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 EARLIEST EVENT REPORTED: January 30, 2014
HELMERICH & PAYNE, INC.
(Exact name of registrant as specified in its charter)
State of Incorporation: Delaware
COMMISSION FILE NUMBER 1-4221
Internal Revenue Service Employer Identification No. 73-0679879
1437 South Boulder Avenue, Suite 1400, Tulsa, Oklahoma 74119
(918)742-5531
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. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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 January 30, 2014, Helmerich & Payne, Inc. (Registrant) issued a press release announcing its financial results for its first quarter ended December 31, 2013. The Registrant also announced that it had signed contracts with four exploration and production companies to build and operate nine additional FlexRigs®*. A copy of the press release is attached as Exhibit 99 to this Report on Form 8-K. This information is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit No. |
|
Description |
|
|
|
99 |
|
Helmerich & Payne, Inc. earnings press release dated January 30, 2014 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly authorized the undersigned to sign this report on its behalf.
|
HELMERICH & PAYNE, INC. |
|
(Registrant) |
|
|
|
|
|
/S/ Steven R. Mackey |
|
Steven R. Mackey |
|
Executive Vice President |
|
|
|
DATE: January 30, 2014 |
*FlexRig® is a registered trademark of Helmerich & Payne, Inc.
EXHIBIT INDEX
Exhibit No. |
|
Description |
|
|
|
99 |
|
Helmerich & Payne, Inc. earnings press release dated January 30, 2014 |
Exhibit 99
January 30, 2014
HELMERICH & PAYNE, INC. ANNOUNCES FIRST QUARTER RESULTS AND ADDITIONAL NEW BUILD CONTRACTS
Helmerich & Payne, Inc. (NYSE: HP) reported net income of $173.2 million ($1.59 per diluted share) from operating revenues of $889.2 million for the first quarter of fiscal 2014, compared to net income of $159.6 million ($1.48 per diluted share) from operating revenues of $844.6 million during the first quarter of fiscal 2013, and net income of $159.8 million ($1.47 per diluted share) from operating revenues of $864.5 million during the fourth quarter of fiscal 2013. Included in net income corresponding to this years first fiscal quarter and to last years fourth fiscal quarter were $0.03 per diluted share of after-tax gains related to the sale of used drilling equipment. Included in net income corresponding to last years first fiscal quarter were $0.03 per diluted share of after-tax gains related to the sale of used drilling equipment and $0.05 per diluted share of after-tax gains related to the sale of investment securities.
The Company also announced today that it has entered into agreements with four exploration and production companies to build and operate nine additional FlexRigs®* in the U.S. All of these rigs were ordered under multi-year term contracts and are expected to generate attractive economic returns for the Company. This brings the total number of new build commitments announced in fiscal 2014 to 35 new FlexRigs, including 22 new FlexRigs since the Companys last earnings release.
Chairman and CEO Hans Helmerich commented, It is satisfying to once again report record quarterly levels in both revenue and operating income. We have also continued to see signs of market improvement in the U.S., both in terms of spot pricing and demand for additional FlexRigs. The flexibility afforded by our new build construction capabilities is allowing us to quickly respond to this renewed level of market demand. We are pleased to be able to announce an additional nine fully contracted new builds, bringing our fiscal year-to-date total to 35. We are confident in the Companys ability to continue to capture market share, create differentiated value for our customers, and deliver attractive returns for our shareholders.
(over)
News Release
January 30, 2014
Operating Segment Results
Segment operating income for U.S. land operations was $251.0 million for the first quarter of fiscal 2014, compared with $234.4 million for last years first fiscal quarter and $235.8 million for last years fourth fiscal quarter. As compared to last years fourth fiscal quarter, the number of revenue days for the segment increased by 944 to 23,464 during the first fiscal quarter of 2014. Average rig revenue per day decreased by $590 to $28,468 as compared to last years fourth fiscal quarter. Also as compared to the prior years fourth fiscal quarter, average rig expense per day for the segment decreased by $704 to $12,934 during the first fiscal quarter, resulting in a $114 average rig margin per day increase to $15,534. The rig revenue and margin per day averages included approximately $422 per day of early termination fees during the first quarter of fiscal 2014 as compared to approximately $737 per day during the previous quarter. Rig utilization for the Companys U.S. land segment was 84% for this years first fiscal quarter, compared with 82% for last years first fiscal quarter and 82% for last years fourth fiscal quarter. At December 31, 2013, the Companys U.S. land segment had 264 contracted rigs (including 159 under term contracts) and 45 idle rigs.
