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RPC ENERGY SERVICES, INC. REPORTS QUARTER-END RESULTS

 ATLANTA, July 23 /PRNewswire/ -- RPC Energy Services Inc. (NYSE: RES) announced its unaudited results for the quarter and six months ended June 30.
 Revenue for the three months ended June 30 increased 13 percent from $28,282,000 last year to $31,911,000. Income before taxes and extraordinary credit increased 27 percent from $1,988,000 last year to $2,528,000 this year. Net income after taxes decreased 14 percent for the same period from $1,922,000 or 14 cents per share last year to $1,631,000 or 11 cents per share because prior year earnings included an extraordinary credit of $676,000 or 5 cents per share from a loss carryforward.
 Revenue for the six months ended June 30 increased 20 percent from $51,367,000 last year to $61,868,000. Net income after taxes increased 69 percent for the same period from $2,135,000 or 15 cents per share last year to $3,602,000 or 25 cents per share. Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes" was adopted in the quarter ended March 31 resulting in a $150,000 (one cent per share) benefit for the cumulative effect of a change in accounting principle.
 RPC operates in two major segments. The company provides rental of specialized oil field equipment and well control and transportation services to the oil and gas industry. In addition, RPC owns Chaparral Boats, a leading national manufacturer of powerboats. For the quarter ended June 30, revenue for the boat manufacturing segment decreased 16 percent from $16,072,000 last year to $13,561,000 this year. The oil and gas services segment revenue increased 32 percent for the quarter ended June 30 from $12,210,000 last year to $16,095,000 this year.
 Oil and gas segment revenue increased in spite of only a 2 percent increase for the quarter in the average U.S. rig count. A substantial portion of the company's business is generated from work on natural gas wells. The increase in natural gas prices caused a significant increase in natural gas activity compared to a relatively stable level of oil well drilling. In addition, the activity in the Gulf of Mexico increased more than the U.S. as a whole. This also contributed to the company's strong improvement in revenue since most of its business is centered in the Gulf region.
 Chaparral's decline in revenue resulted from intense competition in the boating industry. The company anticipates that the strong increase in boat sales that occurred in 1992 will not be repeated during 1993.
 RPC ENERGY SERVICES, INC. AND SUBSIDIARIES
 BALANCE SHEETS
 (In thousands)
 (Unaudited)
 At June 30 1993 1992
 Assets
 Cash and cash-equivalents $ 16,629 $ 23,698
 Marketable securities 5,593 8,872
 Accounts receivable, net 19,499 12,169
 Inventories 9,011 7,079
 Deferred income taxes 4,919 5,268
 Prepaid expenses and other
 current assets 1,155 832
 Current assets 56,806 57,918
 Equipment and property, net 24,973 23,320
 Marketable securities 12,934 5,679
 Goodwill, net 9,125 9,809
 Deferred income taxes 1,117 553
 Other assets 1,776 2,399
 Total assets $ 106,731 $ 99,678
 Liabilities and Stockholders' Equity
 Accounts payable $ 4,304 $ 3,278
 Accrued payroll and
 related expenses 2,645 2,719
 Accrued insurance expenses 5,062 4,541
 Accrued state, local and
 other taxes 2,560 2,446
 Federal income taxes payable 289 504
 Accrued discounts 545 522
 Other accrued expenses 6,641 6,691
 Current liabilities 22,046 20,701
 Long-term accrued insurance
 expenses 3,373 3,240
 Total liabilities 25,419 23,941
 Common stock 1,461 1,461
 Capital in excess of
 par value 34,228 34,228
 Earnings retained 46,293 40,722
 Less: common stock in
 treasury, at cost (670) (674)
 Total stockholders' equity 81,312 75,737
 Total liabilities and
 stockholders' equity $ 106,731 $ 99,678
 Statements of Income
 (In thousands except per share data)
 (Unaudited)
 Second quarter 6 months
 6/30/93 6/30/92 6/30/93 6/30/92
 Revenue $31,911 $28,282 $61,868 $ 51,367
 Cost of goods sold 12,252 12,516 22,858 21,630
 Operating expenses 16,113 13,009 31,553 25,825
 Deprec. and amort. 1,415 1,267 2,881 2,522
 Interest income (397) (498) (754) (861)
 Income before income taxes,
 extraord. credit and
 cumulative effect of
 accounting change 2,528 1,988 5,330 2,251
 Income tax provision 897 742 1,878 881
 Income before extraord.
 credit and cumulative
 effect of accounting
 change 1,631 1,246 3,452 1,370
 Extraord. credit - utilization
 of loss carryforward --- 676 --- 765
 Cumulative effect of
 change in accounting
 for income taxes --- --- 150 ---
 Net income $ 1,631 $ 1,922 $ 3,602 $ 2,135
 Earnings per share:
 Before extraord. credit
 and accounting change $ 0.11 $ 0.09 $ 0.24 $ 0.10
 After extraord. credit
 and accounting change $ 0.11 $ 0.14 $ 0.25 $ 0.15
 -0- 7/23/93
 /CONTACT: Debra G. Herron of RPC Energy Services, 404-888-2952/
 (RES)


CO: RPC Energy Services, Inc. ST: Georgia IN: OIL SU: ERN

BN-BR -- AT015 -- 5317 07/23/93 17:02 EDT
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Date:Jul 23, 1993
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