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DUAL DRILLING REPORTS SECOND QUARTER AND SIX-MONTHS RESULTS

 DALLAS, Sept. 9 /PRNewswire/ -- Dual Drilling Company (NASDAQ: DUAL) today reported net income of $687,000 or $0.07 per share for the three months ended June 30, 1993, compared with a net loss of $109,000 or $0.01 per share for the same period in 1992. Revenues were $26.1 million for the second quarter of 1993 vs. revenues of $22.6 million for the second quarter of 1992, an increase of 16 percent primarily attributable to increased rig utilization and higher dayrates in the Gulf of Mexico.
 For the six-month period ended June 30, 1993, the company reported a net loss of $4.1 million, or a loss of $0.43 per share, which includes a one-time noncash charge to earnings of $4.9 million as a result of the cumulative effect of a change in the method of accounting for income taxes. Earnings per share for the period were $.08, excluding the one- time charge. This compares with essentially breakeven results on a per share basis for the six months ended June 30, 1992. Revenues for the six months ended June 30, 1993 were $51.0 million, an increase of $1.9 million or 4 percent more than revenues of $49.1 million for the same period in 1992.
 Net cash provided by operations was $8.1 million for the current six-month period compared with net cash used by operations of $2.5 million for the six-month period ended June 30, 1992.
 L.H. Dick Robertson, president of DUAL commented: "These financial results represent Dual's operations before it was reorganized in connection with becoming a public company during August of this year. Consequently, the results did not take into account the effect of Dual's initial public offering and may not be comparable in all respects to future operating results. Dual's financial results for the quarter ending Sept. 30, 1993 will reflect its operations including the effect of the offering."
 Robertson further noted that management anticipates that short-term international and Gulf of Mexico jackup rig markets will remain steady, with possible increases in the utilization of platform drilling units in the Gulf of Mexico occurring during the latter part of 1993.
 Dual Drilling Company is a leading offshore drilling contractor operating 21 rigs and providing services to domestic and international oil and gas companies. The company is headquartered in Dallas and its stock is traded on the NASDAQ National Market System.
 DUAL DRILLING COMPANY
 (The Drilling Operations of Mosvold Shipping AS)
 CONDENSED STATEMENTS OF OPERATIONS
 (Unaudited, in thousands, except per share data)
 Three months ended Six months ended
 June 30, June 30,
 1993 1992 1993 1992

 Revenues:
 Drilling contracts $ 26,069 $ 22,624 $ 51,030 $ 49,095
 Costs and expenses $ 25,931 $ 24,391 $ 50,419 $ 51,824
 Operating income (loss) $ 138 $ (1,767) $ 611 $ (2,729)
 Other income (expense) $ (1,774) $ (105) $ (2,393) $ (608)
 Income (loss) before taxes
 and cumulative effect of
 accounting change $ (1,636) $ (1,872) $ (1,782) $ (3,337)
 Tax expense (benefit) $ (2,323) $ (1,763) $ (2,531) $ (3,303)
 Income (loss) before
 cumulative effect of
 accounting change $ 687 $ (109) $ 749 $ (34)
 Cumulative effect of
 change in accounting
 for income taxes -- -- $ (4,865) --
 Net income (loss) $ 687 $ (109) $ (4,116) $ (34)
 Income (loss) per common
 share:
 Before cumulative effect
 of accounting change $ 0.07 $ (0.01) $ 0.08 $ 0.00
 Cumulative effect of
 accounting change -- -- (0.51) -
 Net Income (loss) $ 0.07 $ (0.01) $ (0.43) $ 0.00
 Weighted average shares
 outstanding 9,500 9,500 9,500 9,500
 CONDENSED BALANCE SHEETS
 (Unaudited, in thousands)
 June 30, Dec. 31,
 1993 1992
 Current assets $ 48,931 $ 51,738
 Net property and
 equipment 144,408 149,524
 Goodwill 29,379 30,237
 Other assets 1,379 2,230
 Total assets $224,097 $233,729
 Current liabilities $ 54,859 $ 56,675
 Other liabilities 11,041 7,414
 Long-term debt 78,276 86,550
 Total liabilities 144,176 150,639
 Stockholders' equity 79,921 83,090
 Total liabilities and
 stockholders' equity $224,097 $233,729
 -0- 9/9/93
 /CONTACT: Raymond J. Wilson, manager, financial planning, or Larry E. Hanks, corporate counsel, both of Dual Drilling Company, 214-373-6200/
 (DUAL)


CO: Dual Drilling Company ST: Texas IN: OIL SU: ERN

PS -- NY013 -- 0214 09/09/93 10:07 EDT
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Publication:PR Newswire
Date:Sep 9, 1993
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