Printer Friendly

READING & BATES ANNOUNCES FINANCIAL RESULTS

 READING & BATES ANNOUNCES FINANCIAL RESULTS
 HOUSTON, March 30 /PRNewswire/ -- Reading & Bates Corporation


(NYSE: RB) today reported net income of $2.1 million ($.01 per share), on revenues of $36 million, for the quarter ended Dec. 31, 1991.
 The net loss for the fourth quarter of 1990 was $21 million, ($.56 per share) on revenues of $29.8 million. Revenues for the fourth quarter increased 21 percent as dayrates and fleet utilization were higher, offset by a 15 percent increase in operating expense due to higher utilization. General and administrative expenses for the fourth quarter were $5.9 million lower due primarily to the recognition of the provision of the Supplemental Executive Retirement Plan settlement in the fourth quarter of 1990. Interest expense for the fourth quarter decreased $6.8 million as a result of the recapitalization that was completed in the first quarter of 1991.
 For the last nine months of 1991, the period immediately following the company's recapitalization, the company reported net income of $3.2 million.
 For the year ended Dec. 31, 1991, the company reported a net loss of $30.4 million ($.17 per share), which included a charge of $18.9 million ($.10 per share) for the cumulative effect of adopting Financial Statement of Accounting Standards No. 106, Employers' Accounting for Postretirement Benefits Other Than Pensions, an extraordinary gain of $3.7 million ($.02 per share) resulting from a settlement of a 1979 claim against the National Iranian Oil Company and a gain of $3.2 million on the sale of the company's water treatment business. The yearly revenue and loss from continuing operations was $126.8 million and $17.4 million, respectively, in 1991 compared to $113 million and $53.8 million, respectively, in 1990. The improvement was basically due to decreased interest expense as a result of the recapitalization and an increase in dayrates.
 Reading & Bates is a company engaging in offshore drilling throughout the world.
 READING & BATES CORPORATION AND SUBSIDIARIES
 Consolidated Statement of Operations
 (In thousands, except per-share amounts)
 Periods ended Three Months Year
 Dec. 31 1991 1990 1991 1990
 (Unaudited)
 Operating revenues $36,002 $29,802 $126,800 $113,015
 Costs and expenses:
 Operating expenses 29,690 25,823 105,165 100,115
 General and administrative 3,349 9,238 16,543 19,128
 Total 33,039 35,061 121,708 119,243
 Operating income (loss) 2,963 (5,259) 5,092 (6,228)
 Other income (expense):
 Interest expense (3,047) (9,825) (17,114) (38,198)
 Interest income 56 235 457 2,158
 Equity in earnings of
 unconsolidated investees 1,683 188 2,250 881
 Other, net 1,902 (3,595) (4,862) (5,981)
 Total 594 (12,997) (19,269) (41,140)
 Income (loss) from continuing
 operations before income taxes
 and items below 3,557 (18,256) (14,177) (47,368)
 Income taxes 1,866 4,121 3,208 6,463
 Income (loss) from
 continuing operations
 before items below 1,691 (22,377) (17,385) (53,831)
 Discontinued operations:
 Income (loss) from operations -- 1,349 (1,090) 518
 Gain on disposal 411 -- 3,246 --
 Total 411 1,349 2,156 518
 Income (loss) before items
 below 2,102 (21,028) (15,229) (53,313)
 Extraordinary gain -- -- 3,725 2,899
 Cumulative effect of change
 in accounting principle -- -- (18,860) --
 Net income (loss) 2,102 (21,028) (30,364) (50,414)
 Earnings (loss) per share:
 Continuing operations
 before items below $.01 $(.60) $(.10) $(1.45)
 Discontinued operations .00 .04 .01 .01
 Extraordinary gain -- -- .02 .08
 Cumulative effect of change
 in accounting principle -- -- (.10) --
 Net income (loss) per share .01 (.56) (.17) (1.36)
 Consolidated Balance Sheet
 (In thousands)
 Dec. 31 1991 1990
 Assets:
 Current assets $48,238 $45,840
 Net property and equipment 320,661 328,224
 Investments and advances 69,243 3,614
 Other assets 5,379 6,883
 Total assets 443,521 384,561
 Liabilities and stockholders'
 equity:
 Long-term obligations
 including current portion 67,405 327,470
 Current liabilities other
 than current portion of
 long-term obligations 66,372 36,093
 Other noncurrent liabilities 71,223 46,276
 Redeemable preferred stock 12,795 --
 Common stock subject to
 redemption 15,310 --
 Other stockholders' equity 210,416 (25,278)
 Total liabilities and
 stockholders' equity 443,521 384,561
 -0- 3/30/92
 /CONTACT: T.W. Nagle of Reading & Bates, 713-496-5000/
 (RB) CO: Reading & Bates Corporation ST: Texas IN: OIL SU: ERN


CK -- NY064 -- 2904 03/30/92 12:39 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 30, 1992
Words:738
Previous Article:INTELLICALL SUSPENDS MEMBERS OF MANAGEMENT
Next Article:JEFFERSON-PILOT CORPORATION MAILS PROXY MATERIALS TO ITS SHAREHOLDERS IN CONNECTION WITH THE UPCOMING ANNUAL MEETING OF SHAREHOLDERS
Topics:


Related Articles
READING & BATES REPORTS THIRD QUARTER RESULTS
READING & BATES CORPORATION REPORTS RESULTS
READING & BATES CORPORATION ANNOUNCES RESULTS
READING & BATES CORPORATION REPORTS FINANCIAL RESULTS
READING & BATES CORPORATION REPORTS RESULTS
RB REPORTS IMPROVED THIRD QUARTER 1995 RESULTS
RB REPORTS IMPROVED FOURTH QUARTER AND YEAR END 1995 RESULTS
RB Reports Improved Third Quarter 1996 Results
Reading & Bates Corporation Announces New Credit Facility
RB Reports Improved Fourth Quarter and Year End 1996 Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters