Parker Drilling Reports Results for First Quarter
TULSA, Okla., April 25 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD)
today reported an unaudited loss for the first quarter of $14,876,000 or
$(0.19) per share. This compares with a loss of $12,796,000 or $(0.17) per
share for the first quarter of 1999.
According to Robert L. Parker Jr., president and chief executive officer,
"While we are disappointed in our results for this quarter, we anticipate that
our financial performance will improve through the balance of the year."
Parker went on to say, "We have seen improvements in dayrates and
utilization of our Gulf of Mexico rigs and have experienced higher revenues at
Quail Tools. We also expect international land utilization to improve during
the second half of 2000."
Parker is a Tulsa-based energy company specializing in barge and offshore
drilling and workover services, international land drilling, and specialized
oil tool rentals. The company employs more than 3,000 people worldwide.
Parker Drilling Company Financial Highlights
(in thousands except per share data)
QUARTER ENDED MARCH 31
2000 1999
Revenue $73,953 $86,846
Net Income (loss) $(14,876) $(12,796)
Income (loss)
Per Share (diluted) $(0.19) $(0.17)
Total Assets $1,078,239 $1,142,435
Stockholders' Equity $317,326 $351,636
This release contains certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Securities Acts. All
statements, other than statements of historical facts, that address
activities, events or developments that the Company expects, projects,
believes or anticipates will or may occur in the future, the outlook for rig
utilization and dayrates, general industry conditions including bidding
activity, future operating results of the Company's rigs and rental tool
operations, capital expenditures and reimbursements, asset sales, expansion
and growth opportunities, bank borrowings, financing activities and other such
matters, are forward-looking statements. Although the Company believes that
its expectations stated in this release are based on reasonable assumptions,
actual results may differ from those projected in the forward-looking
statements. For a more detailed discussion of risk factors, please refer to
the Company's reports filed with the SEC, and in particular, the report on
Form 10-K for the year ended December 31, 1999.
PARKER DRILLING COMPANY
Balance Sheet
(in Millions)
(Unaudited)
12/31/98 3/31/99 6/30/99 9/30/99 12/31/99 3/31/00
Actual Actual Actual Actual Actual Actual
Cash and Short-
Term Investments 24.3 24.8 19.3 20.8 46.3 52.3
Rec., Inv., and
Oth. Cur. Assets 137.8 123.4 115.0 113.7 105.1 114.8
TOTAL CURRENT ASSETS 162.1 148.2 134.3 134.5 151.4 167.1
Net P.P.& E. 729.9 725.2 719.3 680.0 661.4 640.8
Goodwill 214.2 212.3 208.2 206.0 204.1 202.2
Other Assets 53.1 56.7 56.3 71.1 65.8 68.1
TOTAL ASSETS 1,159.3 1,142.4 1,118.1 1,091.6 1,082.7 1,078.2
Current Portion of
Long-Term Debt 31.4 31.1 41.3 1.2 5.1 5.1
Other Current Liab. 80.0 82.1 66.9 76.8 67.0 81.0
TOTAL CURRENT LIAB. 111.4 113.2 108.2 78.0 72.1 86.1
Long-Term Debt 630.4 629.3 629.1 628.9 648.6 647.3
Deferred Taxes 41.3 35.6 29.7 32.3 28.3 22.1
Oth. Long-Term Liab. 12.2 12.7 12.1 11.6 4.3 5.4
Stockholder's Equity 364.0 351.6 339.0 340.8 329.4 317.3
TOTAL LIAB. &
EQUITY 1,159.3 1,142.4 1,118.1 1,091.6 1,082.7 1,078.2
Current Ratio 1.46 1.31 1.24 1.72 2.10 1.94
Total Debt as a % of
Capitalization 64.5% 65.3% 66.4% 64.9% 66.5% 67.3%