Segment operating income for the Companys offshore operations was $18.5 million for the first quarter of fiscal 2014, compared with $15.0 million for last years first fiscal quarter and $10.3 million for last years fourth fiscal quarter. The sequential increase in operating income was attributable to a higher average rig margin per day in the first quarter of fiscal 2014 and the inclusion of the $6.4 million settlement charge in the fourth quarter of fiscal 2013. Excluding the charge in the fourth quarter of fiscal 2013, the average rig margin per day increased by $772 to $27,449 during the first fiscal quarter of 2014. Rig utilization in the segment was reported at 89% for both the first quarter of fiscal 2014 and fourth quarter of fiscal 2013.
The Companys international land operations reported segment operating income of $12.8 million for this years first fiscal quarter, compared with $9.1 million for last years first fiscal quarter and $13.9 million for the fourth quarter of fiscal 2013. The decrease in segment operating income as compared to last years fourth fiscal quarter was mostly attributable to a seven percent decline in revenue days. The average rig margin per day also declined by $292 to $10,342 during the first quarter of fiscal 2014 as compared to the fourth quarter of fiscal 2013.
Drilling Operations Outlook for the Second Quarter of Fiscal 2014
In the U.S. land segment, the Company expects average rig revenue per day during the second fiscal quarter to be relatively flat as compared to the first quarter of fiscal 2014 (excluding early termination revenues). The average rig expense per day is expected to increase to slightly over $13,000 per day, and revenue days are expected to increase by approximately two percent during the second fiscal quarter as compared to the prior quarter. As of today, the U.S. land segment has approximately 269 contracted rigs, including 155 under term contracts.
In the offshore segment, the Company expects the average rig margin per day to decline to approximately $26,000 per day during the second fiscal quarter and revenue days to decline by approximately two percent as compared to the prior quarter.
(more)
News Release
January 30, 2014
In the international land segment, the Company expects total revenue days during the second fiscal quarter to decline by approximately five to ten percent and the average rig margin per day to be relatively flat as compared to the prior quarter.
Capital Expenditures Estimate for Fiscal 2014
Given the increasing demand for FlexRigs, the Company now expects a total of approximately $950 million in capital expenditures during fiscal 2014. This assumes increasing the new build construction cadence to approximately three rigs per month beginning in April through the end of the fiscal year.
About Helmerich & Payne, Inc.
Helmerich & Payne, Inc. is primarily a contract drilling company. As of January 30, 2014, the Companys existing fleet included 315 land rigs in the U.S., 29 international land rigs and 9 offshore platform rigs. In addition, the Company is scheduled to complete another 21 new H&P-designed and operated FlexRigs and one 3,000 horsepower AC drive rig under long-term contracts with customers in fiscal 2014. Upon completion of these commitments, the Companys global fleet is expected to have a total of 366 land rigs, including 336 FlexRigs.
Forward-Looking Statements
This release includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this release, including, without limitation, statements regarding the registrants future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements. For information regarding risks and uncertainties associated with the Companys business, please refer to the Risk Factors and Managements Discussion and Analysis of Results of Operations and Financial Condition sections of the Companys SEC filings, including but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. As a result of these factors, Helmerich & Payne, Inc.s actual results may differ materially from those indicated or implied by such forward-looking statements. We undertake no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations or otherwise, except as required by law.
*FlexRig® is a registered trademark of Helmerich & Payne, Inc.
Contact:
Investor Relations
investor.relations@hpinc.com
(918) 588-5207
(more)
News Release
January 30, 2014
HELMERICH & PAYNE, INC.
