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Microcap & Penny Stocks : GW GREY WOLF -- Ignore unavailable to you. Want to Upgrade?

To: Jason Riche who wrote (389)	4/27/1999 2:16:00 AM
From: Jason Riche	Respond to of 444

TABLE - Grey Wolf Inc Q1 loss vs profit Monday, April 26, 1999 09:40 AM HOUSTON, April 26 (Reuters) - Three Months Ended March 31, 1999 1998 (In thousands, except per share amounts) (unaudited) Revenues $ 37,680 $ 74,015 Costs and expenses: Drilling operations 35,825 54,777 Depreciation and amortization 7,735 8,587 Provision for doubtful accounts 91 100 General and administrative 1,611 2,485 Unusual charges 320 --- Total costs and expenses 45,582 65,949 Operating income (loss) (7,902) 8,066 Other income (expense): Gain on sale of assets 65 1,770 Interest income 423 337 Interest expense (5,992) (4,074) Other (52) (67) Other income (expense), net (5,556) (2,034) Income (loss) before income taxes (13,458) 6,032 Income tax expense (benefit) (4,389) 2,923 Income (loss) before extraordinary item (9,069) 3,109 Extraordinary item, net of taxes (420) --- Net income (loss) applicable to Common stock (9,489) 3,109 Net income (loss) per Common share: Basic and Diluted: Before extraordinary item (0.06) 0.02 Extraordinary item, net of taxes (0.00) 0.00 Basic and Diluted Net Income/Loss per Common share (0.06) 0.02 Weighted average Common shares outstanding: Basic 165,065 164,761 Diluted 165,065 168,191 Operating data for the periods: Number of operating days 3,961 7,868 Number of total available days 10,260 10,047 Utilization rate 39% 78% Average revenue per day 9,513 9,407 Rigs at March 31, 1999: Marketable rigs 59 Labor contract - non-owned rig 1 Cold-stacked rigs 54 Inventory rigs 12 Total 126 NOTE: Grey Wolf said that it is encountering downward pressure on utilizations and dayrates during the second quarter, leading the company to expect a larger second quarter loss than the first quarter if these trends continue.