Book Value per
Common Share $4.74 $4.57 $4.40 $4.43 $4.26 $4.09
PARKER DRILLING COMPANY
Quarterly Statement of Income, Margins & EBITDA (In Millions)
(UNAUDITED) 1999 1999 2000
1Q 2Q 3Q 4Q Annual 1Q
Actual Actual Actual Actual Actual Actual
REVENUES
Domestic Land
Drilling 7.1 4.5 6.0 0.2 17.8 0.3
Domestic Offshore
Drilling 21.3 24.4 21.1 29.1 95.9 27.1
International Land
Drilling 38.4 34.2 30.7 24.2 127.5 22.2
International
Offshore Drlg 12.5 12.7 15.2 15.0 55.4 16.5
Rental Tools 7.3 6.2 7.0 7.1 27.6 7.8
Non Drilling 0.2 0.0 0.1 0.0 0.3 0.0
Total Revenues 86.8 82.0 80.1 75.6 324.5 73.9
OPERATING EXPENSES
Domestic Land
Drilling 5.8 3.9 5.3 0.8 15.8 0.2
Domestic Offshore
Drilling 22.0 19.7 20.8 21.9 84.4 22.6
International Land
Drilling 27.6 23.9 22.6 18.1 92.2 17.0
International
Offshore Drlg 7.4 7.8 9.1 9.7 34.0 13.4
Rental Tools 2.6 2.8 2.8 2.7 10.9 3.6
Non Drilling 0.1 0.0 0.8 1.0 1.9 0.0
Total Operating
Expenses 65.5 58.1 61.4 54.2 239.2 56.8
GROSS MARGIN
Domestic Land
Drilling 1.3 0.6 0.7 (0.6) 2.0 0.1
Domestic Offshore
Drilling (0.7) 4.7 0.3 7.2 11.5 4.5
International Land
Drilling 10.8 10.3 8.1 6.1 35.3 5.2
International
Offshore Drlg 5.1 4.9 6.1 5.3 21.4 3.1
Rental Tools 4.7 3.4 4.2 4.4 16.7 4.2
Non Drilling 0.1 0.0 (0.7) (1.0) (1.6) 0.0
Total Gross Margin 21.3 23.9 18.7 21.4 85.3 17.1
General &
Administrative (4.4) (3.8) (4.1) (4.0) (16.3) (5.0)
Restructuring
Charges (2.2) (0.8) 0.0 0.0 (3.0) 0.0
EBITDA 14.7 19.3 14.6 17.4 66.0 12.1
Depreciation &
Amort. (20.0) (20.3) (21.0) (20.9) (82.2) (21.0)
Prov. f/ Carrying
Value (1.5) (3.8) (5.3) 0.0 (10.6) 0.0
OPERATING
INCOME (LOSS) (6.8) (4.8) (11.7) (3.5) (26.8) (8.9)
Interest Expense (13.2) (13.4) (15.0) (14.3) (55.9) (14.5)
Interest Income 0.4 0.3 0.3 0.7 1.7 0.9
Gain on Disposition
of Assets 2.4 0.5 34.3 1.9 39.1 1.0
Other - Net 1.7 0.6 (0.6) (0.4) 1.3 1.8
PRETAX INCOME (LOSS) (15.5) (16.8) 7.3 (15.6) (40.6) (19.7)
Income Taxes -
Current (3.0) (2.1) (3.4) (2.7) (11.2) (2.6)
Income Taxes -
Deferred 5.7 5.8 (2.6) 5.0 13.9 7.4
NET INCOME (LOSS) (12.8) (13.1) 1.3 (13.3) (37.9) (14.9)
Shares Outstanding:
Diluted for
EPS calc. 76.9 77.1 77.8 77.3 77.2 77.5
Total # of
Shares O/S 76.9 77.1 77.2 77.4 77.4 77.5
EARNINGS PER SHARE ($0.17) ($0.17) $0.02 ($0.17) ($0.49) ($0.19)
CASH FLOW * 8.7 11.0 27.6 7.6 54.9 6.1
CASH FLOW PER SHARE * 0.11 0.14 0.35 0.10 0.71 0.08
GROSS MARGINS %
Domestic Land
Drilling 18.3% 13.3% 11.7% NM 11.2% 33.3%
Domestic Offshore
Drilling -3.3% 19.3% 1.4% 24.7% 12.0% 16.6%
International Land
Drilling 28.1% 30.1% 26.4% 25.2% 27.7% 23.4%
International
Offshore Drlg 40.8% 38.6% 40.1% 35.3% 38.6% 18.8%
Rental 64.4% 54.8% 60.0% 62.0% 60.5% 53.8%
EBITDA MARGIN % 16.9% 23.5% 18.2% 23.0% 20.3% 16.4%
* Cash Flow is calculated by adding Net Income plus Depreciation &
Amortization plus Provision for Reduction in Carrying Value of certain assets
Parker Drilling Company
Marketable Rig Count Summary
As of March 31, 2000
Marketable
Domestic Land Rigs
Alaska 1
Total 1
Domestic Barge Rigs
Workover 9
Intermediate 5
Deep Drilling 8
Total 22
Domestic Platform Rigs 4
Domestic Jackup Rigs 7
Total Domestic Rigs 34
International Land Rigs
Core Rigs
Latin America 19
Asia Pacific 7
Frontier 5
Total Core 31
Indonesia 10
Total 41
International Barge Rigs
Nigeria 4
Caspian Sea 1
Total 5
Total International Rigs 46
Total 80
SOURCE Parker Drilling Company
CO: Parker Drilling Company
ST: Oklahoma
IN: OIL
SU: ERN
04/25/2000 08:00 EDT prnewswire.com |