Unaudited
(in thousands, except per share data)
|
|
Three Months Ended |
| |||||||
CONSOLIDATED STATEMENTS OF |
|
September 30 |
|
December 31 |
| |||||
INCOME |
|
2013 |
|
2013 |
|
2012 |
| |||
|
|
|
|
|
|
|
| |||
Operating Revenues: |
|
|
|
|
|
|
| |||
Drilling U.S. Land |
|
$ |
707,893 |
|
$ |
731,674 |
|
$ |
696,030 |
|
Drilling Offshore |
|
54,681 |
|
59,054 |
|
57,718 |
| |||
Drilling International Land |
|
98,504 |
|
95,341 |
|
87,267 |
| |||
Other |
|
3,458 |
|
3,083 |
|
3,557 |
| |||
|
|
864,536 |
|
889,152 |
|
844,572 |
| |||
|
|
|
|
|
|
|
| |||
Operating costs and expenses: |
|
|
|
|
|
|
| |||
Operating costs, excluding depreciation |
|
473,170 |
|
474,048 |
|
466,871 |
| |||
Depreciation |
|
118,801 |
|
120,237 |
|
106,599 |
| |||
General and administrative |
|
29,903 |
|
32,243 |
|
32,421 |
| |||
Research and development |
|
3,813 |
|
4,257 |
|
3,353 |
| |||
Income from asset sales |
|
(4,385 |
) |
(5,664 |
) |
(5,219 |
) | |||
|
|
621,302 |
|
625,121 |
|
604,025 |
| |||
|
|
|
|
|
|
|
| |||
Operating income |
|
243,234 |
|
264,031 |
|
240,547 |
| |||
|
|
|
|
|
|
|
| |||
Other income (expense): |
|
|
|
|
|
|
| |||
Interest and dividend income |
|
571 |
|
453 |
|
426 |
| |||
Interest expense |
|
(1,544 |
) |
(1,194 |
) |
(1,308 |
) | |||
Gain on sale of investment securities |
|
|
|
|
|
8,752 |
| |||
Other |
|
3,186 |
|
(345 |
) |
(2,084 |
) | |||
|
|
2,213 |
|
(1,086 |
) |
5,786 |
| |||
|
|
|
|
|
|
|
| |||
Income from continuing operations before income taxes |
|
245,447 |
|
262,945 |
|
246,333 |
| |||
Income tax provision |
|
85,650 |
|
89,763 |
|
86,722 |
| |||
Income from continuing operations |
|
159,797 |
|
173,182 |
|
159,611 |
| |||
|
|
|
|
|
|
|
| |||
Loss from discontinued operations before income taxes |
|
|
|
|
|
(8 |
) | |||
Income tax provision |
|
|
|
|
|
|
| |||
Loss from discontinued operations |
|
|
|
|
|
(8 |
) | |||
|
|
|
|
|
|
|
| |||
NET INCOME |
|
$ |
159,797 |
|
$ |
173,182 |
|
$ |
159,603 |
|
|
|
|
|
|
|
|
| |||
Basic earnings per common share: |
|
|
|
|
|
|
| |||
Income from continuing operations |
|
$ |
1.49 |
|
$ |
1.61 |
|
$ |
1.50 |
|
Income from discontinued operations |
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
| |||
Net income |
|
$ |
1.49 |
|
$ |
1.61 |
|
$ |
1.50 |
|
(more)
News Release
January 30, 2014
HELMERICH & PAYNE, INC.
Unaudited
(in thousands, except per share data)
|
|
Three Months Ended |
| |||||||
CONSOLIDATED STATEMENTS OF |
|
September 30 |
|
December 31 |
| |||||
INCOME |
|
2013 |
|
2013 |
|
2012 |
| |||
|
|
|
|
|
|
|
| |||
Diluted earnings per common share: |
|
|
|
|
|
|
| |||
Income from continuing operations |
|
$ |
1.47 |
|
$ |
1.59 |
|
$ |
1.48 |
|
Income from discontinued operations |
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
| |||
Net income |
|
$ |
1.47 |
|
$ |
1.59 |
|
$ |
1.48 |
|
|
|
|
|
|
|
|
| |||
Weighted average shares outstanding: |
|
|
|
|
|
|
| |||
Basic |
|
106,522 |
|
107,149 |
|
105,867 |
| |||
Diluted |
|
108,057 |
|
108,577 |
|
107,412 |
|
(more)
News Release
January 30, 2014
HELMERICH & PAYNE, INC.
