POOL ENERGY SERVICES REPORTS SECOND QUARTER RESULTS
POOL ENERGY SERVICES REPORTS SECOND QUARTER RESULTS HOUSTON, Aug. 12 /PRNewswire/ -- Pool Energy Services Co.
(NASDAQ: PESC) today announced a net loss for the quarter ended June 30, 1992, of $1.7 million, or $0.12 per share, on revenues of $48.2 million.
For the corresponding period of 1991, the company had net income of $1.6 million, or $0.12 per share, on revenues of $58.6 million. For the six months ended June 30, 1992, the company had a net loss of $3.9 million, or $0.29 per share, on revenues of $98.4 million. For the comparable period of 1991, the company had net income of $3.1 million, or $0.23 per share, on revenues of $122.5 million. "Disappointing domestic markets continued to offset strong international activity in the second quarter; however, we are optimistic that activity in the United States will increase in the near future due to the higher level of oil and gas prices. New operations which will favorably impact results in the second half of 1992 include two land drilling rigs in Kuwait, six land rigs in Ecuador and a platform rig in the Cook Inlet of Alaska," said Jim Jongebloed, president and chief executive officer. 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 (Unaudited) Three months ended June 30 1992 1991 Revenues $48,242,000 $58,628,000 Income before interest, tax and depreciation 2,852,000 7,014,000 Net income (loss) (1,654,000) 1,616,000 Earnings (loss) per common share $(.12) $.12 Average common shares outstanding 13,513,610 13,513,610 Six months ended June 30 1992 1991 Revenues $98,440,000 $122,498,000 Income before interest, tax and depreciation 5,182,000 14,055,000 Net income (loss) (3,878,000) 3,097,000 Earnings (loss) per common share $(.29) $.23 Average common shares outstanding 13,513,610 13,513,610 -0- 8/12/92 /CONTACT: D.C. Oatman of Pool Energy Services, 713-954-3316/ (PESC) CO: Pool Energy Services Co. ST: Texas IN: OIL SU: ERN
CK -- NY090 -- 9368 08/12/92 17:42 EDT
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|Date:||Aug 12, 1992|
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