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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Gator II who wrote (19053)4/14/1998 6:54:00 PM
From: Gator II  Read Replies (1) of 95453
 
Preview: Parker's 2nd Qtr Earnings

The following was just posted on Yahoo's PKD thread:

Excerpted from 10-Q filed on 04/14 by PARKER DRILLING CO :
PARKER DRILLING CO files 0228 qtr 10-Q. Reports $235 mil tot rev and
$.30 EPS.
RESULTS OF OPERATIONS
Second Quarter of Fiscal 1998 Compared with Second Quarter of Fiscal
1997
The Company recorded net income of $12.2 million in the second quarter
of
fiscal 1998, an improvement of $10.9 million when compared to the $1.3
million
of the prior fiscal year second quarter. Increased profit margins
(revenue
less direct operating expense) and a $4.6 million gain recorded on the
sale of
the Company's investment in OnSite Technology L.L.C. were primarily
responsible for the improvement in the current quarter.
Revenue of $125.2 million reflects an increase of 58%, or $46.2 million
over
the second quarter of fiscal 1997. Each of the Company's operating
segments-
land drilling, offshore drilling and rental tools, recorded an increase
of
revenue. A total of $20.9 million was attributable to the Hercules and
Bolifor
rigs, none of which was included in the second quarter figures presented
for
fiscal 1997.
The land drilling segment's revenue of $71.0 million reflects an
increase of
$25.8 million when compared to the prior year. Latin American land
drilling
revenue increased $11.4 million, of which $8.2 million was attributable
to the
rigs purchased in the Bolifor acquisition. Increased operating days in
several of the other Latin American countries in which the Company
operates
were primarily responsible for the balance of the increase. Land
drilling
revenue in the Asia Pacific region increased $6.7 million, largely a
reflection of an increase in operating days in Papua New Guinea.
Revenues
also increased in Indonesia although six rigs which had been performing
geothermal drilling services ceased operations during the current
quarter due
to the current adverse economic conditions. One rig is currently being
relocated to Peru and the other rigs are being remarketed within
Indonesia and
in other regions of the world. Land drilling revenue in Africa and the
former
Soviet Union increased $6.1 million. Revenue provided by previously
inactive
rigs which were relocated from Chad to Niger and from the Russian
Republic to
Kazakhstan provided a significant portion of the increase.
Rigs purchased in the Hercules acquisition provided $12.7 million of the
$19.0
million increase in offshore drilling revenue. The balance of the
increase,
$6.3 million, was attributable to the rigs purchased in the Mallard
acquisition of November 1996, in part due to higher average dayrates
earned by
these rigs.
ÿ
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