NEWPARK EARNINGS RISE 78 PERCENT IN FIRST QUARTER
NEWPARK EARNINGS RISE 78 PERCENT IN FIRST QUARTER NEW ORLEANS, April 22 /PRNewswire/ -- Newpark Resources, Inc.
(NASDAQ: NPRS), today reported earnings of $1,350,000, or $0.15 per share, on revenues of $15,329,000 during the first quarter compared to earnings of $756,000, or $0.17 per share, on revenues of $13,919,000 in the corresponding period of 1991.
Per share amounts are based upon a weighted average of 9,103,000 and 4,372,000 shares outstanding in 1992 and 1991, respectively, with the increase related to Newpark's April 1991 recapitalization and subsequent public offering in September 1991. James D. Cole, president and chief executive officer, attributed the earnings gain principally to reduced interest expense as a result of debt repayment from the proceeds of the public offering. "Two factors affected our operating results," he pointed out. "First, the traditional oil service market, as measured by the domestic rig count, declined 25 percent to the lowest level ever recorded by the petroleum industry. The second was a period of unusually heavy rain in South Texas that delayed the start of several major projects. Fortunately, demand for Newpark's integrated environment and remediation services continue strong. Business prospects, reinforced by the recent signing of a large, multiyear contract for the environmental remediation of production sites, are positive for the remainder of 1992," Cole said. NEWPARK RESOURCES, INC. Statement of Operations (Unaudited; in thousands of dollars except per share amounts) First quarter ended March 31 1992 1991 Revenues $15,329 $13,919 Net earnings $ 1,350 $ 756 Net earnings per common share $ 0.15 $ 0.17 Weighted average shares outstanding 9,103 4,372 -0- 4/22/92 /CONTACT: Matthew W. Hardey, treasurer of Newpark, 504-838-8222/ (NPRS) CO: Newpark Resources, Inc. ST: Louisiana IN: SU: ERN
GK-TQ -- NY067 -- 1355 04/22/92 14:06 EDT
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|Date:||Apr 22, 1992|
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