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RPC ENERGY SERVICES INC. REPORTS YEAR-END RESULTS

 RPC ENERGY SERVICES INC. REPORTS YEAR-END RESULTS
 ATLANTA, Jan. 24 /PRNewswire/ -- RPC Energy Services Inc.


(NYSE: RES) announced its unaudited results for the 12 months and quarter ended Dec. 31.
 For the 12 months ended Dec. 31, revenue decreased 15 percent from $114,086,000 last year to $97,339,000. Net income after income taxes decreased 26 percent for the same period from $10,971,000 or 76 cents per share a year ago to $8,142,000 or 57 cents per share.
 Revenue for the three months ended Dec. 31 decreased 9 percent from $27,072,000 last year to $24,632,000. Net income after income taxes decreased 18 percent for the same period from $2,756,000 or 19 cents per share last year, to $2,269,000 or 16 cents per share.
 RPC operates in two major segments. The company provides rental of specialized oil field equipment, and well stimulation, 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, revenue for the boat manufacturing segment decreased 6 percent from $9,920,000 last year to $9,317,000 this year. The recession in the boating industry, which began in 1989, has continued to worsen during the current year.
 The oil and gas services segment revenue decreased 11 percent for the quarter ended Dec. 31, from $17,152,000 last year to $15,315,000 this year. As of Dec. 31, the active rig count decreased 29 percent to 770 rigs from 1,086 at Dec. 31, 1990. During the fourth quarter, Cudd Pressure Control (a wholly owned subsidiary) along with many other fire fighting teams from around the world, extinguished all remaining oil well fires in Kuwait. Several members of the Cudd team have continued to work in Kuwait to help bring the wells back into production. However, the magnitude of this work is not significant in comparison to the firefighting, and the company does not anticipate any improvements in the domestic oil and gas industry in the near term.
 RPC ENERGY SERVICES, INC. AND SUBSIDIARIES
 Balance Sheets
 (In thousands)
 (Unaudited)
 At Dec. 31 1991 1990
 Assets
 Cash and cash equivalents $ 13,290 $ 15,339
 Marketable securities 20,439 17,222
 Accounts receivable, net 12,290 14,549
 Inventories 6,445 7,538
 Deferred income taxes 4,258 ---
 Prepaid expenses and other
 current assets 2,356 1,733
 Current assets 59,078 56,381
 Equipment and property, net 20,862 20,872
 Marketable securities 4,800 ---
 Goodwill, net 10,151 10,836
 Deferred income taxes 799 2,970
 Other assets 1,660 1,586
 Total assets $ 97,350 $ 92,645
 Liabilities and Stockholders' Equity
 Accounts payable $ 2,842 $ 4,059
 Accrued payroll and
 related expenses 2,495 2,972
 Accrued insurance expenses 4,669 5,638
 Other accrued expenses 10,081 10,177
 Current liabilities 20,087 22,846
 Long-term accrued insurance
 expenses 3,661 4,355
 Total liabilities 23,748 27,201
 Common stock 1,461 1,461
 Capital in excess of
 par value 34,228 34,228
 Earnings retained 38,587 30,445
 Total 74,276 66,134
 Less: common stock in
 treasury, at cost (674) (690)
 Total stockholders' equity 73,602 65,444
 Total liabilities and
 stockholders' equity $ 97,350 $ 92,645
 Statements of Income
 (In thousands except per share data)
 (Unaudited)
 Fourth quarter 12 months
 12/31/91 12/31/90 12/31/91 12/31/90
 Revenue $24,632 $27,072 $97,339 $114,086
 Costs and expenses
 Cost of goods sold 7,355 8,076 29,444 41,389
 Operating expenses 14,256 15,676 56,941 59,841
 Deprec. and amort. 1,219 1,060 4,689 3,904
 Interest income (503) (552) (2,034) (2,321)
 Total 22,327 24,260 89,040 102,813
 Income before income tax
 and extraord. credit 2,305 2,812 8,299 11,273
 Provision for income tax 820 1,012 2,979 4,135
 Income before extraord.
 credit 1,485 1,800 5,320 7,138
 Extraord. credit - utilization
 of loss carryforward 784 956 2,822 3,833
 Net income $ 2,269 $ 2,756 $ 8,142 $ 10,971
 Earnings per share
 Bef. extraord. credit $ 0.10 $ 0.13 $ 0.37 $ 0.50
 After extraord. credit $ 0.16 $ 0.19 $ 0.57 $ 0.76
 -0- 1/24/92
 /CONTACT: Debra G. Herron of RPC Energy Services, 404-888-2952/
 (RES) CO: RPC Energy Services, Inc. ST: Georgia IN: OIL SU: ERN


BR-BN -- AT010 -- 3257 01/24/92 16:27 EST
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