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

To: Tomas who wrote (48449)	7/26/1999 9:31:00 AM
From: Captain James T. Kirk	Read Replies (1) \| Respond to of 95453

UTI Reports Second Quarter Results HOUSTON--(BUSINESS WIRE)--July 26, 1999--UTI Energy Corp. (AMEX:UTI) today reported a net loss of $2.9 million for the three months ended June 30, 1999 compared to net income of $3.1 million for the comparable three-month period in 1998. The net loss per share, excluding a one cent after-tax charge associated with an attempted acquisition, was $0.17 per share on 16,496,000 average diluted common shares outstanding, compared to net earnings of $0.18 per share on 17,179,000 average diluted common shares outstanding for the same period last year. Revenues for the quarter were $28.9 million versus $48.4 million for the comparable quarter last year. For the six months ended June 30, 1999, the Company reported a net loss of $3.2 million, compared to net earnings of $6.6 million for the same six-month period last year. The net loss per share was $0.19 per share on 16,353,000 average diluted common shares outstanding, compared to net earnings of $0.39 per share on 17,218,000 average diluted common shares outstanding for the comparable six months last year. Revenues for the six months were $61.4 million versus $96.7 million for the prior year. Commenting on the second quarter's results, UTI's chairman Mark S. Siegel said, "Over the past several months we have implemented a number of significant changes in our organization to reduce costs and improve our competitive position." He added, "Despite the difficult market conditions, we were able to generate EBITDA from operations for the quarter of $3.1 million and $6.4 million for the six months." Vaughn Drum, UTI's president and chief executive officer, stated, "The reduction in revenues and profitability reflect both the ongoing difficult drilling industry conditions, as well as a seasonal downturn in the Northeast that adversely impacted our pressure pumping operations during the quarter. In view of these conditions, we are focusing on controlling costs, while continuing to position the Company to benefit from any improvement in industry conditions." UTI Energy Corp. is a leading provider of contract drilling and pressure pumping services in the continental United States. With the completion of the merger with Norton Drilling Services, Inc., UTI will have a total of 120 drilling rigs that provide drilling services primarily in Texas, Oklahoma, New Mexico, and the Rocky Mountains. The Company's pressure pumping subsidiary provides stimulation and cementing services in the Northeast. Statements made in this press release that state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. In addition to the factors set forth above, other important factors that could cause actual results to differ materially include, but are not limited to, the impact of recent declines in prices of oil and gas on the demand for the Company's services and the risk of any further declines in oil and gas prices that could adversely affect demand for the Company's services, and their associated effect on day rates and rig utilization, industry conditions, integration of acquisitions, demand for oil and gas, and ability to retain management and field personnel. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's report on Form 10-K for the year ended December 31, 1998 and Forms 10-Q for fiscal 1999 reporting periods. Copies of these filings may be obtained by contacting the Company or the SEC. -0-