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READING & BATES ANNOUNCES FINANCIAL RESULTS

 READING & BATES ANNOUNCES FINANCIAL RESULTS
 HOUSTON, May 15 /PRNewswire/ -- Reading & Bates Corporation


(NYSE: RB) reported net losses of $1.6 million ($.01 per share), on revenues of $40.4 million, for the quarter ended March 31, 1992. Results for the first quarter of 1992 included losses of $1.5 million due to the consolidation of Arcade Drilling. Reading & Bates consolidated Arcade Drilling effective in the first quarter of 1992. The net loss for the first quarter of 1991 was $33.5 million, ($.75 per share) on revenues of $28.6 million.
 Revenues for the first quarter of 1992 increased 41 percent of which 32 percent was attributable to the consolidation of Arcade Drilling. The remaining increase was due primarily to increased revenue from the "Jim Cunningham" semisubmersible as it was being operated by a consolidated subsidiary in 1992 and by a joint venture in 1991. Operating expenses increased 40 percent which primarily pertained to the consolidation of Arcade Drilling, offset by $3.8 million net insurance proceeds relating to a crane accident on the "W.D. Kent" tender. Interest expense for the first quarter decreased $4.1 million primarily as a result of the recapitalization that was completed in the first quarter of 1991 less a $2.2 million increase due to the consolidation of Arcade. Other, net was $3.1 million lower in 1992 due primarily to lower recapitalization expenses which was offset by $1.6 million from Arcade Drilling. The first quarter of 1991 included a charge of $18.9 million ($.42 per share) for the cumulative effect of adopting Financial Statement of Accounting Standards No. 106, Employers' Accounting for Postretirement Benefits Other Than Pensions and a $.9 million charge for discontinued operations.
 Reading & Bates is a New York Stock Exchange listed company, engaging in offshore drilling throughout the world.
 READING & BATES CORPORATION
 AND SUBSIDIARIES
 Consolidated Statement of Operations
 (In thousands except per share amounts)
 (Unaudited)
 Period ended Three Months
 3/31/92 3/31/91
 Operating revenues $40,416 $ 28,574
 Costs and Expenses:
 Operating expenses 34,615 24,681
 General and administrative 4,123 3,509
 38,738 28,190
 Operating Income 1,678 384
 Other Income (Expenses):
 Interest expense (4,942) (9,058)
 Interest income 799 168
 Equity in earnings of unconsolidated
 investees 34 57
 Other, net (1,340) (4,395)
 (5,449) (13,228)
 Loss from continuing operations
 before income taxes, minority
 interest and cumulative effect
 of change in accounting principle (3,771) (12,844)
 Income taxes 333 924
 Loss from continuing operations
 before minority interest and
 cumulative effect of change in
 accounting principle (4,104) (13,768)
 Minority interest 2,537 --
 Loss from discontinued operations -- (888)
 Cumulative effect of change in
 accounting principle -- (18,860)
 Net Loss $(1,567) $(33,516)
 Net Loss Per Share $ (.01) $ (.75)
 READING AND BATES CORPORATION
 AND SUBSIDIARIES
 Condensed Consolidated Balance Sheet
 (In thousands)
 3/31/92 12/31/91
 Assets:
 Current assets $ 96,937 $ 48,238
 Net property and equipment 515,443 320,661
 Investments and advances 3,536 69,243
 Other assets 10,703 5,379
 Total assets $626,619 $443,521
 Liabilities and Stockholders' Equity:
 Long-term obligations including current
 portion $149,721 $ 67,405
 Current liabilities other than current
 portion of long-term obligations 42,258 66,372
 Other noncurrent liabilities 79,543 71,223
 Minority interest 118,141 --
 Redeemable preferred stock 13,412 12,795
 Common stock subject to redemption 16,090 15,310
 Other stockholders' equity 207,454 210,416
 Total Liabilities and Stockholders'
 Equity $626,619 $443,521
 -0- 5/15/92
 /CONTACT: T.W. Nagle of Reading & Bates Corporation, 713-496-5000/
 (RB) CO: Reading & Bates Corporation ST: Texas IN: OIL SU: ERN


LR -- NY113 -- 1021 05/15/92 18:17 EDT
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Publication:PR Newswire
Date:May 15, 1992
Words:618
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