Printer Friendly

BAROID ANNOUNCES 1992 THIRD QUARTER RESULTS

 BAROID ANNOUNCES 1992 THIRD QUARTER RESULTS
 HOUSTON, Oct. 21 /PRNewswire/ -- Baroid Corporation (NYSE: BRC), a


leading worldwide supplier of petroleum services, today announced that income from continuing operations for the third quarter was $4.1 million or $.06 per share compared to $5.8 million or $.08 per share for the third quarter of 1991. Net sales and operating income for the third quarter remained relatively flat versus the third quarter of 1991 despite a 10 percent decrease in the worldwide average rig count.
 For the nine month period in 1992, the company reported income from continuing operations of $11.7 million, or $.16 per share on net sales of $444.4 million compared to $15.6 million, or $.21 per share on net sales of $448.5 million for the nine months in 1991.
 Drilling fluids operating income increased in the third quarter and first nine months of 1992 compared to 1991 despite declines in North American average rig counts that were 14 percent and 26 percent lower. Improved penetration of international markets including Nigeria, the North Sea and the Middle East, and the effects of U.S. cost reduction measures contributed to the increase in operating income. The 1991 results include severance costs of the U.S. operations and expenses associated with the closing of a portion of an international joint venture.
 The drilling services and products segment reported a slight increase in net sales to $69.3 million for the third quarter of 1992 and $207.4 million for the nine month period compared to 1991. Operating income decreased in the third quarter and the first nine months of 1992 due to the sharp decrease in drilling activity, soft pricing for directional services in North America and lower operating margins on coring services and diamond bits.
 General corporate expenses increased in the third quarter and first nine months of 1992 due to higher foreign exchange losses. Lower debt levels and interest rates resulted in lower interest expense in 1992 versus the comparable 1991 periods. The effective tax rate for the third quarter of 1992 was higher than 1991 due to the inclusion in 1991 of benefits related to favorable tax law changes in certain foreign jurisdictions.
 In connection with the company's agreement to acquire Sub Sea International, Inc. for up to 18.0 million shares of common stock, the company said that it had completed its due diligence review. The transaction is expected to close in early 1993 subject to, among other things, regulatory and shareholder approval.
 BAROID CORPORATION
 Summary of Consolidated Operations
 (In thousands, except per share data, unaudited)
 Periods Ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Net sales:
 Drilling fluids $ 79,594 $ 82,669 $ 237,062 $258,641
 Drilling services
 and products 69,261 68,810 207,366 189,888
 Total net sales $ 148,855 $151,479 $ 444,428 $448,529
 Operating income:
 Drilling fluids $ 8,626 $ 4,717 $ 22,277 $ 20,234
 Drilling services
 and products 3,310 7,344 10,687 18,093
 Operating income 11,936 12,061 32,964 38,327
 General corporate, net (2,135) (413) (2,534) (1,226)
 Interest expense (3,582) (5,126) (11,696) (13,355)
 Total 6,219 6,522 18,734 23,746
 Provision for income
 taxes 2,298 530 6,216 7,126
 Total 3,921 5,992 12,518 16,620
 Minority interest (207) 192 812 1,047
 Income from continuing
 operations 4,128 5,800 11,706 15,573
 Discontinued operations -- (105) -- 565
 Extraordinary items 180 26 360 533
 Net income $ 4,308 $5,721 $ 12,066 $16,671
 Income per common share:
 Continuing operations $ .06 $ .08 $.16 $.21
 Discontinued operations -- -- -- .01
 Extraordinary items -- -- -- .01
 Net income $ .06 $ .08 $ .16 $.23
 Weighted average common
 shares outstanding 74,389 74,288 74,388 74,232
 -0- 10/21/92
 /CONTACT: Robert P. Wallace of Baroid Corporation, 713-987-5186/
 (BRC) CO: Baroid Corporation ST: Texas IN: OIL SU: ERN


LD-TM -- NY013 -- 2630 10/21/92 07:00 EDT
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:Oct 21, 1992
Words:668
Previous Article:SUMMIT HEALTH REPORTS INCREASES IN FIRST QUARTER RESULTS
Next Article:JOHNSON & JOHNSON ABSORBABLE PIN IS LATEST TREATMENT FOR BUNIONS
Topics:


Related Articles
BAROID ANNOUNCES CHARGE TO FOURTH QUARTER EARNINGS
BAROID ANNOUNCES FIRST QUARTER DIVIDEND
BAROID ANNOUNCES 1992 SECOND QUARTER RESULTS
BAROID ANNOUNCES THIRD QUARTER DIVIDEND
BAROID CORPORATION ANNOUNCES FOURTH QUARTER DIVIDEND
ENTERRA ANNOUNCES THIRD QUARTER RESULTS
BAROID REPORTS 1992 NET INCOME OF $17.7 MILLION
BAROID ANNOUNCES FIRST QUARTER 1993 RESULTS
BAROID: FOURTH QUARTER EARNINGS WOULD BE BETTER THAN EXPECTATIONS
DRESSER REPORTS THIRD QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters