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: Teddy who wrote (13670)	3/5/1998 8:25:00 AM
From: sand wedge	Respond to of 95453

Teddy <<So who should we believe: Barron's or people in the industry? >> The "anal"ysts seem to create the short term reaction. But over time, the facts will win out. IMHO

To: Teddy who wrote (13670)	3/5/1998 8:28:00 AM
From: RGinPG	Read Replies (1) \| Respond to of 95453

Is this good or bad? TABLE - R&B Falcon Corp <FLC.N> Q4 results ÿÿÿ HOUSTON, March 5 (Reuters) - ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (in millions except per share amounts) ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ THREE MONTHS ENDEDÿ YEAR ENDED ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ DECEMBER 31,ÿ DECEMBER 31, ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1997ÿÿ 1996ÿÿÿ 1997ÿÿÿ 1996 OPERATING REVENUESÿÿÿÿÿÿÿÿÿÿÿÿ $269.0 $189.3ÿ $942.1ÿ $609.6 COSTS AND EXPENSES: ÿ Operating expensesÿÿÿÿÿÿÿÿÿÿÿÿ 132.1ÿÿ 92.6ÿÿ 447.6ÿÿ 329.6 ÿ Depreciationÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 24.1ÿÿ 17.6ÿÿÿ 82.9ÿÿÿ 62.3 ÿ General and administrativeÿÿÿÿÿ 18.9ÿÿ 11.1ÿÿÿ 51.9ÿÿÿ 37.0 ÿ Merger expensesÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 66.4ÿÿÿ ---ÿÿÿ 66.4ÿÿÿÿ --- ÿÿ Total costs and expensesÿÿÿÿÿ 241.5ÿ 121.3ÿÿ 648.8ÿÿ 428.9 OPERATING INCOMEÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 27.5ÿÿ 68.0ÿÿ 293.3ÿÿ 180.7 OTHER INCOME (EXPENSE): ÿ Interest expense, net ÿÿ of capitalized interestÿÿÿÿ (12.5)ÿ (12.0)ÿ (46.3)ÿ (43.0) ÿ Interest incomeÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1.4ÿÿÿ 1.0ÿÿÿÿ 5.8ÿÿÿÿ 3.4 ÿ Other, netÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (1.3)ÿ (0.8)ÿÿ (2.7)ÿÿ (1.0) ÿÿ Total other income (expense) ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (12.4)ÿ (11.8)ÿ (43.2)ÿ (40.6) INCOME FROM CONTINUING OPERATIONS ÿ BEFORE INCOME TAX EXPENSE AND ÿ MINORITY INTERESTÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 15.1ÿÿ 56.2ÿÿ 250.1ÿÿ 140.1 INCOME TAX EXPENSEÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 39.2ÿÿ 13.0ÿÿÿ 84.7ÿÿÿ 27.0 MINORITY INTERESTÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (2.5)ÿ (3.0)ÿÿ (9.4)ÿÿ (6.7) INCOME (LOSS) FROM ÿ CONTINUING OPERATIONSÿÿÿÿÿÿÿÿ (26.6)ÿÿ 40.2ÿÿ 156.0ÿÿ 106.4 DISCONTINUED OPERATIONS: ÿ Income (loss) from operations ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (18.7)ÿÿÿ 0.1ÿ (83.4)ÿÿÿÿ 0.3 ÿ Loss on disposalÿÿÿÿÿÿÿÿÿÿÿÿÿ (78.8)ÿÿÿ ---ÿ (78.8)ÿÿÿÿ --- ÿÿ Total discontinued operations ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (97.5)ÿÿÿ 0.1ÿ (162.2)ÿÿÿ 0.3 NET INCOME (LOSS)ÿÿÿÿÿÿÿÿÿÿÿÿ (124.1)ÿÿ 40.3ÿÿÿÿ ---ÿÿ 106.7 DIVIDENDS ON PREFERRED STOCKÿÿÿÿÿ ---ÿÿÿ ---ÿÿÿÿ ---ÿÿÿÿ 3.6 NET INCOME (LOSS) APPLICABLE ÿ TO COMMON STOCKHOLDERSÿÿÿÿÿÿ (124.1)ÿÿ 40.3ÿÿ (6.2)ÿÿ 103.1 NET INCOME (LOSS) ÿ PER COMMON SHARE: ÿ BASIC: ÿ Continuing operationsÿÿÿÿÿÿÿÿ (0.16)ÿÿ 0.26ÿÿÿ 0.95ÿÿÿ 0.70 ÿ Discontinued operationsÿÿÿÿÿÿ (0.59)ÿÿÿ ---ÿ (0.99)ÿÿÿÿ --- ÿÿ Net income (loss)ÿÿÿÿÿÿÿÿÿÿÿ (0.75)ÿÿ 0.26ÿ (0.04)ÿÿÿ 0.70 DILUTED: ÿ Continuing operationsÿÿÿÿÿÿÿÿ (0.16)ÿÿ 0.25ÿÿÿ 0.94ÿÿÿ 0.67 ÿ Discontinued operationsÿÿÿÿÿÿ (0.59)ÿÿÿ ---ÿ (0.98)ÿÿÿÿ --- ÿÿ Net income (loss)ÿÿÿÿÿÿÿÿÿÿÿ (0.75)ÿÿ 0.25ÿ (0.04)ÿÿÿ 0.67 WEIGHTED AVERAGE NUMBER ÿ OF COMMON SHARES OUTSTANDING: ÿÿ BASICÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 164.6ÿ 157.0ÿÿ 164.1ÿÿ 147.4 ÿÿ DILUTEDÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 166.6ÿ 160.6ÿÿ 166.2ÿÿ 157.7 ÿÿÿÿ NOTE:ÿ After giving effect to merger expenses and a provision for discontinued operations, net loss was $6.2 million ($0.04 net loss per share) for the year ended December 31, 1997, compared with net income of $103.1 million ($0.70 net income per common share) for the year ended December 31, 1996. ÿÿÿ Loss from discontinued operations of $162.2 million is composed of $83.4 million which represents losses incurred for the 1997 year and $78.8 million which represents an estimate for the committed costs to be incurred prior to the disposal as well as the loss projected at the time of the disposal of the oil and gas operations. ÿÿÿ Included in the net loss of $124.1 million for the fourth quarter of 1997 are nonrecurring items consisting of merger expenses of $66.4 million, discontinued operations provision of $97.5 million and a tax provision increase of $28.2 million primarily related to the discontinued operations reserve entry. ÿÿÿ The aggregate effect of these nonrecurring items was a $192.1 million diminution ($1.17 per share) in earnings for the fourth quarter of 1997. ÿÿÿ ((-- New York Newsdesk (212) 859-1700)) REUTERS Copyright REUTERÿ 07:52 03-05-98