Unaudited
(in thousands)
|
|
December 31 |
|
September 30 |
| ||
CONSOLIDATED CONDENSED BALANCE SHEETS |
|
2013 |
|
2013 |
| ||
|
|
|
|
|
| ||
ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
|
$ |
581,414 |
|
$ |
447,868 |
|
Other current assets |
|
806,120 |
|
806,638 |
| ||
Current assets of discontinued operations |
|
3,756 |
|
3,705 |
| ||
Total current assets |
|
1,391,290 |
|
1,258,211 |
| ||
Investments |
|
312,455 |
|
316,154 |
| ||
Net property, plant, and equipment |
|
4,693,770 |
|
4,676,103 |
| ||
Other assets |
|
13,072 |
|
14,359 |
| ||
TOTAL ASSETS |
|
$ |
6,410,587 |
|
$ |
6,264,827 |
|
|
|
|
|
|
| ||
LIABILITIES AND SHAREHOLDERS EQUITY |
|
|
|
|
| ||
Current liabilities |
|
$ |
475,488 |
|
$ |
449,063 |
|
Current liabilities of discontinued operations |
|
3,249 |
|
3,210 |
| ||
Total current liabilities |
|
478,737 |
|
452,273 |
| ||
Non-current liabilities |
|
1,282,731 |
|
1,288,332 |
| ||
Non-current liabilities of discontinued operations |
|
507 |
|
495 |
| ||
Long-term notes payable |
|
80,000 |
|
80,000 |
| ||
Total shareholders equity |
|
4,568,612 |
|
4,443,727 |
| ||
|
|
|
|
|
| ||
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
|
$ |
6,410,587 |
|
$ |
6,264,827 |
|
(more)
News Release
January 30, 2014
HELMERICH & PAYNE, INC.
Unaudited
(in thousands)
|
|
Three Months Ended |
| ||||
|
|
December 31 |
| ||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
|
2013 |
|
2012 |
| ||
|
|
|
|
|
| ||
OPERATING ACTIVITIES: |
|
|
|
|
| ||
Net income |
|
$ |
173,182 |
|
$ |
159,603 |
|
Adjustment for loss from discontinued operations |
|
|
|
8 |
| ||
Income from continuing operations |
|
173,182 |
|
159,611 |
| ||
Depreciation |
|
120,237 |
|
106,599 |
| ||
Changes in assets and liabilities |
|
10,093 |
|
83,660 |
| ||
Gain on sale of assets and investment securities |
|
(5,664 |
) |
(13,971 |
) | ||
Other |
|
7,010 |
|
6,031 |
| ||
Net cash provided by operating activities from continuing operations |
|
304,858 |
|
341,930 |
| ||
Net cash used in operating activities from discontinued operations |
|
|
|
(8 |
) | ||
Net cash provided by operating activities |
|
304,858 |
|
341,922 |
| ||
|
|
|
|
|
| ||
INVESTING ACTIVITIES: |
|
|
|
|
| ||
Capital expenditures |
|
(140,643 |
) |
(219,444 |
) | ||
Proceeds from sale of assets and investment securities |
|
7,913 |
|
25,516 |
| ||
Net cash used in investing activities |
|
(132,730 |
) |
(193,928 |
) | ||
|
|
|
|
|
| ||
FINANCING ACTIVITIES: |
|
|
|
|
| ||
Dividends paid |
|
(53,860 |
) |
(7,432 |
) | ||
Exercise of stock options |
|
8,201 |
|
473 |
| ||
Tax withholdings related to net share settlements of restricted stock |
|
(3,049 |
) |
(1,677 |
) | ||
Excess tax benefit from stock-based compensation |
|
10,126 |
|
5,693 |
| ||
Net cash used in financing activities |
|
(38,582 |
) |
(2,943 |
) | ||
|
|
|
|
|
| ||
Net increase in cash and cash equivalents |
|
133,546 |
|
145,051 |
| ||
Cash and cash equivalents, beginning of period |
|
447,868 |
|
96,095 |
| ||
