RPC Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Capital Expenditure Guidance for 2013
January 23, 2013 at 07:15 am EST
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RPC Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported revenues of $469,942,000 compared to $482,782,000 a year ago. Operating profit was $89,307,000 compared to $122,034,000 a year ago. Income before income taxes was $90,054,000 compared to $122,298,000 a year ago. Net income was $55,381,000 or $0.26 basic and diluted per share compared to $74,581,000 or $0.34 basic and diluted per share a year ago. EBITDA was $145,635,000 or $0.67 diluted per share compared to $171,784,000 or $0.78 diluted per share a year ago. Revenues decreased due to lower activity levels and increasingly competitive pricing in most of service lines, partially offset by a larger fleet of revenue-producing equipment primarily in pressure pumping service line. Capital expenditure was $55 million.
For the year, the company reported revenues of $1,945,023,000 compared to $1,809,807,000 a year ago. Operating profit was $442,390,000 compared to $482,081,000 a year ago. Income before income taxes was $442,619,000 compared to $478,815,000 a year ago. Net income was $274,436,000 or $1.27 diluted per share compared to $296,381,000 or $1.35 diluted per share a year ago. EBITDA was $659,464,000 or $3.04 diluted per share compared to $662,155,000 or $3.01 diluted per share a year ago. Capital expenditure was $329 million.
The company expect to spend approximately $300 million on capital expenditures in 2013. Of this amount, approximately 50% will be used to maintain pressure pumping fleet and other operating and support equipment. Growth in capital expenditures for 2013 will depend upon identifying attractive opportunities and ultimate timing of payments and equipment deliveries.
RPC, Inc. acts as a holding company for several oilfield services companies that include Cudd Energy Services, Cudd Pressure Control, Thru Tubing Solutions and Patterson Services. It provides a range of oilfield services and equipment primarily to independent and oil and gas companies, which is engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of Mexico, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. Its segments include Technical Services and Support Services. Technical Services segment includes pressure pumping, downhole tools services, coiled tubing, snubbing and other oilfield related services. Support Services segment includes renting tools to its customers for use with onshore and offshore oil and gas well drilling, completion and workover activities. It is also engaged in oilfield cementing services in the Permian and Mid-Continent basins.
RPC Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Capital Expenditure Guidance for 2013