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RPC ENERGY SERVICES INC. REPORTS THIRD QUARTER RESULTS

 ATLANTA, Oct. 22 /PRNewswire/ -- RPC Energy Services, Inc. (NYSE: RES) announced its unaudited results for the quarter and nine months ended Sept. 30.
 Revenue for the three months ended Sept. 30 increased 38 percent from $21,468,000 last year to $29,680,000. Income before taxes increased from $627,000 last year to $1,819,000 this year. Net income increased from $393,000 or 3 cents per share last year to $1,189,000 or 8 cents per share this year.
 Revenue for the nine months ended Sept. 30 increased 26 percent from $72,835,000 last year to $91,548,000. Net income after taxes increased for the same period from $2,528,000 or 18 cents per share last year to $4,791,000 or 33 cents per share.
 RPC operates in two major segments. The company provides rental of specialized oil field equipment, and well control and transportation services to the oil and gas industry. In addition, RPC owns Chaparral Boats, a leading national manufacturer of powerboats. For the quarter ended Sept. 30, revenue for the boat manufacturing segment increased 9 percent from $9,061,000 last year to $9,890,000 this year. The oil and gas services segment revenue increased 41 percent for the quarter ended Sept. 30, from $12,357,000 last year to $17,424,000 this year.
 The oil and gas segment revenue increase is only partially due to a 14 percent increase for the quarter in the average U.S. rig count. A substantial portion of the company's business is generated from work on natural gas wells. The increase in natural gas prices caused a significant increase in natural gas activity primarily in the Gulf of Mexico compared to a relatively stable level of oil well drilling. This also contributed to the company's strong improvement in revenue since most of its business is centered in the Gulf region.
 Chaparral's increase in revenue resulted from a favorable reaction to the new models introduced this quarter.
 RPC ENERGY SERVICES, INC. AND SUBSIDIARIES
 Balance Sheets
 (In thousands)
 (Unaudited)
 At Sept. 30 1993 1992
 Assets
 Cash and cash equivalents $ 11,940 $ 25,867
 Marketable securities 5,788 7,438
 Accounts receivable, net 18,754 11,916
 Inventories 10,198 9,082
 Deferred income taxes 4,482 5,160
 Prepaid expenses and other
 current assets 2,074 534
 Current assets 53,236 59,997
 Equipment and property, net 25,063 23,358
 Marketable securities 19,563 4,456
 Goodwill, net 8,954 9,638
 Deferred income taxes 1,327 661
 Other assets 1,591 2,370
 Total assets $ 109,734 $ 100,480
 Liabilities and Stockholders' Equity
 Accounts payable $ 5,020 $ 3,959
 Accrued payroll and
 related expenses 3,162 2,360
 Accrued insurance expenses 5,098 4,590
 Accrued state, local and other
 taxes 3,043 2,410
 Federal income taxes payable 37 319
 Accrued discounts 359 669
 Other accrued expenses 6,787 6,656
 Current liabilities 23,606 20,963
 Long-term accrued insurance
 expenses 3,702 3,383
 Total liabilities 27,208 24,346
 Common stock 1,461 1,461
 Capital in excess of
 par value 34,228 34,228
 Earnings retained 47,482 41,115
 Less: common stock in
 treasury, at cost (645) (670)
 Total stockholders' equity 82,526 76,134
 Total liabilities and
 stockholders' equity $ 109,734 $ 100,480
 Statements of Income
 (In thousands except per share data)
 (Unaudited)
 3rd qtr. ended Sept. 30 1993 1992
 Revenue $29,680 $21,468
 Cost of goods sold 9,429 7,330
 Operating expenses 17,320 12,504
 Deprec. and amort. 1,428 1,379
 Interest income (316) (372)
 Income before income taxes, extraord. credit
 and cumulative effect of acctg. change 1,819 627
 Income tax provision 630 234
 Income before extraord. credit and
 cumulative effect of acctg. change 1,189 393
 Extraord. credit - utilization
 of loss carryforward --- ---
 Cumulative effect of change in acctg.
 for income taxes --- ---
 Net income $ 1,189 $ 393
 Earnings per share:
 Bef. extraord. credit and acctg. change $ 0.08 $ 0.03
 After extraord. credit and acctg. change $ 0.08 $ 0.03
 9 mos. ended Sept. 30 1993 1992
 Revenue $91,548 $72,835
 Cost of goods sold 32,287 28,960
 Operating expenses 48,873 38,329
 Deprec. and amort. 4,309 3,901
 Interest income (1,070) (1,233)
 Income before income taxes, extraord. credit
 and cumulative effect of acctg. change 7,149 2,878
 Income tax provision 2,508 1,115
 Income before extraord. credit and
 cumulative effect of acctg. change 4,641 1,763
 Extraord. credit - utilization
 of loss carryforward --- 765
 Cumulative effect of change in acctg.
 for income taxes 150 ---
 Net income $ 4,791 $ 2,528
 Earnings per share:
 Bef. extraord. credit and acctg. change $ 0.32 $ 0.13
 After extraord. credit and acctg. change $ 0.33 $ 0.18
 -0- 10/22/93
 /CONTACT: Debra G. Herron of RPC Energy Services, 404-888-2952/
 (RES)


CO: RPC Energy Services, Inc. ST: Georgia IN: OIL SU: ERN

BN-CF -- AT017 -- 5911 10/22/93 16:55 EDT
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Date:Oct 22, 1993
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