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WEATHERFORD INTERNATIONAL REPORTS RESULTS FOR THIRD QUARTER

 HOUSTON, Oct. 26 /PRNewswire/ -- Weatherford (AMEX: WII) today reported 1993 third quarter net income of $7.0 million, or $0.13 per common share, compared to $3.2 million, or $0.07 per common share, in the third quarter of 1992. Third quarter 1993 results included expenses of $550,000, or $0.01 per share, representing due diligence costs incurred in connection with the proposed merger with Tuboscope Vetco International Corporation, for which negotiations terminated in August.
 Revenues in the third quarter of 1993 increased $31.7 million, or 61 percent, to $83.6 million compared to $51.9 million in the third quarter of 1992. The increase primarily resulted from the inclusion of the Homco operations, which were acquired in April. Increased domestic drilling activity and the inclusion of the Gemoco operations, which were acquired in November 1992, also contributed to the revenue increase. Domestic revenues tripled to $44.5 million and international revenues increased 6 percent to $39.1 million when comparing the third quarter of 1993 to the third quarter of 1992.
 Operating income increased $4.7 million, or 92 percent, in the third quarter of 1993 to $9.8 million, primarily as a result of profitable domestic operations compared to a domestic loss during the third quarter of 1992. The improved domestic results are attributable to the increased revenues and the significant cost savings realized from consolidating the Homco and Gemoco operations into Weatherford. This consolidation is substantially complete. International operating income for the third quarter of 1993 exceeded third quarter 1992 results by 25 percent despite the declining international rig count.
 Weatherford is a Houston-based diversified international energy service and manufacturing company that provides tubular running services, fishing and rental tool services, cementation products and other specialized equipment to the oil and gas industry.
 WEATHERFORD INTERNATIONAL
 (in thousands except per share amounts)
 Periods Ended Three Months Nine Months
 Sept. 30, 1993 1992 1993 1992
 Revenues:
 International $39,070 $36,804 $113,698 $106,098
 Domestic 44,530 15,070 111,171 43,737
 Total revenues 83,600 51,874 224,869 149,835
 Costs and expenses:
 Cost of sales and services 60,295 36,725 160,162 103,764
 Selling, general and
 administrative expenses 12,981 9,855 38,735 31,199
 Research and development 753 679 1,823 1,903
 Equity in earnings of
 unconsolidated affiliates (850) (833) (2,552) (2,203)
 Foreign currency (gain)
 loss, net (45) 325 318 743
 Other expense, net 683 33 1,248 175
 Nonrecurring expenses -- -- 4,000 --
 Total costs and expenses 73,817 46,784 203,734 135,581
 Operating income (loss):
 International 7,082 5,654 21,203 18,270
 Domestic 3,988 (260) 6,639 (2,992)
 Corporate (1,287) (304) (2,707) (1,024)
 Nonrecurring expenses -- -- (4,000) --
 Total operating income 9,783 5,090 21,135 14,254
 Interest expense 739 558 2,574 1,559
 Interest income (304) (138) (734) (598)
 Income before income taxes 9,348 4,670 19,295 13,293
 Income taxes 2,346 1,422 7,002 3,892
 Net income $7,002 $3,248 $12,293 $9,401
 Weighted average common
 and common equivalent
 shares outstanding 50,118 39,931 45,942 39,729
 Income per common and
 common equivalent
 share (A) $0.13 $0.07 $0.24 $0.21
 (A) Income per common and common equivalent share is computed on the basis of the weighted average number of shares of common stock and common stock equivalents (if dilutive) outstanding during the respective periods. For purposes of this calculation, preferred stock dividends of $384,000 ($0.01 per common share) have been deducted from net income for the three-month periods ended Sept. 30, 1993 and 1992. Preferred stock dividends of $1,153,000 ($0.03 per common share) have been deducted from net income for the nine month periods ended Sept. 30, 1993 and 1992. Fully diluted earnings per share are considered to be equal to primary earnings per share in all periods presented because the effects of potentially dilutive securities that are not common stock equivalents were immaterial.
 -0- 10/26/93
 /CONTACT: Norman W. Nolen, chief financial officer of Weatherford International, 713-439-9400/
 (WII)


CO: Weatherford International ST: Texas IN: OIL SU: ERN

LD -- NY008 -- 6740 10/26/93 09:03 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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