Wednesday April 15, 2:41 pm Eastern Time
Company Press Release
SOURCE: Norton Drilling Services, Inc.
Norton Drilling Services, Inc. Releases First Quarter 1998 Results
LUBBOCK, Texas, April 15 /PRNewswire/ -- Norton Drilling Services, Inc. (Nasdaq: NORT - news) today reported increases in both revenues and net income from continuing operations for the first quarter of 1998.
Contract drilling revenues for the first quarter were $9,507,887 as compared to $6,958,785 for the first quarter of last year, an increase of 36.6%. Average rig utilization in the first quarter of 1998 was 92.2% as compared to 80.4% for the first quarter of 1997. Direct job and rig costs were $7,066,484 or 74.3% of revenues for the first quarter of 1998 as compared to $6,327,599 or 90.9% of revenues for the first quarter of 1997.
Due mainly to the increased contract drilling revenues and gross profit percentage, income before provision for income taxes was $1,324,297 for the first quarter of 1998 as compared to a loss of $45,166 in the first quarter of 1997.
Income tax expense for the first quarter of 1998 was $499,900 as compared to $O.00 for the first quarter of 1997.
Norton Drilling Services, Inc. is a holding company with one operating subsidiary, Norton Drilling Company. Norton Drilling Company, headquartered in Lubbock, Texas, owns sixteen drilling rigs. Of the sixteen rigs, fourteen operate in the Permian Basin area of West Texas and Eastern New Mexico, including two diesel electric rigs. The Company also operates two rigs in Southwest Wyoming.
A complete copy of the 10-K may be obtained on the World Wide Web at the SEC Edgar database at www.sec.gov.
NORTON DRILLING SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the three months ended
February 28, February 28,
1998 1997
Operating revenues:
Contract drilling revenues $9,507,887 $ 6,958,785
Other 2,122 1,346
Total operating revenues 9,510,009 6,960,131
Operating costs and expenses:
Direct drilling costs 7,066,484 6,327,599
General and administrative 454,880 316,310
Depreciation, depletion and
amortization 750,029 377,874
Other 2,843 1,419
Total operating costs and expenses 8,274,236 7,023,202
Operating income (loss) 1,235,773 (63,071)
Other income (expense):
Net gain on sale of assets 211,856 134,830
Interest expense (123,332) (116,925)
Total other income (expense), net 88,524 17,905
Income (loss) before provision for
income taxes 1,324,297 (45,166)
Income tax expense
Current 190,121 ---
Deferred 309,779 ---
499,900 ---
Net income (loss) $824,397 $(45,166)
Per share data:
Basic
Net income (loss) $0.03 $(0.00)
Diluted
Net income (loss) $0.03 $(0.00)
Weighted average number of
common shares outstanding
Basic 24,637,813 22,832,273
Diluted 25,175,049 22,832,273
SOURCE: Norton Drilling Services, Inc.
-------------------------------------------------------------------------------- |
