Helmerich & Payne, Inc. Revises Earnings for Fiscal Year 2003.Helmerich & Payne, Inc. announced today that, due to a larger than anticipated fourth quarter loss reported yesterday by the Company's equity affiliate, Atwood Oceanics, Inc. , the Company is revising and lowering its earnings for its fourth quarter and fiscal year ended September 30, 2003 by $0.02 per diluted di·lute
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.
2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Helmerich & Payne, Inc. had previously announced its earnings on November 12, 2003.
The Atwood Oceanics, Inc. press release reported that the increased loss for the quarter was the result of a recently determined deferred foreign tax expense of $5.9 million.
The after-tax, non-cash effect on Helmerich & Payne, Inc. results in lowering its fourth quarter net income to $6,530,000 ($0.13 per diluted share) and net income for its fiscal year ended September 30, 2003 to $17,873,000 ($0.35 per diluted share).
Helmerich & Payne, Inc. owns 3,000,000 shares (approximately 22%) of Atwood Oceanics, Inc. (ATW/NYSE). Earnings and ownership of Atwood are reflected on Helmerich & Payne's books using the equity accounting method.
Helmerich & Payne, Inc. (HP/NYSE) is a contract drilling company that owns 85 U.S. land rigs, 12 U.S. platform rigs located in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico
Golfo de Mexico
Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , 30 rigs located in 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. , one rig in Hungary and one rig in Chad, for a total of 129 rigs. The Company currently operates 47 H&P-designed FlexRigs(R) and is scheduled to complete the construction of an additional 3 FlexRigs to be put in service by March 2004.
*FlexRig(R) hereinafter here·in·af·ter
In a following part of this document, statement, or book.
Formal or law from this point on in this document, matter, or case
Adv. 1. referred to as FlexRig
CONTACT: Doug Fears of Helmerich & Payne, Inc., +1-918-588-5208
Web site: http://www.hpinc.com/