-----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, DZstpvERLALFoHPOiA1BbVgIn71o3tFNb3zpJxCPNUoPseXld9xioMXskvZFv2Wh 71+JUw7OVYu3X+WQjih3Dw== 0001193125-04-182734.txt : 20041101 0001193125-04-182734.hdr.sgml : 20041101 20041101160858 ACCESSION NUMBER: 0001193125-04-182734 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041101 DATE AS OF CHANGE: 20041101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DRIL-QUIP INC CENTRAL INDEX KEY: 0001042893 STANDARD INDUSTRIAL CLASSIFICATION: OIL & GAS FILED MACHINERY & EQUIPMENT [3533] IRS NUMBER: 742162088 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13439 FILM NUMBER: 041110013 BUSINESS ADDRESS: STREET 1: 13550 HEMPSTEAD HIGHWAY CITY: HOUSTON STATE: TX ZIP: 77040 BUSINESS PHONE: 7139397711 MAIL ADDRESS: STREET 1: 180 EAST FIFTH STREET CITY: HOUSTON STATE: TX ZIP: 77040 8-K 1 d8k.htm FORM 8-K Form 8-K

 

UNITED STATES

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 (date of earliest event reported): October 29, 2004

 

DRIL-QUIP, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-13439   74-2162088
(State or other jurisdiction   (Commission File Number)   (I.R.S. Employer
of incorporation)       Identification No.)

 

13550 Hempstead Highway    
Houston, Texas   77040
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (713) 939-7711

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Item 2.02 Results of Operations and Financial Condition.

 

On October 29, 2004, Dril-Quip, Inc. (“Dril-Quip”) reported third quarter 2004 earnings. For additional information regarding Dril-Quip’s third quarter 2004 earnings, please refer to Dril-Quip’s press release attached to this report as Exhibit 99.1 (the “Press Release”), which Press Release is incorporated by reference herein. The information in the Press Release is being furnished, not filed, pursuant to Item 2.02. Accordingly, the information in the Press Release will not be incorporated by reference into any registration statement filed by Dril-Quip under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(c) Exhibits.

 

The following exhibit is filed as part of this report:

 

Exhibit
No.


  

Description


99.1    Press Release issued October 29, 2004 regarding third quarter earnings of Dril-Quip, Inc.

 

2


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 hereunto duly authorized.

 

DRIL-QUIP, INC.
By:  

/s/ Gary D. Smith

   

Gary D. Smith

Co-Chairman and Co-Chief Executive Officer

 

Date: November 1, 2004

 

3


EXHIBIT INDEX

Exhibit No.

  

Description


99.1    Press Release issued October 29, 2004 regarding third quarter earnings of Dril-Quip, Inc.

 

4

EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

Contact: Jerry M. Brooks, Chief Financial Officer, (713) 939-7711

 

DRIL-QUIP, INC. ANNOUNCES RESULTS FOR THIRD QUARTER 2004

 

HOUSTON, October 29, 2004—Dril-Quip, Inc. (NYSE: DRQ) today announced net income of $3.3 million, or $0.19 per share for the three months ended September 30, 2004, versus net income of $2.4 million or $0.14 per share for the third quarter of 2003. Total revenues for the quarter ended September 30, 2004 were $58.2 million, compared with revenues of $56.6 million for the same period in 2003.

 

For the nine months ended September 30, 2004, net income was $8.6 million, or $0.50 per share, compared with net income of $6.5 million, or $0.38 per share, for the same period in 2003. The 2003 results included the $900,000 after-tax effect of settling a previously disclosed warranty claim related to the Company’s drilling riser product. Revenues for the nine months ended September 30, 2004 were $164.5 million, versus revenues of $167.6 million for the same period in 2003.

 

In addition, the Company announced that its current backlog is approximately $121 million, compared to its September 30, 2004 backlog of $104 million and its September 30, 2003 backlog of $75 million. The Company expects its earnings per share for the quarter ending December 31, 2004 to approximate $0.18 to $0.20 per share, excluding any unusual or special charges.

 

Dril-Quip is a leading manufacturer of highly engineered offshore drilling and production equipment, which is well suited for use in deepwater, harsh environment and severe service applications.

 

Statements contained herein relating to future operations and financial results that are forward looking statements are based upon certain assumptions and analyses made by the management of the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors. These statements are subject to risks beyond the Company’s control, including, but not limited to, the volatility of oil and natural gas prices and cyclicality of the oil and gas industry, the Company’s international operations, operating risks, and other factors detailed in the Company’s public filings with the Securities and Exchange Commission. Investors are cautioned that any such statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.


Dril-Quip, Inc.

Comparative Consolidated Statements of Income

(in thousands, except per share amounts)

 

     Three months ended
September 30,


  

Nine months ended

September 30,


     2003

   2004

   2003

   2004

Revenues

   $ 56,632    $ 58,222    $ 167,577    $ 164,521

Cost and expenses:

                           

Cost of sales

     40,676      41,341      120,759      115,471

Selling, general and administrative

     7,707      7,915      22,123      23,482

Engineering and product development

     4,368      4,213      12,705      12,474

Special items

     —        —        1,400      —  
    

  

  

  

       52,751      53,469      156,987      151,427
    

  

  

  

Operating income

     3,881      4,753      10,590      13,094

Interest expense

     361      272      1,224      830
    

  

  

  

Income before income taxes

     3,520      4,481      9,366      12,264

Income tax provision

     1,091      1,231      2,830      3,677
    

  

  

  

Net income

   $ 2,429    $ 3,250    $ 6,536    $ 8,587
    

  

  

  

Diluted earnings per share

   $ 0.14    $ 0.19    $ 0.38    $ 0.50
    

  

  

  

Weighted average shares – fully diluted

     17,293      17,393      17,293      17,346
    

  

  

  

Depreciation and amortization

   $ 2,616    $ 3,066    $ 7,892    $ 8,663
    

  

  

  

Capital expenditures

   $ 2,361    $ 6,072    $ 7,250    $ 13,178
    

  

  

  

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