Printer Friendly

RPC ENERGY SERVICES INC. REPORTS QUARTERLY RESULTS

 RPC ENERGY SERVICES INC. REPORTS QUARTERLY RESULTS
 ATLANTA, April 24 /PRNewswire/ -- RPC Energy Services Inc. (NYSE: RES) announced its unaudited results for the first quarter ended March 31.
 For the quarter ended March 31, revenue decreased 11 percent from $25,955,000 last year to $23,085,000. Income before extraordinary credit decreased from $1,472,000 or 10 cents per share a year ago to $124,000 or 1 cent per share. Net income after taxes decreased from $2,259,000 or 16 cents per share a year ago to $213,000 or 1 cent per share.
 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 three months ended March 31, revenue for the boat manufacturing segment increased 9 percent from $10,968,000 last year to $11,960,000 this year. The oil and gas services segment revenue decreased 26 percent for the three months ended March 31 from $14,987,000 last year to $11,125,000 this year.
 The entire domestic oil and gas industry experienced significant deterioration during the first quarter of 1992. The U.S. active rig count, which began the quarter at 770 rigs, dropped 17 percent to 639 rigs by quarter end. This is the lowest level of activity since the 1940s and is 30 percent lower than the rig count of 910 at March 31, 1991.
 As a result of these serious conditions, the company is restructuring its oil and gas services segment to reduce costs. The company is consolidating service lines and locations based on profitability and cash flow. In addition, it is consolidating some administrative functions to reduce overhead costs. Finally, the company continues to market its services in other oil producing countries. RPC is continuing to work in Kuwait and is ready to begin work in Venezuela. The company is in the early stages of exploring opportunities in several other countries.
 Chaparral saw some improvement in the boating industry for the first time since the recession began in 1989.
 RPC ENERGY SERVICES, INC. AND SUBSIDIARIES
 Balance Sheets
 (In thousands)
 (Unaudited)
 At March 31 1992 1991
 Assets
 Cash and cash-equivalents $ 17,526 $ 28,418
 Marketable securities 12,698 8,714
 Accounts receivable, net 10,281 13,034
 Inventories 8,041 7,188
 Deferred income taxes 4,455 3,150
 Prepaid expenses and other
 current assets 1,466 1,186
 Current assets 54,487 61,690
 Equipment and property, net 21,269 21,361
 Marketable securities 9,588 0
 Goodwill, net 9,980 10,665
 Deferred income taxes 691 500
 Other assets 1,622 1,570
 Total assets $ 97,617 $ 95,786
 Liabilities and Stockholders' Equity
 Accounts payable $ 2,928 $ 4,794
 Accrued payroll and
 related expenses 2,926 2,744
 Accrued insurance expenses 4,632 5,449
 Accrued state, local and
 other taxes 2,313 2,253
 Accrued discounts 811 889
 Other accrued expenses 6,852 7,502
 Current liabilities 20,462 23,631
 Long-term accrued insurance
 expenses 3,340 4,452
 Total liabilities 23,802 28,083
 Common stock 1,461 1,461
 Capital in excess of
 par value 34,228 34,228
 Earnings retained 38,800 32,704
 Total 74,489 68,393
 Less: common stock in
 treasury, at cost (674) (690)
 Total stockholders' equity 73,815 67,703
 Total liabilities and
 stockholders' equity $ 97,617 $ 95,786
 Statements of Income
 (In thousands except per share data)
 (Unaudited)
 At March 31 1992 1991
 Revenue $23,085 $25,955
 Costs and expenses
 Cost of goods sold 9,114 8,663
 Operating expenses 12,816 14,379
 Deprec. and amort. 1,255 1,119
 Interest income (363) (520)
 Total 22,822 23,641
 Income before income taxes
 and extraord. credit 263 2,314
 Income tax provision 139 842
 Income before extraord.
 credit 124 1,472
 Extraord. credit - utilization
 of loss carryforward 89 787
 Net income $ 213 $ 2,259
 Earnings per share
 Bef. extraord. credit $ 0.01 $ 0.10
 After extraord. credit $ 0.01 $ 0.16
 -0- 4/24/92
 /CONTACT: Debra G. Herron of RPC Energy Services, 404-888-2952/
 (RES) CO: RPC Energy Services, Inc. ST: Georgia IN: OIL LEI SU: ERN


BN-BR -- AT013 -- 2686 04/24/92 16:43 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 24, 1992
Words:723
Previous Article:MEDICAL GRAPHICS ANNOUNCES NEW DISPOSABLE PRODUCT LINE ACCOUNTS FOR OVER 40 PERCENT OF WORLDWIDE SALES IN FIRST QUARTER
Next Article:NISSAN, UNITED TECHNOLOGIES FORGE WORKING RELATIONSHIP


Related Articles
RPC ENERGY SERVICES INC. REPORTS YEAR-END RESULTS
RPC ENERGY SERVICES REPORTS QUARTERLY RESULTS
RPC ENERGY SERVICES REPORTS QUARTERLY RESULTS
RPC ENERGY SERVICES INC. REPORTS QUARTERLY RESULTS
RPC ENERGY SERVICES INC. SIGNS LETTER OF INTENT
RPC ENERGY SERVICES INC. TERMINATES NEGOTIATIONS
RPC ENERGY SERVICES INC. STOCKHOLDERS APPROVE NAME CHANGE TO RPC, INC.
RPC ENERGY SERVICES INC. REPORTS FIRST QUARTER RESULTS
RPC, Inc. Acquires Additional Pumping Assets.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters