TABLE- Norton Drilling (NASDAQ:NORT) Q3 oper shr rises
Reuters, Wednesday, October 15, 1997 at 14:03
LUBBOCK, Texas, Oct 15 (Reuters) -
Norton Drilling Services Inc and Subsidiaries
Consolidated statements of income
(Unaudited)
For the three months ended
Aug 31, Aug 31,
1997 1996
Operating revenues:
Contract drilling revenues $10,336,665 $7,293,643
Other 2,921 2,262
Total operating revenues 10,339,586 7,295,905
Operating costs and expenses:
Direct drilling costs 7,277,982 6,469,033
General and administrative 284,373 258,771
Depreciation, depletion and
amortization 561,450 320,751
Other 1,563 4,159
Total operating costs and expenses
8,125,368 7,052,714
Operating income 2,214,218 243,191
Other income (expense):
Net gain on sale of assets 33,509 11,520
Interest expense (156,699) (80,379)
Total other expense, net (123,190) (68,859)
Income before provision for
income taxes 2,091,028 174,332
Income tax provision --- ---
Income from continuing operations 2,091,028 174,332
Discontinued operations:
Adjustment to provision for loss
on disposal credited 228,074 2,115,007
Income from discontinued operations 228,074 2,115,007
Net income 2,319,102 2,289,339
Per share data:
Primary
Income from continuing operations 0.09 0.01
Income from discontinued operations 0.01 0.09
Net income 0.10 0.10
Assuming full dilution
Income from continuing operations 0.08 0.01
Income from discontinued operations 0.01 0.09
Net income 0.09 0.10
Weighted average number of
common shares outstanding
Primary 23,297,044 22,869,133
Assuming full dilution 25,108,358 22,869,133
For the nine months ended
Aug 31, Aug 31,
1997 1996
Operating revenues:
Contract drilling revenues $25,346,857 $18,536,171
Other 6,159 48,996
Total operating revenues 25,353,016 18,585,167
Operating costs and expenses:
Direct drilling costs 21,017,510 16,241,816
General and administrative 819,822 806,118
Depreciation, depletion and
amortization 1,520,105 962,253
Other 4,915 13,229
Total operating costs and
expenses 23,362,352 18,023,416
Operating income 1,990,664 561,751
Other income (expense):
Net gain on sale of assets 243,304 123,801
Interest expense (421,213) (275,438)
Total other expense, net (177,909) (151,637)
Income before provision for
income taxes 1,812,755 410,114
Income tax provision --- ---
Income from continuing operations 1,812,755 410,114
Discontinued operations:
Adjustment to provision for
loss on disposal credited 253,074 2,115,007
Income from discontinued operations 253,074 2,115,007
Net income 2,065,829 2,525,121
Per share data:
Primary
Income from continuing operations 0.08 0.02
Income from discontinued operations 0.01 0.09
Net income 0.09 0.11
Assuming full dilution
Income from continuing operations 0.08 0.02
Income from discontinued operations 0.01 0.09
Net income 0.09 0.11
Weighted average number of
common shares outstanding
Primary 23,073,452 23,550,713
Assuming full dilution 24,794,984 23,550,713
NOTE: Full co name is Norton Drilling Services, Inc.
Copyright 1997, Reuters News Service |
