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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (7755)	2/14/2002 12:14:06 AM
From: t4texas	Read Replies (1) \| Respond to of 36161

russian bear kicks ass

To: Frank Pembleton who wrote (7755)	2/14/2002 8:29:56 AM
From: TheBusDriver	Respond to of 36161

BHI FY 2001 Operating Profit After Tax Up 124% Fourth Quarter Operating Earnings Per Share of $0.39 Fourth Quarter Oilfield Operating Margin 19% HOUSTON--(BUSINESS WIRE)--Feb. 14, 2002--Baker Hughes Incorporated (NYSE:BHI)(PCX:BHI)(EBS:BHI) announced today that net income, in accordance with generally accepted accounting principles ("net income"), for the year 2001 was $438.0 million or $1.30 per share (diluted), compared to $102.3 million or $0.31 per share (diluted) for the year 2000. Net income for the fourth quarter of 2001 was $126.0 million or $0.37 per share (diluted), compared to a net loss of $(41.0) million or $(0.12) per share (diluted) for the fourth quarter of 2000 and net income of $137.1 million or $0.41 per share (diluted) for the third quarter of 2001. Operating profit after tax, which excludes non-operational items, for the year 2001 was $448.0 million or $1.33 per share (diluted), up 124% compared to $200.2 million or $0.60 per share (diluted) for 2000. Operating profit after tax for the fourth quarter of 2001 was $132.8 million or $0.39 per share (diluted), up 64% compared to $81.0 million or $0.24 per share (diluted) for the fourth quarter of 2000, and down 1% compared with $134.7 million or $0.40 per share (diluted) for the third quarter of 2001. Baker Hughes returned its cost of capital for the second quarter in a row. Net Income for the fourth quarter of 2001 includes $6.8 million after tax or $0.02 per share (diluted) of non-operational items including a $10.3 million charge related to Baker Hughes' share of a Western GECO venture non-recurring charge and a $4.2 million credit from the reversal of an excess accrual related to substantially exiting the E&P business in 2000. Net income is reconciled to operating profit in the section titled Reconciliation of GAAP Results and Operating Results in this news release. Revenue for the year 2001 was $5,382.2 million, up 3% from the year 2000. Revenue for the fourth quarter of 2001 was $1,375.7 million, down 1% from the fourth quarter of 2000 and down 4% from the third quarter of 2001. Oilfield Operations revenue for the year 2001 was $5,063.4 million, up 21% from the year 2000, excluding Western Geophysical. Oilfield Operations revenue for the fourth quarter of 2001 was $1,300.6 million, up 12% from the fourth quarter of 2000, excluding Western Geophysical, and down 4% from the third quarter of 2001. Michael E. Wiley, Baker Hughes chairman, president, and chief executive officer, said, "Our fourth quarter results topped off a successful year in which Baker Hughes achieved record results, doubling operating profits for the second year in a row. Our divisions achieved strong returns in a healthy market that was driven by North American activity in the first half and international business in the second." Mr. Wiley continued, "In 2002, we will continue to focus on executing our core strategies in what will be a more difficult market, especially in the first half of the year. We expect spending in North America to be down 15-20% compared to 2001 while spending in the rest of the world should grow modestly. Our plans contemplate a recovery in North American activity in the second half of 2002. Regardless of market conditions Baker Hughes will continue to set aggressive goals. We will manage our costs, control our manufacturing capacity and inventories, and continue to strive for fair prices while preserving our ability to service our customers when the rebound occurs."