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Marine Drilling Companies, Inc. Announces Record First-Quarter
Profits
SUGAR LAND, Texas, April 28 /PRNewswire/ -- Marine Drilling Companies, Inc. (Nasdaq: MDCO - news) today
reported first-quarter net income climbed 65 percent to $16.8 million, or $0.32 per share, compared with $10.2 million, or
$0.20 per share, a year earlier. Revenues for the quarter ended March 31, 1998, rose 56 percent to $57.5 million from
$36.8 million for the prior-year period. The improvements were the result of a $10,600 increase in average daily revenue
and the deployment of two additional rigs after the first quarter of 1997.
Contract drilling expenses increased to $24.1 million from $16.5 million, attributed primarily to it 201-day increase in
operating days to 1,323.
''We are very pleased with our first-quarter results and are also looking forward to the deployment of the MARINE 510
(formerly Kan Tan 3) during the second quarter of 1998,'' said Jan Rask, president and chief executive officer of Marine.
''This unit should begin working in Southeast Asia by mid May.''
Marine Drilling Companies, Inc., is a significant offshore drilling contractor with a fleet of 16 offshore drilling rigs consisting of
14 jackups and 2 semi-submersibles operating in the U.S. Gulf of Mexico, India and Southeast Asia. Additionally, the
Company operates one additional semi-submersible through it long-term bareboat charter agreement.
For additional information about Marine Drilling Companies, Inc., free of charge via fax, dial 1-800-PRO-INFO and enter
''MDCO.''
MARINE DRILLING COMPANIES, INC.
SUMMARY FINANCIAL AND OPERATING DATA
(dollars in thousands, except per share and rig operating data)
(unaudited)
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS Three Months Ended March 31,
1998 1997
Revenues $57,464 $ 36,750
Costs and Expenses:
Contract drilling 24,053 16,476
Depreciation and amortization 5,033 3,581
General and administrative 2,900 1,781
31,986 21,838
Operating income 25,478 14,912
Interest expense (86) (350)
Interest income 537 1,057
Other, net 270 40
Other income, net 721 747
Income before income taxes 26,199 15,639
Income tax expense 9,441 5,481
Net income $16,758 $ 10,178
Earnings per share:
Basic $0.32 $0.20
Diluted $0.32 $0.19
Average common shares:
Basic 51,987 51,330
Diluted 52,608 52,494
OPERATING DATA
Average revenue
per day (in thousands) $43.4 32.8
Marketable rigs (end of period) 15 13
Utilization of marketable rigs 98.0% 100.0%
Number of operating days 1,323 1,122
OTHER FINANCIAL DATA
EBITDA (A) $30,781 $18,533
Capital expenditures 24,210 12,926
(A) As used herein, ''EBITDA'' refers to earnings before interest, taxes, depreciation and amortization of deferred financing
costs.
MARINE DRILLING COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(dollars in thousands)
(unaudited)
March 31, December 31,
1997 1998
ASSETS
Cash and cash equivalents $42,822 $15,619
Restricted cash 5,000 5,000
Accounts receivable, net 44,646 46,680
Other 2,762 5,048
Total 95,230 72,347
Property and Equipment 334,207 310,122
Less accumulated
depreciation 54,563 49,635
Total 279,644 260,487
Other 1,271 1,348
Total Assets $376,145 $334,182
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and
accrued expenses and other $31,701 $14,191
Current tax liability 3,000 2,113
Employer's liability
claims, current 992 571
Total 35,693 16,875
Employer's Liability Claims,
non-current and other 1,393 1,776
Deferred Income Taxes 21,760 18,090
Minority Interest
in Subsidiary 1,672 1,699
Shareholders' Equity 315,627 295,742
Total Liabilities
& Shareholders' Equity $376,145 $334,182
SOURCE: Marine Drilling Companies, Inc.
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