NEWPARK RESOURCES REPORTS THIRD QUARTER RESULTS
NEWPARK RESOURCES REPORTS THIRD QUARTER RESULTS NEW ORLEANS, Oct. 21 /PRNewswire/ -- Newpark Resources, Inc.
(NASDAQ: NPRS) today reported that net income in the quarter ended Sept. 30, 1992 totaled $917,000, equal to $.10 per share, on revenues of $15,167,000. This compared with a net loss of $357,000, or $.06 per share, and revenues of $16,035,000 in the corresponding period of 1991. The year-ago quarter included an extraordinary charge of $1,365,000, or $.23 per share, from the early extinguishment of debt.
For the nine months, net income totaled $3,794,000, or $.42 per share, on revenues of $46,160,000. This compares with net earnings of $1,339,000, or $.25 per share (including the above-mentioned extraordinary charge), on revenues of $45,902,000 for the nine month period of 1991. James D. Cole, president and chief executive officer of Newpark, indicated that the results for the third quarter were adversely impacted by Hurricane Andrew, which curtailed the company's operations in Louisiana for more than a week and subsequently caused its oil company customers to defer new project start-ups in order to focus on the restart of production from facilities shut in or damaged by the storm. Revenues were further affected by the general softness of the market for drilling related services. Cole added that "since mid-September we have experienced a significant upturn in business which should carry benefits through the fourth quarter and into 1993." Newpark Resources, Inc. provides integrated environmental remediation and oilfield services to the oil and gas exploration and production industry. NEWPARK RESOURCES, INC. Consolidated Statement of Operations (Unaudited, in thousands, except per share data) Period ended Third quarter Nine months Sept. 30 1992 1991 1992 1991 Revenues $15,167 $16,035 $46,160 $45,902 Income before nonrecurring restructure costs and extraordinary items 917 1,008 3,794 2,859 Nonrecurring restructure costs -- -- -- (155) Extraordinary item -- (1,365) -- (1,365) Net income 917 (357) 3,794 1,339 Weighted average number of common and common equivalent shares outstanding 9,109 5,998 9,106 5,270 Earnings per share: Income before nonrecurring restructure costs and extraordinary item .10 .17 .42 .54 Net income .10 (.06) .42 .25 -0- 10/21/92 /CONTACT: Matthew W. Hardey, vice president of finance of Newpark Resources, Inc., 504-838-8222/ (NPRS) CO: Newpark Resources, Inc. ST: Louisiana IN: OIL SU: ERN
TS-OS -- NY038 -- 2817 10/21/92 11:11 EDT
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|Date:||Oct 21, 1992|
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