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Microcap & Penny Stocks : Superior Energy Services-SESI -- Ignore unavailable to you. Want to Upgrade?

To: nick nelson who wrote (475)	5/11/1999 6:49:00 PM
From: DEER HUNTER	Respond to of 522

earnings out kids...not so bad considering the slowdown in the patch of late.... biz.yahoo.com Tuesday May 11, 5:47 pm Eastern Time Company Press Release SOURCE: Superior Energy Services, Inc. Superior Energy Announces First Quarter Results HARVEY, La., May 11 /PRNewswire/ -- Superior Energy Services, Inc. (Nasdaq: SESI - news) today announced earnings for the first quarter ended March 31, 1999. Net income for the quarter was $1,023,000 on revenues of $18,042,000 resulting in $0.04 earnings per diluted share. This compares with net income of $4,481,000 on revenues of $22,702,000 or $0.15 earnings per diluted share for the quarter ended March 31, 1998. Commenting on the results, Terence E. Hall, Chief Executive Officer, stated, ''While our rental tool division continued to remain relatively strong in the first quarter, industry conditions adversely affected our plug and abandonment and other service related operations during the period. Although current activity remains weak compared to the first quarter of 1998, we are seeing signs of recovery as energy prices improve and inquiries and demand for rental and services increase.'' Mr. Hall further stated, ''We are working diligently to complete the merger with Cardinal and remain excited about the prospects for the combined entity in an improving market. We hope to close in the first half of the third quarter.'' Superior Energy Services, Inc. provides a broad range of specialized oilfield services and equipment primarily to major and independent oil and gas companies engaged in the exploration, production and development of oil and gas properties offshore in the Gulf of Mexico and throughout the Gulf Coast region. These services and equipment include the rental of specialized oilfield equipment, oil and gas well plug and abandonment services, electric and mechanical wireline services, the manufacture, sale and rental of drilling instrumentation and the manufacture and sale of oil spill containment equipment. This news release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. Although the company believes that these statements are based upon reasonable assumptions, the company can give no assurance that its expectations will be achieved. Actual results may differ materially due to various risks and uncertainties which are outside the control of the company, such as market prices of oil and gas, the volatility of such prices, governmental regulation and trade restrictions, worldwide economic activity and political stability in major oil producing areas.