POOL ENERGY SERVICES REPORTS 1991 RESULTS
POOL ENERGY SERVICES REPORTS 1991 RESULTS HOUSTON, Feb. 25 /PRNewswire/ -- Pool Energy Services Co.
(NASDAQ: PESC), announced net income for 1991 or $2.5 million, or $0.19 per share, on revenues of $225.3 million, compared with 1990 pro forma net income of $6 million, or $0.44 per share, on revenues of $235.2 million, as healthy international activity was offset by reduced domestic demand caused primarily by low natural gas prices.
Jim Jongebloed, president and chief executive officer, said, "Low natural gas prices restrained demand in the Gulf of Mexico and domestic onshore markets during much of 1991. In addition, industry activity was adversely affected by a lower average oil price than last year, when prices increased before the war in the Middle East." For the quarter ended Dec. 31, 1991, the company had a net loss of $1.2 million, or $0.09 per share, on revenues of $51.1 million. For the same period in 1990, the company had pro forma net income of $1.8 million, or $0.13 per share, on revenues of $61.4 million. Staffing levels in the company's Gulf of Mexico operation were substantially reduced due to continuing low utilization and day rates. Jongebloed added, "Our Saudi Arabia joint venture company, Pool Arabia, Ltd., commenced operations in February 1992 to repair oil wells in the Neutral Zone between Kuwait and Saudi Arabia. We also expect increased activity during 1992 in the Cook Inlet of Alaska, Tunisia, the Arabian Gulf, offshore Malaysia and the Adriatic Sea. Despite there being some exciting opportunities, particularly in international markets, we expect 1992 to be a difficult year if domestic markets remain weak." Pool Energy Services Co., headquartered in Houston, is a diversified energy services company principally engaged in providing well-servicing, workover and drilling services on land and offshore in the United States and selected international markets. POOL ENERGY SERVICES CO. Financial Information (Pro forma) Year ended Dec. 31 1991 1990 Revenues $225,283,000 $235,178,000 Income before interest, tax and depreciation 20,599,000 25,233,000 Net income 2,543,000 6,007,000 Earnings per common share $.19 $.44 Average common shares outstanding 13,513,610 13,500,610 Three months ended Dec. 31 1991 1990 Revenues $51,091,000 $61,400,000 Income before interest, tax and depreciation 3,315,000 6,813,000 Net income (loss) (1,219,000) 1,819,000 Earnings (loss) per common share ($.09) $.13 Average common shares outstanding 13,513,610 13,500,610 -0- 2/25/92 /CONTACT: D.C. Oatman of Pool Energy Services, 713-954-3000/ (PESC) CO: Pool Energy Services Co. ST: Texas IN: OIL SU: ERN SM -- NY038 -- 2288 02/25/92 11:04 EST
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|Date:||Feb 25, 1992|
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