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

To: Gator II who wrote (19053)	4/14/1998 6:54:00 PM
From: Gator II	Read Replies (1) \| Respond to of 95453

Preview: Parker's 2nd Qtr Earnings The following was just posted on Yahoo's PKD thread: Excerpted from 10-Q filed on 04/14 by PARKER DRILLING CO : PARKER DRILLING CO files 0228 qtr 10-Q. Reports $235 mil tot rev and $.30 EPS. RESULTS OF OPERATIONS Second Quarter of Fiscal 1998 Compared with Second Quarter of Fiscal 1997 The Company recorded net income of $12.2 million in the second quarter of fiscal 1998, an improvement of $10.9 million when compared to the $1.3 million of the prior fiscal year second quarter. Increased profit margins (revenue less direct operating expense) and a $4.6 million gain recorded on the sale of the Company's investment in OnSite Technology L.L.C. were primarily responsible for the improvement in the current quarter. Revenue of $125.2 million reflects an increase of 58%, or $46.2 million over the second quarter of fiscal 1997. Each of the Company's operating segments- land drilling, offshore drilling and rental tools, recorded an increase of revenue. A total of $20.9 million was attributable to the Hercules and Bolifor rigs, none of which was included in the second quarter figures presented for fiscal 1997. The land drilling segment's revenue of $71.0 million reflects an increase of $25.8 million when compared to the prior year. Latin American land drilling revenue increased $11.4 million, of which $8.2 million was attributable to the rigs purchased in the Bolifor acquisition. Increased operating days in several of the other Latin American countries in which the Company operates were primarily responsible for the balance of the increase. Land drilling revenue in the Asia Pacific region increased $6.7 million, largely a reflection of an increase in operating days in Papua New Guinea. Revenues also increased in Indonesia although six rigs which had been performing geothermal drilling services ceased operations during the current quarter due to the current adverse economic conditions. One rig is currently being relocated to Peru and the other rigs are being remarketed within Indonesia and in other regions of the world. Land drilling revenue in Africa and the former Soviet Union increased $6.1 million. Revenue provided by previously inactive rigs which were relocated from Chad to Niger and from the Russian Republic to Kazakhstan provided a significant portion of the increase. Rigs purchased in the Hercules acquisition provided $12.7 million of the $19.0 million increase in offshore drilling revenue. The balance of the increase, $6.3 million, was attributable to the rigs purchased in the Mallard acquisition of November 1996, in part due to higher average dayrates earned by these rigs. ÿ