Printer Friendly

POOL ENERGY SERVICES CO. REPORTS FIRST QUARTER RESULTS

 HOUSTON, May 3 /PRNewswire/ -- Pool Energy Services Co. (NASDAQ: PESC), announced net income of $1.5 million, or $0.11 per share, for the quarter ended March 31, 1993. For the same period in 1992, the company had net income of $0.1 million, or $0.01 per share, which included a credit of $1.2 million, or $0.09 per share. This credit was due to the cumulative effect of a change in accounting for income taxes.
 Jim Jongebloed, president and chief executive officer, said, "Revenues were $60.2 million in the first quarter of 1993, an increase of 20 percent from the first quarter of 1992 primarily because of improved well-servicing, workover and production services activity in the United States. We are particularly encouraged by the improvement in the performance of our Gulf of Mexico operation, which had significantly higher rig utilization compared to the same period a year ago due to increased natural gas prices. We are optimistic that the company will have a profitable year because of the expectation of relatively strong domestic natural gas prices and stable oil prices during 1993."
 Pool Energy Services Co., headquartered in Houston, is one of the largest well-servicing companies in the world. The company also provides production services and contract drilling in certain markets.
 POOL ENERGY SERVICES CO.
 Financial Information
 (Unaudited)
 Periods ended March 31 Three Months
 1993 1992
 Revenues $60,192,000 $50,198,000
 Income before interest, income
 tax, depreciation and cumulative
 effect of accounting change 6,216,000 2,330,000
 Income (loss) before cumulative
 effect of accounting change 1,506,000 (1,037,000)
 Cumulative effect of accounting
 change -- 1,159,000
 Net income 1,506,000 122,000
 Income (loss) per common share:
 Before cumulative effect of
 accounting change .11 (.08)
 Cumulative effect of accounting
 change -- .09
 Earnings per common share .11 .01
 Average common shares outstanding 13,513,643 13,513,610
 -0- 5/03/93
 /CONTACT: D.C. Oatman, director of business development & financial relations of Pool Energy Services Co., 713-954-3316/
 (PESC)


CO: Pool Energy Services Co. ST: Texas IN: OIL SU: ERN

TM -- NY097 -- 3977 05/03/93 16:40 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 3, 1993
Words:360
Previous Article:ZYGO REPORTS THIRD-QUARTER RESULTS
Next Article:COASTAL'S ANR DECLARES DIVIDEND
Topics:


Related Articles
POOL ENERGY SERVICES REPORTS 1991 RESULTS
POOL ENERGY SERVICES EARNINGS
POOL ENERGY SERVICES REPORTS SECOND QUARTER RESULTS
POOL ENERGY SERVICES CO. REPORTS THIRD QUARTER RESULTS
POOL ENERGY SERVICES CO. REPORTS SECOND QUARTER RESULTS
POOL ENERGY SERVICES CO. REPORTS INCREASED PROFITS
POOL ENERGY SERVICES CO. REPORTS RECORD RESULTS
POOL ENERGY SERVICES ANNOUNCES FIRST QUARTER RESULTS
Pool Energy Services Announces Record Fourth Quarter and Annual Results
Pool Energy Services Announces First Quarter Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters