POOL ENERGY SERVICES CO. REPORTS THIRD QUARTER RESULTS
POOL ENERGY SERVICES CO. REPORTS THIRD QUARTER RESULTS HOUSTON, Oct. 21 /PRNewswire/ -- Pool Energy Services Co.
(NASDAQ: PESC), announced net income for the quarter ended Sept. 30, 1992 of $0.3 million, or $0.02 per share, on revenues of $54.3 million. For the same period in 1991, the company had net income of $0.7 million, or $0.05 per share, on revenues of $51.7 million. For the nine months ended Sept. 30, 1992, the company had a net loss of $3.6 million, or $0.27 per share, on revenues of $152.7 million. For the corresponding period of 1991, the company had net income of $3.8 million, or $0.28 per share, on revenues of $174.2 million.
"The company was profitable for the first time since the third quarter of 1991 due to increasing domestic activity, continued strong international performance and reduced cost structure. Well-servicing and workover activity in the domestic onshore and Gulf of Mexico markets rebounded from mid-year lows because of the higher level of natural gas prices. Optimism has increased in our industry because of stable oil prices, higher natural gas prices and congressional passage of energy industry measures which include tax relief for independent oil and gas companies," said Jim Jongebloed, president and chief executive officer. "In September 1992 the company initiated additional cost reduction measures, including a reduction in staff and operating personnel levels, which is expected to decrease expenses by approximately $3 million in 1993. With a trend of increasing domestic industry activity and a lower company cost structure, we expect an improvement in our financial results in the fourth quarter of 1992," said Jongebloed. 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 (Unaudited) Periods ended Three Months Ended Sept. 30 1992 1991 Revenues $ 54,308,000 $ 51,694,000 Income before interest, tax and depreciation 5,243,000 3,229,000 Net income 272,000 665,000 Earnings per common share .02 .05 Average common shares outstanding 13,513,610 13,513,610 Periods ended Nine Months Ended Sept. 30 1992 1991 Revenues $152,748,000 $174,192,000 Income before interest, tax and depreciation 10,425,000 17,284,000 Net income (loss) (3,606,000) 3,762,000 Earnings (loss) per common share (.27) .28 Average common shares outstanding 13,513,610 13,513,610 -0- 10/21/92 /CONTACT: D.C. Oatman, director, 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 -- NY132 -- 3206 10/21/92 18:43 EDT
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|Date:||Oct 21, 1992|
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