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SERVICE FRACTURING REPORTS WELL SERVICING REVENUE

 SERVICE FRACTURING REPORTS WELL SERVICING REVENUE
 PAMPA, Texas, Feb. 3 /PRNewswire/ -- Jerry H. Guinn, chairman of the


board of directors and president, reported Service Fracturing Company's (NASDAQ: SERF) well servicing revenue for the quarter ended Dec. 31, 1991, was $3,602,785, a 38 percent decrease, from $5,773,301 for the comparable quarter in 1990. Oil and gas revenue for the quarter ended December 31, 1991 was $812,680, a decrease of $264,859 compared to $1,077,539 for the comparable quarter in 1990.
 Well servicing revenue for the nine months ended Dec. 31, 1991, was $10,698,651, a 15 percent decrease, from $12,606,401 for the comparable nine months in 1990. Oil and gas revenue for the nine months ended Dec. 31, 1991, was $2,363,652, a decrease of $17,179 compared to $2,380,831 for the comparable nine months in 1990.
 Well servicing cost of operations, including operating expense, for the quarter ended Dec. 31, 1991, was $3,452,167, a 25 percent decrease, from $4,626,660 for the comparable quarter in 1990. Oil and gas cost of operations, including operating expense, for the quarter ended Dec. 31, 1991 was $794,580, a decrease of $387,653 compared to $1,182,233 for the comparable quarter in 1990.
 Well servicing cost of operations, including operating expense, for the nine months ended December 31, 1991 was $10,608,094, a one percent increase, from $10,511,871 for the comparable nine months in 1990. Oil and gas cost of operations, including operating expense, for the nine months ended Dec. 31, 1991, was $2,522,086, a decrease of $628,976 compared to $3,151,062 for the comparable nine months in 1990.
 For the quarter ended Dec. 31, 1991, the company's loss amounted to $135,792, or 2 cents per share, as compared to earnings of $726,821, or 13 cents per share, for the quarter ended Dec. 31, 1990.
 For the nine months ended Dec. 31, 1991, the company's loss amounted to $1,136,477, or 20 cents per share, as compared to earnings of $471,960, or 9 cents per share, for the nine months ended Dec. 31, 1990.
 During the first nine months of the fiscal year the company has dealt with continuing changes in the market for the company's services. The company has adjusted rapidly to these changes and is in good financial condition to benefit from future up-turns in the oil and gas industry. At Dec. 31, 1991, the company's current ratio was 4.91 to 1 compared to 4.10 to 1 at March 31, 1991. Current assets of $8,522,809 included $3,844,705 of cash and cash equivalents at Dec. 31, 1991.
 Service Fracturing Company consolidated financial results for the three months ended Dec. 31:
 1991 1990
 Revenue:
 Well servicing $ 3,602,785 $ 5,773,301
 Oil & gas 812,680 1,077,539
 Cost of operations:
 Well servicing 3,452,167 4,626,660
 Oil and gas 794,580 1,182,233
 Selling, general and
 administrative expense 414,814 538,655
 Earnings (loss) from
 operations (246,096) 503,292
 Interest income 61,722 206,769
 Interest expense (10,827) (4,990)
 Gain on sale of assets 5,574 13,344
 Other, net 53,835 8,406
 Earnings (loss) before income
 taxes and extraordinary
 item (135,792) 726,821
 Income tax expense -- 160,000
 Earnings (loss) before
 extraordinary item (135,792) 566,821
 Extraordinary item -
 utilization of net
 operating loss
 carryforward -- 160,000
 Net earnings (loss) (135,792) 726,821
 Earnings (loss) per share
 before extraordinary
 item (.02) .10
 Net earnings (loss) per share $ (.02) $ .13
 Weighted average common
 shares outstanding 5,704,226 5,779,409
 Service Fracturing Company consolidated financial results for
 the nine months ended Dec. 31:
 1991 1990
 Revenue:
 Well servicing $10,698,651 $12,606,401
 Oil & gas 2,363,652 2,380,831
 Cost of operations:
 Well servicing 10,608,094 10,511,871
 Oil and gas 2,522,086 3,151,062
 Selling, general and
 administrative expense 1,383,810 1,370,805
 Earnings (loss) from
 operations (1,451,687) (46,506)
 Interest income 220,511 431,444
 Interest expense (35,908) (7,452)
 Gain on sale of assets 15,145 52,884
 Other, net 115,462 41,630
 Earnings (loss) before income
 taxes and extraordinary
 item (1,136,477) 471,960
 Income tax expense -- 160,000
 Earnings (loss) before
 extraordinary item (1,136,477) 311,960
 Extraordinary item -
 utilization of net
 operating loss
 carryforward -- 160,000
 Net earnings (loss) (1,136,477) 471,960
 Earnings (loss) per share
 before extraordinary
 item (.20) .06
 Net earnings (loss) per share $ (.20) $ .09
 Weighted average common
 shares outstanding 5,720,532 5,049,466
 -0- 2/3/92
 /CONTACT: Jerry H. Guinn of Service Fracturing, 806-665-7221/
 (SERF) CO: Service Fracturing Company ST: Texas IN: OIL SU: ERN


KD -- NY105 -- 6394 02/03/92 17:19 EST
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