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

To: The Ox who wrote (77740)	11/2/2000 9:42:21 AM
From: The Ox	Read Replies (1) \| Respond to of 95453

BJ Services Reports Record Quarterly Revenues and 733% Increase in EPS to $.50 THURSDAY, NOVEMBER 2, 2000 9:01:00 AM EST HOUSTON, Nov 2, 2000 /PRNewswire via COMTEX/ -- BJ Services Company (NYSE: BJS; CBOE) continued its impressive revenue and earnings growth reporting record quarterly revenues of $438.5 million and net income of $42.3 million ($.50 per diluted share) for the quarter ended September 30, 2000. These figures represent increases of 40% and 733% over prior year's fourth fiscal quarter revenue and EPS of $314.2 million and $.06, respectively. The improvement in quarterly revenue and earnings while primarily attributable to improved U.S. activity and pricing, also reflects improved results from Latin America and the Process and Pipeline division. Fourth quarter operating income margins, exclusive of goodwill amortization, improved to 15.9% from 5.4% in prior year's fourth fiscal quarter. The incremental margin improvement represents 42% of the revenue increase. Interest expense continued to decline due to lower outstanding debt resulting from free cash flow from operations, and an equipment refinancing and the exercise of warrants, which took place earlier, in the fiscal year. The Company's quarterly effective tax rate increased to 33% from 30% in prior year's fourth fiscal quarter on the improved earnings. Approximately two- thirds of the annual tax provision is non-cash due to use of tax loss carryforwards. Sequentially, revenues improved by 18% and earnings per share improved by 61%. Operating income margins, exclusive of goodwill amortization, grew from 12.1% in the third quarter to 15.9% and incremental margins of 37% were achieved on the revenue improvement. For the Company's fiscal year ended September 30, 2000, the Company had net income of $118.0 million ($1.45 per diluted share) on revenues of $1.56 billion. Each of these figures represents the highest level in the Company's history. www2.marketwatch.com