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POOL ENERGY SERVICES CO. REPORTS INCREASED PROFITS

 HOUSTON, Nov. 1 /PRNewswire/ -- Pool Energy Services Co. (NASDAQ: PESC) announced net income for the quarter ended Sept. 30, 1993, of $1.6 million, or 12 cents per share, on revenues of $59.0 million. For the corresponding period of 1992, the company had net income of $0.2 million, or 1 cent per share, on revenues of $54.3 million. For the nine months ended Sept. 30, 1993, the company had net income of $4.5 million, or 33 cents per share, on revenues of $176.8 million. For the same period of 1992, the company had a net loss of $0.5 million, or 4 cents per share, which included an accounting credit of $1.2 million, or 9 cents per share, on revenues of $152.7 million. Results for both of the 1993 periods included a charge against the carrying value of certain patent rights relating to some drilling technology and a gain from the sale of a rig to a customer in Alaska; the charge and the gain were essentially offsetting.
 "Improved onshore and offshore rig utilization in the United States and increased day rates in the Gulf of Mexico contributed significantly to the increase in the company's third quarter net income compared to the prior year period. Average onshore domestic industry activity in the third quarter was the highest in over two years, according to the Guiberson/AVA well-servicing rig count. We are optimistic that improving industry trends will continue, and that domestic land-based operations will be in a position to improve rates for the first time since early 1991. The company's largest unit, U.S. Land Operations, is poised to benefit from such a development," said Jim Jongebloed, president and chief executive officer.
 Pool Energy Services Co., headquartered in Houston, is a diversified energy services company principally engaged in providing well-servicing, workover and drilling services on land and offshore in the United States and selected international markets.
 POOL ENERGY SERVICES CO.
 Financial Information
 (In thousands except per share amounts)
 (Unaudited)
 For the periods ended Three Months Nine Months
 Sept. 30, 1993 1992 1993 1992
 Revenues $59,014 $54,308 $176,831 $152,748
 Income (loss) before
 cumulative effect of
 accounting change(A) 1,618 164 4,451 (1,691)
 Cumulative effect of
 accounting change -- -- -- 1,159
 Net income (loss)(A) 1,618 164 4,451 (532)
 Income (loss) per
 common share:
 Before cumulative
 effect of accounting
 change(A) .12 .01 .33 (.13)
 Cumulative effect of
 accounting change -- -- -- .09
 Earnings (loss) per
 common share(A) .12 .01 .33 (.04)
 Average common shares
 outstanding 13,524 13,514 13,518 13,514
 (A) -- Includes a net credit of $66, or 0 cents per share, in the three-month period of 1993, and a net charge of $132, or 1 cent per share, in the nine-month period of 1993, for: a charge against the carrying value of certain patent rights relating to some drilling technology of $596 and $794 in the three- and nine-month periods of 1993, respectively; and a gain from the sale of a rig of $662 in both the three- and nine-month periods of 1993.
 -0- 11/1/93
 /CONTACT: D.C. Oatman, director, business development & financial planning of Pool Energy Services Co., 713-954-3316/
 (PESC)


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

TW -- NY056 -- 9182 11/01/93 13:11 EST
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Publication:PR Newswire
Date:Nov 1, 1993
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