Rowan press release: Palmer always does things like this (see BOLD).
GLM's estimates were $0.37-0.38. So either number they beat estimate. And the stock is going down!
Rowan Companies Reports Increase in First Quarter Financial Results
HOUSTON, April 14 /PRNewswire/ -- Rowan Companies, Inc. (NYSE: RDC; PCX) reported an increase in first quarter financial
results.
On revenues of $183.9 million, the Company produced net income of $42.8 million, or $.48 per diluted share, during the first quarter
of 1998, compared to revenues of $144.8 million and net income of $4.2 million, or $.05 per share, for the same quarter of 1997.
C. R. Palmer, Chairman and Chief Executive Officer, commented, ''The first quarter financial results reaffirm our belief that we are
on the pathway to prosperity. The average day rate for the Company's offshore rigs increased to $62,000 during the first quarter of
1998, a $2,700 or 5% increase over the fourth quarter of 1997 and a $16,800 or 37% increase over the first quarter of 1997.
''Increasing drilling day rates, growing manufacturing backlog and improving flight support operations should enable the Company to
realize its financial goals for 1998, including revenues in excess of $850 million and net income approaching $225 million, or $2.50
per share''.
Rowan Companies, Inc. is a major provider of international and domestic offshore contract drilling and aviation services. The
Company also operates a mini-steel mill, a manufacturing facility that produces heavy equipment for the mining and timber industries,
and a marine division that has designed and built over one-third of all mobile offshore jack-up drilling rigs. The Company's stock is
traded on the New York Stock Exchange and the Pacific Stock Exchange. Common Stock trading symbol: RDC.
ROWAN COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited (Dollars In Thousands)
MARCH 31
1998 1997
ASSETS
Cash and short-term investments $ 116,617 $ 116,924
Accounts receivable 124,527 107,326
Inventories 108,328 92,419
Other current assets 48,872 10,885
Total current assets 398,344 327,554
Property, plant and equipment - net 739,257 572,768
Other assets 5,796 33,587
TOTAL $1,143,397 $ 933,909
LIABILITIES AND STOCKHOLDERS' EQUITY
Current maturities of
long-term debt $ --- $ 56,008
Other current liabilities 76,732 84,576
Total current liabilities 76,732 140,584
Long-term debt 238,135 235,874
Other liabilities 130,307 55,747
Stockholders' equity 698,223 501,704
TOTAL $1,143,397 $ 933,909
CONSOLIDATED STATEMENT OF OPERATIONS
Unaudited (Dollars In Thousands Except Per Share Amounts)
FOR THE THREE MONTHS
ENDED MARCH 31
1998 1997
REVENUES:
Drilling services $ 124,225 $ 89,603
Manufacturing sales and services 37,477 36,644
Aviation services 22,212 18,518
TOTAL 183,914 144,765
COSTS AND EXPENSES:
Drilling services 48,511 65,971
Manufacturing sales and services 30,924 32,085
Aviation services 23,580 20,064
Depreciation and amortization 11,879 11,367
General and administrative 4,503 4,292
TOTAL 119,397 133,779
INCOME FROM OPERATIONS 64,517 10,986
OTHER INCOME (EXPENSE):
Interest expense (4,277) (7,344)
Less interest capitalized 3,425 1,941
Gain on disposals of property,
plant and equipment 477 894
Interest income 1,702 1,316
Other - net 131 72
OTHER INCOME (EXPENSE) - NET 1,458 (3,121)
INCOME BEFORE INCOME TAXES 65,975 7,865
Provision for income taxes 23,216 234
INCOME BEFORE EXTRAORDINARY CHARGE 42,759 7,631
Extraordinary charge from early
redemption of debt --- 3,478
NET INCOME $ 42,759 $ 4,153
PER SHARE OF COMMON STOCK:
BASIC:
Income before
extraordinary charge $ .49 $ .09
Net income $ .49 $ .05
DILUTED:
Income before
extraordinary charge $ .48 $ .09
Net income $ .48 $ .05
DILUTED SHARES 89,362 88,787 |
