The driller's earning's parade has begun! Parker Drilling's earnings released. Couple of cents shy of analysts forecast.
No real surprises---weakness in domestic land and transition zone drilling with strength off-shore, international land, and in oil field service. Fiscal 3rd Quarter was first quarter in which earnings reflected Parker's full 1987 diversification and reflects fact they are no longer solely a land driller.
Cheers,
Gator II
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Friday July 10, 6:47 am Eastern Time
Company Press Release
SOURCE: Parker Drilling Company
Parker Drilling Posts Profitable Third Quarter
TULSA, Okla., July 10 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD
- news) reported today unaudited revenue of $122,852,000 and net income of $6,250,000, or $.08 per diluted share for the third quarter fiscal 1998, which ended May 31.
This compares to revenue of $91,953,000, and net income of $5,897,000 or $.08 per share for the same quarter one year ago.
''This is the first quarter that fully reflects all of our 1997 and 1998 acquisitions,'' said Robert L. Parker, Jr., president and chief
executive officer. ''Despite softness in some land and transition zone
markets, we are encouraged by the continued strength in most of our
international land and offshore segments. We continue to see the
benefits of our acquisition and asset diversification strategy begun
over two years ago,'' he added.
In a separate announcement, the company said it intends to change its
fiscal year-end from August 31 to December 31. The transition will be
effective December 31, 1998.
A worldwide oil and gas drilling contractor, Parker Drilling specializes in land and transition zone offshore drilling and the rental of specialized oil tools.
PARKER DRILLING COMPANY FINANCIAL HIGHLIGHTS
(In thousands except per share data)
QUARTER ENDED MAY 31 NINE MONTHS ENDED MAY 31
Fiscal 1998 Fiscal 1997 Fiscal 1998 Fiscal 1997
Revenue $122,852 $91,953 $357,949 $216,193
Net Income $6,250 $5,897 $29,158 $8,712
Income Per
Share (diluted) $.08 $.08 $.37 $.13
Total Assets $1,151,709 $795,601 $1,151,709 $795,601
Stockholders'
Equity $378,850 $340,967 $378,850 $340,967
SOURCE: Parker Drilling Company
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