubmersibles and five jack-ups. The company is the second largest semisubmersible fleet in the Gulf of Mexico.