Cash and cash equivalents, end of period |
|
$ |
581,414 |
|
$ |
241,146 |
|
(more)
News Release
January 30, 2014
|
|
Three Months Ended |
| |||||||
|
|
September 30 |
|
December 31 |
| |||||
SEGMENT REPORTING |
|
2013 |
|
2013 |
|
2012 |
| |||
|
|
(in thousands, except days and per day amounts) |
| |||||||
U.S. LAND OPERATIONS |
|
|
|
|
|
|
| |||
Revenues |
|
$ |
707,893 |
|
$ |
731,674 |
|
$ |
696,030 |
|
Direct operating expenses |
|
360,628 |
|
367,186 |
|
361,068 |
| |||
General and administrative expense |
|
9,408 |
|
9,957 |
|
9,321 |
| |||
Depreciation |
|
102,040 |
|
103,579 |
|
91,253 |
| |||
Segment operating income |
|
$ |
235,817 |
|
$ |
250,952 |
|
$ |
234,388 |
|
|
|
|
|
|
|
|
| |||
Revenue days |
|
22,520 |
|
23,464 |
|
21,743 |
| |||
Average rig revenue per day |
|
$ |
29,058 |
|
$ |
28,468 |
|
$ |
28,040 |
|
Average rig expense per day |
|
$ |
13,638 |
|
$ |
12,934 |
|
$ |
12,634 |
|
Average rig margin per day |
|
$ |
15,420 |
|
$ |
15,534 |
|
$ |
15,406 |
|
Rig utilization |
|
82 |
% |
84 |
% |
82 |
% | |||
|
|
|
|
|
|
|
| |||
OFFSHORE OPERATIONS |
|
|
|
|
|
|
| |||
Revenues |
|
$ |
54,681 |
|
$ |
59,054 |
|
$ |
57,718 |
|
Direct operating expenses |
|
38,910 |
|
34,876 |
|
37,207 |
| |||
General and administrative expense |
|
2,241 |
|
2,330 |
|
2,235 |
| |||
Depreciation |
|
3,244 |
|
3,350 |
|
3,270 |
| |||
Segment operating income |
|
$ |
10,286 |
|
$ |
18,498 |
|
$ |
15,006 |
|
|
|
|
|
|
|
|
| |||
Revenue days |
|
736 |
|
736 |
|
736 |
| |||
Average rig revenue per day |
|
$ |
60,415 |
|
$ |
62,306 |
|
$ |
61,936 |
|
Average rig expense per day |
|
$ |
42,434 |
|
$ |
34,857 |
|
$ |
36,154 |
|
Average rig margin per day |
|
$ |
17,981 |
|
$ |
27,449 |
|
$ |
25,782 |
|
Rig utilization |
|
89 |
% |
89 |
% |
89 |
% |
(more)
News Release
January 30, 2014
|
|
Three Months Ended |
| |||||||
|
|
September 30 |
|
December 31 |
| |||||
SEGMENT REPORTING |
|
2013 |
|
2013 |
|
2012 |
| |||
|
|
(in thousands, except days and per day amounts) |
| |||||||
INTERNATIONAL LAND OPERATIONS |
|
|
|
|
|
|
| |||
Revenues |
|
$ |
98,504 |
|
$ |
95,341 |
|
$ |
87,267 |
|
Direct operating expenses |
|
73,694 |
|
71,930 |
|
68,639 |
| |||
General and administrative expense |
|
986 |
|
1,000 |
|
1,039 |
| |||
Depreciation |
|
9,967 |
|
9,660 |
|
8,478 |
| |||
Segment operating income |
|
$ |
13,857 |
|
$ |
12,751 |
|
$ |
9,111 |
|
|
|
|
|
|
|
|
| |||
Revenue days |
|
2,315 |
|
2,156 |
|
2,237 |
| |||
Average rig revenue per day |
|
$ |
37,113 |
|
$ |
38,433 |
|
$ |
35,511 |
|
Average rig expense per day |
|
$ |
26,479 |
|
$ |
28,091 |
|
$ |
27,111 |
|
Average rig margin per day |
|
$ |
10,634 |
|
$ |
10,342 |
|
$ |
8,400 |
|
Rig utilization |
|
87 |
% |
82 |
% |
85 |
% |
Operating statistics exclude the effects of offshore platform management contracts, gains and losses from translation of foreign currency transactions, and do not include reimbursements of out-of-pocket expenses in revenue per day, expense per day and margin calculations.
