DI INDUSTRIES, INC. ANNOUNCES UNAUDITED OPERATING RESULTS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 1995 AND THE CLOSING OF THE SALE OF ITS PRODUCING OIL AND GAS PROPERTY INTERESTS TO UNIT PETROLEUM COMPANY; ELECTION OF IVAR SIEM, NOREX AMERICA, INC., AS CHAIRMAN OF BOARD OF DIRECTORS.HOUSTON--(BUSINESS WIRE)--Aug. 14, 1995-- DI Industries, Inc. (AMEX-DRL) (the "Company") announced unaudited results of operations for the three and six month periods ended June June: see month. 30, 1995. The Company reported a Net Loss of $1,665,000 ($.04 per share) for the quarter ended June 30, 1995 compared to a Net Loss of $921,000 ($.02 per share) for the quarter ended June 30, 1994. The Net Loss from Continuing Operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the quarter ended June 30, 1995 was $1,122,000 ($.03 per share) compared to a Net Loss from Continuing Operations of $935,000 ($.02 per share) for the quarter ended June 30, 1994. The Net Loss from Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. was $543,000 ($.01 per share) for the quarter ended June 30, 1995 compared to Net Income of $14,000 (nil per share) for the comparable 1994 quarter. Revenues from Continuing Operations were $23,151,000 for the second quarter 1995, an increase of 62 percent over $14,331,000 in Revenues during the June 30, 1994 quarter. The quarter ended June 30, 1995 includes a $550,000 non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. for loss on Discontinued Operations resulting from the sale completed on Aug. 9, 1995 of the Company's subsidiary holding its producing oil and gas properties to Unit Petroleum Company (a subsidiary of Unit Corporation of Tulsa Tulsa (tŭl`sə), city (1990 pop. 367,302), seat of Tulsa co., NE Okla., on the Arkansas River east of its junction with the Cimarron; inc. 1898. , Okla.) The contract for this cash sale for $4.2 million was previously announced by the Company on June 7, 1995. The Company's Net Loss for the six months ended June 30, 1995 was $3,895,000 ($.10 per share) compared to a Net Loss of $2,214,000 ($.06 per share) for the six month period ended June 30, 1994. The Net Loss from Continuing Operations for the six months ended June 30, 1995 was $3,341,000 ($.09 per share) compared to a Net Loss from Continuing Operations of $2,252,000 ($.06 per share) for the six month period ended June 30, 1994. The Net Loss from Discontinued Operations was $554,000 ($.01 per share) for the six months ended June 30, 1995 compared to Net Income of $38,000 (nil per share) for the six month period ended June 30, 1994. Revenues from Continuing Operations were $45,497,000 for the six months ended June 30, 1995, an increase of 58 percent over $28,737,000 in Continuing Operations Revenues for the 1994 six month period. Max Dillard, president of the Company, commented that "the increases in 1995 Revenues from Continuing Operations are due to improved Domestic drilling rig activity except for Northern Divisions of Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). and Ohio, and the start-up Start-up The earliest stage of a new business venture. of additional rigs in Argentina and Venezuela. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite continuing start-up losses in Argentina, operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $814,000 for the current quarter were reduced from the March 1995 quarter's operating losses of $1,946,000 due to improvements in Domestic rig margins and in the Company's International Geothermal ge·o·ther·mal also ge·o·ther·mic adj. Of or relating to the internal heat of the earth. ge Division's operating results. Revenues for the Third Quarter should be increased by the receipt of four one-year Labor Contracts for Corpoven in Venezuela which began July 1, 1995." The Company also announced that on Aug. 8, 1995 the board of directors elected Ivar Siem as chairman of the board. Siem is a member of the board of Norex America, Inc., which holds a 48.4 percent investment in the common stock of the Company. DI Industries, Inc., headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , is a holding company whose subsidiaries are primarily engaged in the business of providing both contract oil and gas and geothermal drilling services, well workover services, and commercial drilling services. Operations are currently carried out in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Mexico, Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . -0-
QUARTER ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
----------------- ------------------
(in thousands, except per share amounts)
UNAUDITED
1995 1994 1995 1994
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CONTINUING OPERATIONS:
REVENUES $23,151 $14,331 $45,497 $28,737 OPERATING LOSS (814) (1,292) (2,760) (2,632)
LOSS FROM CONTINUING OPERATIONS (1,122) (935) (3,341) (2,252)
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DISCONTINUED OPERATIONS:
INCOME (LOSS) FROM OIL & GAS
PROPERTIES 7 14 (4) 38
LOSS FROM SALE OF OIL AND
GAS PROPERTIES (550) -- (550) --
------- ------- ------- -------
INCOME (LOSS) FROM DISCONTINUED
OPERATIONS (543) 14 (554) 38
------- ------- ------- -------
NET INCOME (LOSS) $(1,665) $ (921) $(3,895) $(2,214)
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NET INCOME (LOSS) PER
COMMON SHARE:
CONTINUING OPERATIONS $ (.03) $ (.02) $ (.09) $ (.06)
DISCONTINUED OPERATIONS (.01) -- (.01) --
------- ------- ------- -------
TOTAL $ (.04) $ (.02) $ (.10) $ (.06)
======= ======= ======= =======
WEIGHTED AVERAGE SHARES OF
COMMON STOCK OUTSTANDING 38,669 38,584 38,669 38,500
CONTACT: DI Industries Inc., Houston Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs L. Easley, chief financial officer 713/874-0202 |
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