-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UEbcdgoMPx+3fiyJogv310IWIqGGi6RUaOaBbvaaxOKSpRWl0Kii658jLbKuzvqY sjy97Mc5L6TU1Dg4Q61qGQ== 0000950129-03-000726.txt : 20030212 0000950129-03-000726.hdr.sgml : 20030212 20030212093029 ACCESSION NUMBER: 0000950129-03-000726 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030212 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL OILWELL INC CENTRAL INDEX KEY: 0001021860 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 760475815 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12317 FILM NUMBER: 03552582 BUSINESS ADDRESS: STREET 1: 10000 RICHMOND AVENUE STREET 2: 4TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77042-4200 BUSINESS PHONE: 7133467500 MAIL ADDRESS: STREET 1: 10000 RICHMOND AVENUE STREET 2: 4TH FLOOR CITY: HOUSTON STATE: TX ZIP: 77042-4200 8-K 1 h03124e8vk.txt NATIONAL-OILWELL, INC.- FEBRUARY 12, 2003 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: February 12, 2003 (Date of earliest event reported) NATIONAL-OILWELL, INC. (Exact name of registrant as specified in its charter) FILE NO. 1-12317 (Commission File Number) DELAWARE 76-0475815 (State of incorporation) (I.R.S. Employer Identification Number) 10000 RICHMOND AVENUE 77042-4200 HOUSTON, TEXAS (Zip Code) (Address of principal executive offices) Registrant's telephone, including area code: (713) 346-7500 ITEM 5. OTHER EVENTS. On February 12, 2003, National-Oilwell, Inc. issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2002. The press release is filed as Exhibit 99.1 to this Current Report on Form 8-K, and the contents of such Exhibit are incorporated herein by reference. ITEM 7. FINANCIAL STATEMENT AND EXHIBITS 99.1 Press Release dated February 12, 2003. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. NATIONAL-OILWELL, INC. Date: February 12, 2003 /s/ Steven W. Krablin ------------------------------------------ Steven W. Krablin Vice President and Chief Financial Officer EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION - ------- ----------- 99.1 Press Release dated February 12, 2003.
EX-99.1 3 h03124exv99w1.txt PRESS RELEASE - FOURTH QUARTER & 2002 EARNINGS [NATIONAL OILWELL LETTERHEAD] NEWS CONTACT: STEVE KRABLIN (713) 346-7773 FOR IMMEDIATE RELEASE NATIONAL OILWELL REPORTS FOURTH QUARTER AND 2002 EARNINGS HOUSTON, TX, February 12, 2003--National-Oilwell, Inc. (NYSE: NOI) today reported fourth quarter and full year 2002 revenues and net income. Net income was $17.2 million, or $0.21 per diluted share, for the fourth quarter compared to $17.8 million, or $0.22 per diluted share, in the third quarter. Revenues were $393.6 million for the period compared to third quarter revenues of $366.9 million. Full year revenues and net income of $1,521.9 million and $73.1 million, $0.89 per diluted share, compare to 2001 results of $1,747.5 million and $104.1 million, $1.27 per diluted share. Backlog of capital equipment orders totaled $364 million at December 31, 2002, including $170 million attributable to the acquisition of Hydralift. Excluding any Hydralift effect, revenues from backlog for the fourth quarter were $91 million and for the full year 2002 were $390 million, with order additions to the backlog for those same periods of $54 million and $199 million. Pete Miller, President and CEO of National Oilwell, stated "Fourth quarter financial results were generally in line with the prior quarter, as were activity levels. Operating margins for our Products and Technology Group and our Distribution Services Group were comparable with results achieved in the prior two quarters. We are pleased with the overall results for the year, which evidenced our ability to remain solidly profitable in a depressed drilling market, and continued our long-term strategy of consolidating acquisitions that enhance our performance throughout the cycle. Indicative of an improving market outlook, we are beginning to experience increased activity in our Distribution Services business, as well as in our non-capital equipment business. Additionally, we continue to be very excited about the future financial impact from the addition of our two recent acquisitions, Hydralift and Mono Pumps." - more - PAGE 2 The Company commented that the acquisitions of Hydralift and Mono Pumps and consolidated reporting of the Chinese joint venture are expected to increase revenues in 2003 by approximately $425 million and pre-tax income by approximately $30 - $35 million. The Mono Pump acquisition also increased common shares outstanding by 3.2 million. National Oilwell is a worldwide leader in the design, manufacture and sale of comprehensive systems and components used in oil and gas drilling and production, as well as in providing supply chain integration services to the upstream oil and gas industry. Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by National Oilwell with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. The following table sets forth comparative data (in thousands, except per share data):
Quarter Ended QUARTER ENDED Full Year Ended September 30, DECEMBER 31, December 31, ------------- ---------------------------- ---------------------------- 2002 2002 2001 2002 2001 ------------ ------------ ------------ ------------ ------------ Revenues Products and Technology Group $ 213,067 $ 238,088 $ 306,846 $ 917,250 $ 1,120,919 Distribution Services Group 175,616 174,194 175,538 686,174 707,818 Eliminations (21,754) (18,641) (16,641) (81,478) (81,282) ------------ ------------ ------------ ------------ ------------ Total $ 366,929 $ 393,641 $ 465,743 $ 1,521,946 $ 1,747,455 Operating Income Products and Technology Group $ 30,241 $ 31,253 $ 46,471 $ 127,011 $ 171,013 Distribution Services Group $ 4,508 $ 4,293 $ 5,421 $ 18,083 $ 28,473 Corporate $ (2,847) $ (3,078) $ (2,537) $ (10,771) $ (10,209) ------------ ------------ ------------ ------------ ------------ Total $ 31,902 $ 32,468 $ 49,355 $ 134,323 $ 189,277 Net Income $ 17,756 $ 17,167 $ 28,348 $ 73,069 $ 104,063 Average diluted shares outstanding 81,522 81,743 81,432 81,709 81,733 Net income per diluted share $ 0.22 $ 0.21 $ 0.35 $ 0.89 $ 1.27 Backlog for capital equipment at quarter end $ 231,000 $364,000 * $ 385,000 $ 364,000 * $ 385,000
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