Printer Friendly

RPC ENERGY SERVICES INC. REPORTS YEAR END RESULTS

 ATLANTA, Jan. 22 /PRNewswire/ -- RPC Energy Services Inc. (NYSE: RES) announced its unaudited results for the quarter and 12 months ended Dec. 31, 1992.
 Revenue for the three months ended Dec. 31, 1992, increased 13 percent from $24,632,000 last year to $27,896,000. Income before taxes and extraordinary credit increased 12 percent from $2,305,000 last year to $2,577,000 this year. However, net income after taxes decreased 31 percent for the same period from $2,269,000 or 16 cents per share last year to $1,576,000 or 11 cents per share due to the fact that the loss carryforward was fully utilized earlier in 1992.
 For the 12 months ended Dec. 31, 1992, revenue increased 3 percent from $97,339,000 last year to $100,731,000. Net income after taxes decreased 50 percent for the same period from $8,142,000 or 57 cents per share a year ago to $4,104,000 or 28 cents per share. This was caused by the loss carryforward being fully utilized during the year and a change in the revenue mix from oil field service to boat manufacturing.
 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 Dec. 31, 1992, revenue for the boat manufacturing segment increased 18 percent from $9,317,000 last year to $10,952,000 this year. The oil and gas services segment revenue decreased 4 percent for the quarter ended Dec. 31, 1992, from $15,315,000 last year to $14,673,000 this year.
 Even though there was an increase of 9 percent in the U.S. rig count to 869 rigs for the quarter ending Dec. 31, 1992, from 800 average rigs in the quarter ending Dec. 31, 1991, the company's oil and gas segment revenue decreased because of significant international activity in Kuwait during 1991.
 Chaparral experienced continued improvement in its revenue in the fourth quarter as a result of improvements throughout the boating industry. However, there is still a great deal of pessimism in the boating industry about whether the current trend is going to continue.
 RPC ENERGY SERVICES, INC. AND SUBSIDIARIES
 Statements of Income
 (In thousands except per share data)
 (Unaudited)
 Fourth quarter 12 months
 12/31/92 12/31/91 12/31/92 12/31/91
 Revenue $27,896 $24,632 $100,731 $ 97,339
 Costs and expenses
 Cost of goods sold 10,117 7,355 39,077 29,444
 Operating expenses 14,025 14,256 52,354 56,941
 Deprec. and amort. 1,457 1,219 5,358 4,689
 Interest income (280) (503) (1,513) (2,034)
 Income before income tax
 and extraord. credit 2,577 2,305 5,455 8,299
 Provision for income tax 1,001 820 2,116 2,979
 Income before extraord.
 credit 1,576 1,485 3,339 5,320
 Extraord. credit - utilization
 of loss carryforward --- 784 765 2,822
 Net income $ 1,576 $ 2,269 $ 4,104 $ 8,142
 Earnings per share
 Bef. extraord. credit $ 0.11 $ 0.10 $ 0.23 $ 0.37
 After extraord. credit $ 0.11 $ 0.16 $ 0.28 $ 0.57
 Balance Sheets
 (In thousands)
 (Unaudited)
 At Dec. 31 1992 1991
 Assets
 Cash and cash-equivalents $ 20,182 $ 19,990
 Marketable securities 4,176 13,739
 Accounts receivable, net 16,024 12,290
 Inventories 9,845 6,445
 Deferred income taxes 5,034 4,258
 Prepaid expenses and other
 current assets 1,729 2,356
 Current assets 56,990 59,078
 Equipment and property, net 24,737 20,862
 Marketable securities 8,481 4,800
 Goodwill, net 9,467 10,151
 f?erred income taxes 787 799
 Other assets 2,427 1,660
 Total assets $ 102,889 $ 97,350
 Liabilities and Stockholders' Equity
 Accounts payable $ 4,518 $ 2,842
 Accrued payroll and
 related expenses 2,289 2,495
 Accrued insurance expenses 4,788 4,669
 Accrued state, local and other
 taxes 2,105 2,192
 Accrued discounts 539 934
 Other accrued expenses 7,701 6,955
 Current liabilities 21,940 20,087
 Long-term accrued insurance
 expenses 3,239 3,661
 Total liabilities 25,179 23,748
 Common stock 1,461 1,461
 Capital in excess of
 par value 34,228 34,228
 Earnings retained 42,691 38,587
 Less: common stock in
 treasury, at cost (670) (674)
 Total stockholders' equity 77,710 73,602
 Total liabilities and
 stockholders' equity $ 102,889 $ 97,350
 -0- 1/22/93
 /CONTACT: Debra G. Herron of RPC Energy Services, 404-888-2952/
 (RES)


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

RA-BN -- AT018 -- 8099 01/22/93 17:12 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 22, 1993
Words:798
Previous Article:HARLAND INCREASES CASH DIVIDEND
Next Article:KENTUCKY CENTRAL LIFE INSURANCE COMPANY BOARD OF DIRECTORS DECIDES NOT TO DECLARE QUARTERLY DIVIDEND
Topics:


Related Articles
RPC ENERGY SERVICES INC. REPORTS YEAR-END RESULTS
RPC ENERGY SERVICES REPORTS QUARTERLY RESULTS
RPC ENERGY SERVICES INC. REPORTS QUARTERLY RESULTS
RPC ENERGY SERVICES INC. REPORTS YEAR END RESULTS
RPC ENERGY SERVICES INC. REPORTS FIRST QUARTER RESULTS
RPC ENERGY SERVICES INC. REPORTS SECOND QUARTER RESULTS
RPC ENERGY SERVICES, INC. REPORTS THIRD QUARTER RESULTS
RPC ENERGY SERVICES INC. REPORTS YEAR END RESULTS
RPC, INC. REPORTS SECOND QUARTER RESULTS
RPC, INC. REPORTS THIRD QUARTER RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters