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 HOUSTON, Nov. 23 /PRNewswire/ -- BJ Services Co. (NYSE: BJS) announced its results for the fiscal year ended Sept. 30, 1993 reporting net income of $14.6 million (94 cents per share) on revenue of $394.4 million. The results compare favorably with the prior year which showed a net loss of $1.1 million (8 cents per share) on revenue of $330.0 million. Included in 1992's loss was a $15.7 million restructuring charge primarily related to consolidation of the company's North American operations. Exclusive of this restructuring charge, net income increased by 56 percent. These results were achieved with a 22 percent increase in U.S. revenues and a 17 percent increase in international revenues.
 For the quarter ended Sept. 30, 1993 net income was $5.9 million (38 cents per share), a 53 percent increase over the previous fourth quarter, and revenues were $103.1 million, a 23 percent increase. Included in this quarter's results were nonrecurring tax benefits of $1.3 million (8 cents per share) resulting from the recognition of net operating loss carryforwards and a change in tax rates in certain countries.
 Net interest expense for the fourth quarter was $1.2 million, a $.4 million increase over the previous fourth quarter due to higher debt levels. Other income was $.9 million, flat with last year's fourth quarter.
 International Revenues Continue Strong Improvement
 Despite declines in international drilling activity, acquisitions and expansions continue to drive strong revenue increases in the company's international operations. International revenues for the quarter and fiscal year increased by 36 percent and 17 percent, respectively, compared with the like periods of the previous year. Much of the revenue increases resulted from the company's coiled tubing and tubular service product lines acquired at the end of the previous fiscal year. In addition, the company's expansions into Kuwait and Russia resulted in incremental revenues. In addition to its existing service operation, the company generated equipment sales into Russia. Overall, recent international acquisitions and expansions have contributed approximately $41 million of additional revenues during the fiscal year. Revenues from the company's North Sea operations also remained strong due to a record quarter in Norway.
 U.S. Revenues Increase 10 Percent During the Fourth Quarter
 Led by strong drilling for natural gas, U.S. revenues for the quarter and fiscal year ended increased by 10 percent and 22 percent, respectively, compared with the like periods of the previous year. Particularly strong revenue gains were shown in the company's Oklahoma, Texas and offshore operating regions. Revenues in the areas with relatively little natural gas exposure, California and Alaska, cumulatively were down slightly during both the quarter and fiscal year.
 Chief Executive Officer Stewart Comments
 Chief Executive Officer J.W. Stewart commented, "The fiscal year's results reflect two major strategic themes: growth of our international operations through acquisitions and expansions, and a continued focus on U.S. efficiency and productivity improvements. Looking forward, we see continued strong activity in the U.S. natural gas markets. We have also addressed declining U.S. oil production through a focused remedial market campaign. Internationally, further growth is expected as we expand our recently acquired product lines into other geographic locations. The recent softness in several international markets, particularly Latin America, has leveled off and is beginning to resume an upward trend. As a result, we are forecasting increased revenues in each of our international regions during fiscal 1994."
 (in thousands except share data)
 Three Months Ended Year Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenue $103,121 $83,925 $394,363 $330,028
 Cost of sales and
 services 85,767 70,200 329,270 275,627
 Restructuring charges --- --- --- 15,700
 Other operating expenses 11,557 9,570 44,892 40,940
 Interest income
 (expense) - net (1,189) (811) (4,914) (2,512)
 Other income
 (expense) - net 918 887 867 (10)
 Income (loss) before
 income taxes 5,526 4,231 16,154 (4,761)
 Net income (loss) 5,942 3,874 14,561 (1,104)
 Earnings (loss) per share 0.38 0.30 0.94 (.08)
 Average shares
 outstanding 15,738 13,038 15,485 13,038
 BJ Services is a leading provider of pressure pumping and related services to the petroleum industry.
 -0- 11/23/93
 /CONTACT: Mike McShane of BJ Services, 713-462-4239/

CO: BJ Services Co. ST: Texas IN: OIL SU: ERN

BB -- DV001 -- 7421 11/23/93 16:57 EST
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Publication:PR Newswire
Date:Nov 23, 1993

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