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RPC, Inc. Reports 2001 Second Quarter Results |
ATLANTA, July 19 /PRNewswire/ -- RPC Incorporated (NYSE: RES) announced its unaudited results for the quarter and six months ended June 30, 2001. For the second quarter, revenues increased 78 percent to $70,830,000 compared to $39,864,000 last year. Net income from continuing operations increased 375% to $9,703,000 or $0.34 diluted earnings per share, compared to $2,042,000 or $0.07 diluted earnings per share last year. Gross profit for the second quarter was $32,461,000, a 104 percent improvement over the same period in 2000. Operating income for the second quarter was $15,666,000, a 437 percent increase compared to the second quarter last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $21,347,000 or $0.75 per diluted share for the quarter compared to $7,385,000 or $0.26 per diluted share in the prior year.
For the six months ended June 30, 2001, revenues increased 76 percent to $133,564,000 compared to $75,747,000 last year. Net income from continuing operations increased 285 percent to $16,573,000 or $0.58 diluted earnings per share compared to $4,309,000 or $0.15 diluted earnings per share last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $37,786,000 or $1.33 per diluted share.
"RPC's revenue growth this year reflects continued strong domestic demand for our services," stated Richard A. Hubbell, President. "The domestic rig count for both the second quarter and the year to date period has increased 47% compared to 2000. Most of our service lines have continued their strong performance, and we have experienced much higher growth in our value-added service lines such as pressure pumping."
RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of Mexico, mid-continent, southwest and Rocky Mountain regions, and in selected international markets. RPC acts as a holding company for its oil and gas services operating subsidiaries, including Cudd Pressure Control, Inc., Patterson Services, Inc., and Patterson Tubular Services, Inc.
The following information presents business segment information for RPC's oil and gas service lines summarized by technical services and support services.
Technical Services includes RPC's oilfield service lines that utilize people and equipment to perform value-added completion, production and maintenance services directly to a customer's well. These services are generally directed towards improving the flow of oil and natural gas from producing formations or to address well control issues. The Technical Services include snubbing, coiled tubing, pressure pumping, nitrogen, well control, downhole tools, wire line, fluid pumping, hot tapping, gate valve drilling and casing installation services.
Support Services includes RPC's oilfield service lines that provide equipment for customer use or services to assist customer operations. The equipment and services offered include drill pipe and related tools, pipe handling, inspection and storage services, work platform vessels, and oilfield training services.
** See attachment for entire release and tables **
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