RPC Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011
January 25, 2012 at 07:22 am
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RPC Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported revenues increased 47.1% to $482,782,000 compared to $328,144,000 in the fourth quarter last year. Revenues improved due to an increase in the fleet of revenue-producing equipment in several service lines, improved utilization across most of service lines, and improved pricing. Operating profit for the quarter was $122,034,000 compared to $89,798,000 in the prior year. Net income for the quarter was $74,581,000 or $0.51 diluted earnings per share ($0.34 adjusted for the three-for-two split), compared to $55,471,000 or $0.38 diluted earnings per share last year ($0.25 adjusted for the three-for-two split). Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 37.2% to $171,784,000 compared to $125,169,000 in the prior year. Income before income taxes was $122,298,000 against $89,633,000 a year ago. Capital expenditures were $111 million.
For the twelve months ended December 31, 2011, revenues increased 65.1% to $1,809,807,000 compared to $1,096,384,000 last year. Net income was $296,381,000 or $2.02 earnings per diluted share ($1.35 adjusted for the three-for-two split), compared to net income of $146,742,000 or $1.00 earnings per diluted share last year ($0.67 adjusted for the three-for-two split). EBITDA increased from $373,508,000 in 2010 to $662,155,000 in 2011. Income before income taxes was $478,815,000 against $237,532,000 a year ago. Operating profit for the quarter was $482,081,000 compared to $238,845,000 in the prior year. Capital expenditures were $416 million.
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.