Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: jim_p who wrote (71566)	8/24/2000 9:50:28 AM
From: isopatch	Respond to of 95453

Thanks Jim. MAVK should get through $30 very shortly. Mid 30s looks like more significant ST res on the chart. Iso

To: jim_p who wrote (71566)	8/24/2000 10:36:39 AM
From: BigBull	Respond to of 95453

jim_p re tubulars GRP initiated with an outperform rating. Am enclosing the coverage link and GRP's latest earnings report. Not bad. I guess the Street will get around to NSS eventually. biz.yahoo.com Grant Prideco Reports Second Quarter 2000 Results THE WOODLANDS, Texas, July 26 /PRNewswire/ -- Grant Prideco, Inc. (NYSE: GRP - news) today announced net income of $1.6 million, or $0.01 per diluted share, for the second quarter of 2000 on revenues of $112.5 million. The net loss for the same period in 1999 was $4.7 million, or $0.05 per diluted share, on revenues of $56.6 million. Operating income for the second quarter of 2000 was $6.6 million versus an operating loss of $3.9 million in the comparable quarter last year. Revenues were up 99% on a comparative basis to 1999 as a result of the continued improvements in world wide rig count and oil and gas drilling and completion activity. The improved operating income of $10.5 million was attributable to the Engineered Connections and Premium Tubulars segment. As compared to the first quarter of 2000, revenues for the second quarter increased by $5.4 million which generated incremental operating income of $6.3 million. Based on macro fundamentals of the market, such as the recently announced spending plans by major oil and gas companies, the outlook for the second half of 2000 is expected to improve significantly for Grant Prideco. For the six months ended June 30, 2000, revenues were $219.7 million, an increase of $81.8 million, or 59% above last year's levels. A net loss of $1.0 million, or $0.01 per diluted share, was reported for the first half of 2000 versus a net loss of $7.0 million, or $0.07 per diluted share, for the previous year. Drill Stem Products Revenues in the Drill Stem segment for the second quarter of 2000 increased by 95% to $48.6 million, as compared to $25.0 million for the prior year's quarter. Operating income of $2.9 million for the second quarter of 2000 was slightly below last year because 1999 benefited from favorable manufacturing absorption related to significant production for an affiliated company coupled with reduced staffing levels. During 2000, the Company increased staffing levels in order to meet customers' growing demand as evidenced by the Company's current backlog of $120 million. The increased staffing generated certain manufacturing inefficiencies for the current quarter as compared to the prior year. In comparison to the first quarter of 2000, revenues were up by $0.8 million with incremental operating income of $3.2 million as a result of lower raw material costs coupled with higher value product mix. Engineered Connections and Premium Tubulars Revenues in the Engineered Connections and Premium Tubulars segment for the second quarter of 2000 were $63.9 million, an increase of over 100% as compared to the second quarter of 1999. The growth in revenues reflects the continued demand for highly engineered tubing and casing products for critical deep gas and offshore drilling and completion applications as well as the improved demand for the Company's newly developed premium thread technology. Operating income of $8.8 million was improved by $12.5 million compared to the prior year's quarter. Operating income benefited from pricing improvements initiated in the first quarter of 2000 as well as improved manufacturing efficiencies due to higher volumes and the reduction of certain fixed costs. As compared to the first quarter of 2000, revenues increased by $4.6 million with incremental operating income of $3.4 million.