Oil per barrel has slipped into the red by about 26 cents a barrel that and the "percieved" feelings on inflation and higher interest rates.
This didn't help either.......
Pride International Reports Quarterly Results
HOUSTON, May 5 /PRNewswire/ -- Pride International, Inc. (NYSE: PDE - news) reported a net loss for the first quarter of 1999 of $39,457,000 or $.78 per share, on revenues of $153,819,000. Results for the quarter include charges totaling $28,859,000, net of estimated income taxes, related to substantial work force reductions resulting primarily from decreased activity levels. Excluding such non-recurring charges, the net loss was $10,598,000, or $.21 per share. For the same period in 1998, Pride reported net earnings of $21,434,000, or $.40 per share, on revenues of $213,686,000.
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