POOL ENERGY SERVICES EARNINGS
POOL ENERGY SERVICES EARNINGS HOUSTON, May 6 /PRNewswire/ -- Pool Energy Services Co.
(NASDAQ: PESC), announced a net loss of $2.2 million, or $0.16 per share, on revenues of $50.2 million, for the quarter ended March 31, 1992. For the same period in 1991, the company had net income of $1.5 million, or $0.11 per share, on revenues of $63.9 million.
Jim Jongebloed, president and chief executive officer, said, "Demand remained sluggish in the Gulf of Mexico and domestic onshore markets during the first quarter of 1992 due to continued weak natural gas prices and lower oil prices, which more than offset improved international activity. However, we take some encouragement from the recent increase in domestic natural gas prices." Several international operations were begun during the first quarter of 1992, including an 18 month platform drilling operation in the Adriatic Sea. Pool Arabia, Ltd., the company's Saudi Arabian joint venture company, began a two year operation in the Kuwaiti Neutral Zone utilizing four land workover/drilling rigs. Pool Arabia also commenced operations in the Arabian Gulf with a jackup rig contracted for two years. In a recent development, Jongebloed noted that a contract to provide two land drilling rigs to aid in the repair of the Kuwaiti oil fields had been received. The rigs will begin operations this month under a lease agreement with a minimum term of two years. "Domestic activity levels should gradually improve as natural gas markets strengthen. We anticipate some improvement in our results beginning in the second quarter due to a strong international performance," 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 3/31/92 3/31/91 Revenues $50,198,000 $63,870,000 Income before interest, tax and depreciation 2,330,000 7,041,000 Net income (loss) (2,224,000) 1,481,000 Earnings (loss) per common share (.16) .11 Average common shares outstanding 13,513,610 13,513,610 -0- 5/6/92 /CONTACT: D.C. Oatman, director of business development and financial relations of Pool Energy Services, 713-954-3316/ (PESC) CO: Pool Energy Services Co. ST: Texas IN: OIL SU: ERN
LR -- NY099 -- 7357 05/06/92 19:00 EDT
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|Date:||May 6, 1992|
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