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WEATHERFORD INTERNATIONAL REPORTS RESULTS

 HOUSTON, Aug. 3 /PRNewswire/ -- Weatherford International (AMEX: WII) reported today 1993 second quarter net income before nonrecurring expenses of $5.3 million, or $0.10 per common share, compared to $3.5 million, or $0.08 per common share, in the second quarter of 1992. After recording nonrecurring expenses of $4.0 million, or $0.08 per common share, Weatherford reported net income for the 1993 second quarter of $1.3 million, or $0.02 per common share.
 Revenues in the second quarter of 1993 increased $35.9 million, or 72 percent, to $85.6 million compared to $49.6 million inthe second quarter of 1992. The increase primarily resulted from the inclusion of the Homco operations 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 $44.8 million and international revenues increased 17 percent to $40.8 million when comparing the second quarter of 1993 to the second quarter of 1992.
 Operating income before nonrecurring expenses increased $4.2 million, or 87 percent, in the second quarter of 1993 to $8.9 million primarily as a result of continued strong international results and profitable domestic operations compared to a domestic loss during the second quarter of 1992. The improved domestic results are attributable to the increased revenues and the cost savings realized from consolidating the Homco and Gemoco operations into Weatherford's operations.
 The nonrecurring expenses of $4.0 million relate to the April 1, 1993 acquisition of Homco and the primarily represent termination and facility closure costs that were necessary to generate the consolidation cost savings mentioned above.
 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 Six Months
 June 30, 1993 1992 1993 1992
 Revenues:
 International $40,797 $34,971 $74,628 $69,294
 Domestic 44,784 14,667 66,641 28,667
 Total revenues 85,581 49,638 141,269 97,961
 Costs and expenses:
 Cost of sales and services 62,270 33,361 99,867 67,039
 Selling, general and
 administrative expenses 14,533 10,831 25,754 21,344
 Research and development 597 656 1,070 1,224
 Equity in earnings of
 unconsolidated affiliates (754) (608) (1,702) (1,370)
 Foreign currency loss 196 12 363 418
 Other (income) expenses, net (208) 612 565 142
 Nonrecurring expenses 4,000 -- 4,000 --
 Total costs and expenses 80,634 44,864 129,917 88,797
 Operating income (loss):
 International 7,585 6,582 14,121 12,616
 Domestic 2,186 (1,394) 2,651 (2,731)
 Corporate (824) (414) (1,420) (721)
 Nonrecurring expenses (4,000) -- (4,000) --
 Total operating income 4,947 4,774 11,352 9,164
 Interest expense 1,429 445 1,835 1,001
 Interest income (223) (208) (430) (460)
 Income before income taxes 3,741 4,527 9,947 8,623
 Income taxes 2,447 1,029 4,656 2,470
 Net income $1,294 $3,498 $5,291 $6,153
 Weighted average common
 and common equivalent
 shares outstanding 47,311 39,704 43,838 39,623
 Income per common and common
 equivalent share (A) $0.02 $0.08 $0.10 $0.14
 (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 June 30, 1993 and 1992. Preferred stock dividends of $769,000 ($0.02 per common share) have been deducted from net income for the six-month periods ended June 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- 8/3/93
 /CONTACT: Norman W. Nolen, chief financial officer of Weatherford International, 713-439-9400/
 (WII)


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

TM -- NY011 -- 8759 08/03/93 09:18 EDT
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Date:Aug 3, 1993
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