NABORS INDUSTRIES ANNOUNCES FISCAL 1991 RESULTS
NABORS INDUSTRIES ANNOUNCES FISCAL 1991 RESULTS HOUSTON, Nov. 26 /PRNewswire/ -- Nabors Industries, Inc.
(AMEX: NBR), announced today its operating results for the fiscal year ended Sept. 30, 1991. Net income totaled $27.1 million or $0.44 per share, compared to $14.6 million or $0.27 per share in fiscal 1990. Revenues were $240.1 million in fiscal 1991 compared to $139.0 million in the prior year. Operating income totaled $26.8 million for the fiscal year ended Sept. 30, 1991, compared to $12.6 million for fiscal 1990.
For the fourth quarter of fiscal 1991, the company reported net income of $8.8 million, or $0.14 per share, compared to net income of $5.9 million, or $0.10 per share, in the fourth quarter of 1990. Revenues for the current quarter amounted to $60.0 million compared to $47.4 million in the prior year's quarter. Operating income totaled $7.1 million for the current quarter compared to $5.1 million in the prior year's quarter. The strong year-to-year growth in revenues and profitability primarily reflects the excellent results in all of the company's international land drilling markets and Alaska. Platform drilling operations in the North Sea also made an important contribution. Operations in the "lower 48" and Canada, while profitable, were not significant contributors to net income. The majority of the new international rig contracts obtained during fiscal 1991 commenced during the latter part of the fiscal year. As a result, a greater benefit from these contracts will be realized in fiscal 1992 than has been reflected in fiscal 1991. These contracts, coupled with expected continuing new growth in the company's international land markets, should result in enhanced earnings in fiscal 1992. Nabors Industries is one of the largest international land drilling contractors and operates 113 land and offshore rigs. Nabors is a major participant in many of the significant oil and gas drilling markets in the world. Nabors also provides oilfield transportation and other logistical support services in Alaska and the Middle East. NABORS INDUSTRIES, INC., AND SUBSIDIARIES Condensed Consolidated Statement of Income (In thousands, except per share amounts) Fiscal year ended Sept. 30 1991 1990 Revenues $ 240,111 $ 138,974 Operating income 26,833 12,595 Net income 27,087 14,562 Earnings per share $ .44 $ .27 Weighted average number of shares outstanding 61,424 54,076 Three months ended Sept. 30 1991 1990 Revenues $ 60,025 $ 47,406 Operating income 7,083 5,067 Net income 8,837 5,940 Earnings per share $ .14 $ .10 Weighted average number of shares outstanding 61,537 59,741 NOTE: During the fourth quarter of fiscal 1991, the company collected certain long-term receivables resulting in a gain being recorded as other income during the quarter. -0- 11/26/91 /CONTACT: Harris Kaplan of Nabors Industries, 713-874-0035/ (NBR) CO: Nabors Industries, Inc. ST: Texas IN: SU: ERN
GK -- NY060 -- 7365 11/26/91 14:00 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 26, 1991|
|Previous Article:||DONNELLY OFFERS NEW GLARESTOPPER(TM) ELECTROCHROMIC TRUCK MIRROR|
|Next Article:||FLEET/NORSTAR $100 MILLION 9.375 PERCENT PREFERRED STOCK RATED 'BBB+' BY FITCH -- FITCH FINANCIAL WIRE --|