PRIDE PETROLEUM SERVICES REPORTS RESULTS
PRIDE PETROLEUM SERVICES REPORTS RESULTS HOUSTON, Nov. 3 /PRNewswire/ -- Pride Petroleum Services, Inc.
(NASDAQ: PRDE) today reported a net loss for the three months ended Sept. 30, 1992 of $479,000, or a loss of $.03 per share, on revenues of $25,851,000. This compares to net earnings of $1,002,000, or $.06 per share, on revenues of $27,843,000 for the comparable three months of 1991.
For the nine months ended Sept. 30, 1992 Pride reported a net loss of $470,000, or $.03 per share, on revenues of $73,712,000 compared to net earnings of $3,411,000, or $.21 per share, on revenues of $86,111,000 for the comparable period in 1991. Pride's domestic rig hours worked improved during the third quarter, increasing by 10,723 over the current year's second quarter hours. In the three months ended Sept. 30, 1992, domestic rig hours worked totaled 167,330 versus 171,826 last year. For the nine months of 1992, Pride's domestic rig hours were 480,972 versus 550,719 in the same period of 1991. In the same three and nine-month periods a year ago, the company's revenues and earnings benefited significantly from participation in the restoration of Kuwait's oil fields. Domestically this year, the demand for oil and gas well servicing has remained weak, but showed substantial improvement in September. Ray H. Tolson, president and chief executive officer, said, "The increase in Pride's business activity which began in September and continued in October may be evidence that our customers' deferral of well servicing is ending. Current economics in the energy industry, including the longest period of stable oil prices since before the 1986 price crash coupled with substantially improved natural gas prices, provide a strong basis for optimism. Additionally, Pride may derive business benefits from the alternative minimum tax relief provision in the energy bill recently passed by Congress. It may encourage independent oil and gas producers to increase their investments in drilling. These positive market conditions should make 1993 a better year for the domestic well servicing business." Mr. Tolson concluded. Pride Petroleum Services, headquartered in Houston, is one of the largest well servicing contractors in the United States. PRIDE PETROLEUM SERVICES, INC. Consolidated Statement of Operations (Unaudited) Three months ended Sept. 30 1992 1991 Revenues $25,851,000 $27,843,000 Earnings (loss) from operations (866,000) 1,400,000 Net earnings (loss) (479,000) 1,002,000 Net earnings (loss) per common share $ (.03) $ .06 Average shares of common stock and common stock equivalents outstanding 16,240,000 16,334,000 Nine months ended June 30 1992 1991 Revenues $73,712,000 $86,111,000 Earnings (loss) from operations (1,198,000) 4,825,000 Net earnings (470,000) 3,411,000 Net earnings (loss) per common share $ (.03) $ .21 Average shares of common stock and common stock equivalents outstanding 16,237,000 16,377,000 -0- 11/3/92 /CONTACT: Eugene C. Fowler, vice president and CFO of Pride Petroleum Services, 713-871-8567, or Pat L. Hoyt of Hoyt & Associates, 713-665-2549, for Pride Petroleum Services/ (PRDE) CO: Pride Petroleum Services, Inc. ST: Texas IN: OIL SU: ERN
TS -- NY012 -- 1952 11/03/92 09:37 EST
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|Date:||Nov 3, 1992|
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