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RPC Reports Restated 2000 Results Following Spin-Off Of Marine Products Corporation |
ATLANTA, March 15 /PRNewswire/ -- RPC, Inc. (NYSE: RES) today reported restated financial information for the fourth quarter and year ended December 31, 2000, in light of its spin-off of Marine Products Corporation on February 28, 2001.
Prior to the spin-off of Marine Products, RPC reported two business segments, oil and gas services and powerboat manufacturing. The following income statement data has been restated to reflect Marine Products, the spun- off entity, as a discontinued operation. The discontinued operation recorded a pre-tax gain of $6,817,000, or $0.15 after-tax diluted earnings per share, relating to the settlement of a claim in the first quarter of 2000. RPC's balance sheet, also restated to separately reflect the discontinued operation, is attached.
** See attachment for entire release and tables **
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