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RPC, Inc. Reports 2001 Third Quarter Results |
ATLANTA, Oct. 18 /PRNewswire/ -- RPC Incorporated (NYSE: RES) announced its unaudited results for the quarter and nine months ended September 30, 2001. For the third quarter, revenues increased 48 percent to $75,674,000 compared to $51,116,000 last year. Net income from continuing operations increased 72 percent to $9,959,000 or $0.35 diluted earnings per share, compared to $5,785,000 or $0.21 diluted earnings per share last year. Gross profit for the third quarter was $35,812,000, a 59 percent improvement over the same period in 2000. Operating income for the third quarter was $16,201,000, an 80 percent increase compared to the third quarter last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations were $23,017,000 or $0.80 per diluted share for the quarter, compared to $13,759,000 or $0.49 per diluted share in the prior year.
For the nine months ended September 30, 2001, revenues increased 65 percent to $209,238,000 compared to $126,863,000 last year. Net income from continuing operations increased 163 percent to $26,532,000 or $0.93 diluted earnings per share compared to $10,094,000 or $0.36 diluted earnings per share last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $60,855,000 for the period or $2.13 per diluted share.
Richard A. Hubbell, President and Chief Operating Officer of RPC, Inc., stated, "RPC's financial results for the third quarter reflect continued strong demand for our services. The domestic rig count during this period was 27% higher than the same period last year. Although recently the rig count has been decreasing, it remains at historically high levels."
Hubbell continued, "The prices of oil and natural gas have declined significantly during the third quarter, reflecting supply considerations and demand reductions caused by a weakening economy. As a result of these declines, we are monitoring customer exploration and production activity levels very closely, and are making conservative decisions regarding capital expenditures and other commitments."
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. RPC's investor website can be found on the Internet at www.rpc.net .
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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