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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Teddy who wrote (13670)3/5/1998 8:28:00 AM
From: RGinPG  Read Replies (1) of 95453
 
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TABLE - R&B Falcon Corp <FLC.N> Q4 results
ÿÿÿ HOUSTON, March 5 (Reuters) -
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (in millions except per share amounts)
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ THREE MONTHS ENDEDÿ YEAR ENDED
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ DECEMBER 31,ÿ DECEMBER 31,
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1997ÿÿ 1996ÿÿÿ 1997ÿÿÿ 1996
OPERATING REVENUESÿÿÿÿÿÿÿÿÿÿÿÿ $269.0 $189.3ÿ $942.1ÿ $609.6
COSTS AND EXPENSES:
ÿ Operating expensesÿÿÿÿÿÿÿÿÿÿÿÿ 132.1ÿÿ 92.6ÿÿ 447.6ÿÿ 329.6
ÿ Depreciationÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 24.1ÿÿ 17.6ÿÿÿ 82.9ÿÿÿ 62.3
ÿ General and administrativeÿÿÿÿÿ 18.9ÿÿ 11.1ÿÿÿ 51.9ÿÿÿ 37.0
ÿ Merger expensesÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 66.4ÿÿÿ ---ÿÿÿ 66.4ÿÿÿÿ ---
ÿÿ Total costs and expensesÿÿÿÿÿ 241.5ÿ 121.3ÿÿ 648.8ÿÿ 428.9
OPERATING INCOMEÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 27.5ÿÿ 68.0ÿÿ 293.3ÿÿ 180.7
OTHER INCOME (EXPENSE):
ÿ Interest expense, net
ÿÿ of capitalized interestÿÿÿÿ (12.5)ÿ (12.0)ÿ (46.3)ÿ (43.0)
ÿ Interest incomeÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1.4ÿÿÿ 1.0ÿÿÿÿ 5.8ÿÿÿÿ 3.4
ÿ Other, netÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (1.3)ÿ (0.8)ÿÿ (2.7)ÿÿ (1.0)
ÿÿ Total other income (expense)
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (12.4)ÿ (11.8)ÿ (43.2)ÿ (40.6)
INCOME FROM CONTINUING OPERATIONS
ÿ BEFORE INCOME TAX EXPENSE AND
ÿ MINORITY INTERESTÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 15.1ÿÿ 56.2ÿÿ 250.1ÿÿ 140.1
INCOME TAX EXPENSEÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 39.2ÿÿ 13.0ÿÿÿ 84.7ÿÿÿ 27.0
MINORITY INTERESTÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (2.5)ÿ (3.0)ÿÿ (9.4)ÿÿ (6.7)
INCOME (LOSS) FROM
ÿ CONTINUING OPERATIONSÿÿÿÿÿÿÿÿ (26.6)ÿÿ 40.2ÿÿ 156.0ÿÿ 106.4
DISCONTINUED OPERATIONS:
ÿ Income (loss) from operations
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (18.7)ÿÿÿ 0.1ÿ (83.4)ÿÿÿÿ 0.3
ÿ Loss on disposalÿÿÿÿÿÿÿÿÿÿÿÿÿ (78.8)ÿÿÿ ---ÿ (78.8)ÿÿÿÿ ---
ÿÿ Total discontinued operations
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (97.5)ÿÿÿ 0.1ÿ (162.2)ÿÿÿ 0.3
NET INCOME (LOSS)ÿÿÿÿÿÿÿÿÿÿÿÿ (124.1)ÿÿ 40.3ÿÿÿÿ ---ÿÿ 106.7
DIVIDENDS ON PREFERRED STOCKÿÿÿÿÿ ---ÿÿÿ ---ÿÿÿÿ ---ÿÿÿÿ 3.6
NET INCOME (LOSS) APPLICABLE
ÿ TO COMMON STOCKHOLDERSÿÿÿÿÿÿ (124.1)ÿÿ 40.3ÿÿ (6.2)ÿÿ 103.1
NET INCOME (LOSS)
ÿ PER COMMON SHARE:
ÿ BASIC:
ÿ Continuing operationsÿÿÿÿÿÿÿÿ (0.16)ÿÿ 0.26ÿÿÿ 0.95ÿÿÿ 0.70
ÿ Discontinued operationsÿÿÿÿÿÿ (0.59)ÿÿÿ ---ÿ (0.99)ÿÿÿÿ ---
ÿÿ Net income (loss)ÿÿÿÿÿÿÿÿÿÿÿ (0.75)ÿÿ 0.26ÿ (0.04)ÿÿÿ 0.70
DILUTED:
ÿ Continuing operationsÿÿÿÿÿÿÿÿ (0.16)ÿÿ 0.25ÿÿÿ 0.94ÿÿÿ 0.67
ÿ Discontinued operationsÿÿÿÿÿÿ (0.59)ÿÿÿ ---ÿ (0.98)ÿÿÿÿ ---
ÿÿ Net income (loss)ÿÿÿÿÿÿÿÿÿÿÿ (0.75)ÿÿ 0.25ÿ (0.04)ÿÿÿ 0.67
WEIGHTED AVERAGE NUMBER
ÿ OF COMMON SHARES OUTSTANDING:
ÿÿ BASICÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 164.6ÿ 157.0ÿÿ 164.1ÿÿ 147.4
ÿÿ DILUTEDÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 166.6ÿ 160.6ÿÿ 166.2ÿÿ 157.7
ÿÿÿÿ NOTE:ÿ After giving effect to merger expenses and a
provision for discontinued operations, net loss was $6.2
million ($0.04 net loss per share) for the year ended December
31, 1997, compared with net income of $103.1 million ($0.70 net
income per common share) for the year ended December 31, 1996.
ÿÿÿ Loss from discontinued operations of $162.2 million is
composed of $83.4 million which represents losses incurred for
the 1997 year and $78.8 million which represents an estimate
for the committed costs to be incurred prior to the disposal as
well as the loss projected at the time of the disposal of the
oil and gas operations.
ÿÿÿ Included in the net loss of $124.1 million for the fourth
quarter of 1997 are nonrecurring items consisting of merger
expenses of $66.4 million, discontinued operations provision of
$97.5 million and a tax provision increase of $28.2 million
primarily related to the discontinued operations reserve
entry.
ÿÿÿ The aggregate effect of these nonrecurring items was a
$192.1 million diminution ($1.17 per share) in earnings for the
fourth quarter of 1997.
ÿÿÿ ((-- New York Newsdesk (212) 859-1700))
REUTERS
Copyright REUTERÿ 07:52 03-05-98
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