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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: marc chatman who wrote (48413)	7/26/1999 9:51:00 AM
From: marc chatman	Read Replies (1) \| Respond to of 95453

FLC reports. Loss of .12. But Loyd says what I want to hear. Paul B. Loyd, Jr., the Company's Chairman and Chief Executive Officer, said, ''The reported loss this quarter is in line with our expectations given the current depressed market for drilling services. Not withstanding our loss for the quarter, we did produce positive operating income and we continued to build cash compared to the previous quarter. We currently have approximately $681.3 million of cash and marketable securities and can well withstand any continued weakness in the sector. However, current commodity pricing has improved which we believe should ultimately lead to a robust recovery in the sector, most likely in the year 2000. With the largest fleet in the industry, we are poised to take advantage of this increase in demand as and when it develops. In particular, the company has very significant operating leverage to further improvements in natural gas related drilling activity.''