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

To: SliderOnTheBlack who wrote (30699)	10/14/1998 12:07:00 PM
From: Gottfried	Read Replies (1) \| Respond to of 95453

slider/all, block trades HAL and RIG... biz.yahoo.com biz.yahoo.com GM

To: SliderOnTheBlack who wrote (30699)	10/14/1998 12:09:00 PM
From: RGinPG	Respond to of 95453

infoseek.com Rowan Companies, Inc. Reports Third Quarter Earnings 10:26 a.m. Oct 13, 1998 Eastern HOUSTON, Oct. 13 /PRNewswire/ -- Rowan Companies, Inc. (NYSE: RDC) reported third quarter earnings of $.38 per share. On revenues of $183.5 million, the Company produced net income of $32.5 million, or $.38 per share, during the third quarter of 1998, compared to revenues of $195.5 million and net income of $54.3 million, or $.61 per share, for the same quarter of 1997. C. R. Palmer, Chairman and Chief Executive Officer, commented, "At this time last year I stated as follows: 'We continue to gaze into our crystal ball and stare with disbelief that a business that has been so lousy for so long can recover so quickly. History teaches us this state of euphoria will not last_.' Well, guess what -- it didn't. "Rowan's offshore rig utilization for the third quarter of 1998 was 84% versus 99% for the same period of 1997. Average day rates during the third quarter of 1997 were $55,500 per active day and increasing. Average day rates for the third quarter of 1998 were $58,900 and falling, along with utilization. "So much for the bad news, the good news is that our three Gorilla Class rigs are operating at 100%, demand is excellent and rates are increasing. Further, the newbuild 'Gorilla V' should be operational prior to year end. Additional good news comes from our aviation division -- third quarter 1998 revenues and earnings have improved from 1997. "While our crystal ball remains cloudy -- each day that passes brings us one day closer to the inevitable improvement in our major business -- offshore drilling!" Rowan Companies, Inc. is a major provider of international and domestic offshore contract drilling and aviation services. The Company also operates a mini-steel mill, a manufacturing facility that produces heavy equipment for the mining and timber industries, and a marine division that has designed and built over one-third of all mobile offshore jack-up drilling rigs. The Company's stock is traded on the New York Stock Exchange and the Pacific Stock Exchange. Common Stock trading symbol: RDC. This report contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected financial performance of the Company that are based on current expectations and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected by the Company. Relevant factors have been disclosed in the Company's filings with the U.S. Securities Exchange Commission. I have estimates at .39$ per share so they missed by 1cent. They are down slightly today. Correction, the estimate was .37$ per share, so they beat it by 1cent. osxstocks.com