Reimbursed amounts were as follows:
U.S. Land Operations |
|
$ |
53,499 |
|
$ |
63,700 |
|
$ |
86,359 |
|
Offshore Operations |
|
$ |
3,267 |
|
$ |
2,766 |
|
$ |
6,259 |
|
International Land Operations |
|
$ |
12,587 |
|
$ |
12,480 |
|
$ |
7,828 |
|
(more)
News Release
January 30, 2014
Segment operating income for all segments is a non-GAAP financial measure of the Companys performance, as it excludes general and administrative expenses, corporate depreciation, income from asset sales and other corporate income and expense. The Company considers segment operating income to be an important supplemental measure of operating performance for presenting trends in the Companys core businesses. This measure is used by the Company to facilitate period-to-period comparisons in operating performance of the Companys reportable segments in the aggregate by eliminating items that affect comparability between periods. The Company believes that segment operating income is useful to investors because it provides a means to evaluate the operating performance of the segments and the Company on an ongoing basis using criteria that are used by our internal decision makers. Additionally, it highlights operating trends and aids analytical comparisons. However, segment operating income has limitations and should not be used as an alternative to operating income or loss, a performance measure determined in accordance with GAAP, as it excludes certain costs that may affect the Companys operating performance in future periods.
The following table reconciles operating income per the information above to income from continuing operations before income taxes as reported on the Consolidated Statements of Income (in thousands).
|
|
Three Months Ended |
| |||||||
|
|
September 30 |
|
December 31 |
| |||||
|
|
2013 |
|
2013 |
|
2012 |
| |||
Operating income |
|
|
|
|
|
|
| |||
U.S. Land |
|
$ |
235,817 |
|
$ |
250,952 |
|
$ |
234,388 |
|
Offshore |
|
10,286 |
|
18,498 |
|
15,006 |
| |||
International Land |
|
13,857 |
|
12,751 |
|
9,111 |
| |||
Other |
|
(1,964 |
) |
(3,005 |
) |
(1,635 |
) | |||
Segment operating income |
|
$ |
257,996 |
|
$ |
279,196 |
|
$ |
256,870 |
|
Corporate general and administrative |
|
(17,268 |
) |
(18,956 |
) |
(19,826 |
) | |||
Other depreciation |
|
(3,000 |
) |
(3,244 |
) |
(2,934 |
) | |||
Inter-segment elimination |
|
1,121 |
|
1,371 |
|
1,218 |
| |||
Income from asset sales |
|
4,385 |
|
5,664 |
|
5,219 |
| |||
Operating income |
|
$ |
243,234 |
|
$ |
264,031 |
|
$ |
240,547 |
|
|
|
|
|
|
|
|
| |||
Other income (expense): |
|
|
|
|
|
|
| |||
Interest and dividend income |
|
571 |
|
453 |
|
426 |
| |||
Interest expense |
|
(1,544 |
) |
(1,194 |
) |
(1,308 |
) | |||
Gain on sale of investment securities |
|
|
|
|
|
8,752 |
| |||
Other |
|
3,186 |
|
(345 |
) |
(2,084 |
) | |||
Total other income (expense) |
|
2,213 |
|
(1,086 |
) |
5,786 |
| |||
|
|
|
|
|
|
|
| |||
Income from continuing operations before income taxes |
|
$ |
245,447 |
|
$ |
262,945 |
|
$ |
246,333 |
|
# # #
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