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): April 29, 2010

NEWPARK RESOURCES, INC.
(Exact name of registrant as specified in its charter)

Delaware	1-2960	72-1123385
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2700 Research Forest Drive, Suite 100 The Woodlands, TX	77381
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (281) 362-6800

(Former name or former address if changed since last report.)

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:

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 April 29, 2010 Newpark Resources, Inc. (the “Company”) issued a press release announcing financial information for the three months ended March 31, 2010. The press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K and the information in the exhibit attached hereto announcing the Company’s earnings for the three months ended March 31, 2010 shall not be deemed “filed” for 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 expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press release issued by Newpark Resources, Inc. on April 29, 2010.

SIGNATURES

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.

NEWPARK RESOURCES, INC.

Dated: April 30, 2010,

By: /s/ James E. Braun                          
James E. Braun, Vice President and
Chief Financial Officer
(Principal Financial Officer)

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release issued by Newpark Resources, Inc. on April 29, 2010.

EX-99.1

Exhibit 99.1

NEWS RELEASE

	Contacts:	James E. Braun, CFO
		Newpark Resources, Inc.
		281-362-6800
FOR IMMEDIATE RELEASE		Ken Dennard, Managing Partner
		Dennard Rupp Gray & Easterly, LLC
		ksdennard@drg-e.com
		713-529-6600

NEWPARK RESOURCES REPORTS NET INCOME OF $0.09 PER DILUTED
SHARE FOR THE FIRST QUARTER 2010
Operating income up $8.6 million from fourth quarter 2009

THE WOODLANDS, TX — April 29, 2010 — Newpark Resources, Inc. (NYSE: NR) today announced results for its first quarter ended March 31, 2010. Total revenues were $160.8 million for the first quarter of 2010 compared to $135.5 million for the fourth quarter of 2009 and $126.9 million for the first quarter of 2009. Net income for the first quarter of 2010 was $7.8 million, or $0.09 per diluted shared, compared to net income of $16 thousand for the fourth quarter of 2009, break-even on a per share basis, and a net loss of $12.0 million for the first quarter of 2009, a loss of $0.14 per share.

Operating results in the first quarter of 2010 included $0.9 million of other income ($0.6 million after-tax) in the Mats & Integrated Services segment, reflecting proceeds from insurance claims related to Hurricane Ike in 2008. Operating results in the first quarter of 2009 included pre-tax employee termination and related charges of $2.6 million ($1.7 million after-tax) associated with North American workforce reductions.

Paul Howes, President and Chief Executive Officer of Newpark, stated, “We are very pleased by the continued sequential improvements in all of our businesses, as we gain momentum and emerge from the challenges of 2009. As our operating results indicate, we have emerged from the 2009 downturn with a much leaner cost structure, demonstrated by the $8.6 million sequential improvement in operating income on the $25.3 million increase in revenue from the fourth quarter of 2009.

“Our focus on technology is also providing benefits, as we continue to generate market share gains in the U.S. shale plays through the deployment of our water-based fluids,” added Howes. “Meanwhile, revenues in our Brazil business rose in the first quarter, as compared to the fourth quarter of 2009, and we have taken actions to control our cost structure as activity continues to ramp-up in this key market,” concluded Howes.

SEGMENT RESULTS

The Fluids Systems and Engineering segment generated revenues of $136.3 million in the first quarter of 2010 compared to $113.8 million in the fourth quarter of 2009 and $106.6 million in the first quarter of 2009. Segment operating income was $12.4 million in the first quarter of 2010 compared to $6.7 million in the fourth quarter of 2009 and an operating loss of $5.6 million in the first quarter of 2009. North American revenues increased 38% from the fourth quarter of 2009 primarily due to higher drilling activity, market share gains and a seasonal rebound in Canada. Meanwhile, international revenues decreased 11%, primarily due to drilling program delays in North Africa and the impact of unusually cold weather in Eastern Europe. Compared to the first quarter of 2009, North American revenues increased 26%, while international revenues increased 34%.

The Mats and Integrated Services segment generated revenues of $13.6 million in the first quarter of 2010 compared to $12.4 million in the fourth quarter of 2009 and $8.9 million in the first quarter of 2009. Segment operating income was $2.7 million in the first quarter of 2010, including $0.9 million of insurance recoveries, compared to operating income of $1.2 million in the fourth quarter of 2009 and an operating loss of $3.4 million in the first quarter of 2009. Revenues were up 10% from the fourth quarter of 2009, primarily driven by increased rental activity in the Northeast U.S., while mat sales declined slightly. Compared to the first quarter of 2009, segment revenues were up 54%.

The Environmental Services segment generated revenues of $10.9 million in the first quarter of 2010 compared to $9.3 million in the fourth quarter of 2009 and $11.5 million in the first quarter of 2009. Segment operating income was $2.7 million in the first quarter of 2010, compared to operating income of $1.1 million in the fourth quarter of 2009 and $1.2 million in the first quarter of 2009. The revenue increase from the fourth quarter of 2009 is primarily attributable to higher oilfield waste disposals in the Gulf Coast, while the decline from the first quarter of 2009 is due to lower disposals in the Gulf Coast and West Texas.

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Corporate office expenses were $4.1 million in the first quarter of 2010, compared to $3.9 million in the fourth quarter of 2009 and $4.9 million in the first quarter of 2009.

CONFERENCE CALL

Newpark has scheduled a conference call to discuss the first quarter 2010 results, which will be broadcast live over the Internet, on Friday, April 30, 2010 at 10:00 a.m. Eastern Time / 9:00 a.m. Central Time. To participate in the call, dial 480-629-9722 and ask for the Newpark Resources conference call at least 10 minutes prior to the start time, or access it live over the Internet at www.newpark.com. For those who cannot listen to the live call, a replay will be available through May 7, 2010 and may be accessed by dialing (303) 590-3030 and using pass code 4272524#. Also, an archive of the webcast will be available shortly after the call at www.newpark.com for 90 days.

Newpark Resources, Inc. is a worldwide provider of drilling fluids, temporary worksites and access roads for oilfield and other commercial markets, and environmental waste treatment solutions. For more information, visit our website at www.newpark.com.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act that are based on management’s current expectations, estimates and projections. All statements that address expectations or projections about the future, including Newpark’s strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. Some of the forward-looking statements may be identified by words like “expects,” “anticipates,” “plans,” “intends,” “projects,” “indicates,” and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Newpark, particularly its Annual Report on Form 10-K for the year ended December 31, 2009, as well as others, could cause results to differ materially from those stated. These risk factors include, but are not limited to, our customer concentration and cyclical nature of our industry, the availability of raw materials and skilled personnel, our market competition, the cost and continued availability of borrowed funds, our international operations, legal and regulatory matters, including environmental regulations, inherent limitations in insurance coverage, potential impairments of long-lived intangible assets, technological developments in our industry, and the impact of severe weather, particularly in the U.S. Gulf Coast. Newpark’s filings with the Securities and Exchange Commission can be obtained at no charge at www.sec.gov, as well as through our website at www.newpark.com.

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Newpark Resources, Inc.
Consolidated Statements of Operations

	Three Months Ended
(Unaudited)	March 31,			December 31,			March 31,
(In thousands, except per share data)	2010			2009			2009
Revenues	$	160,798		$	135,530		$	126,938
Cost of revenues		133,518			115,182			123,512
Selling, general and administrative expenses		14,413			15,686			16,230
Other income, net		(842	)		(476	)		(25	)
Operating income (loss)		13,709			5,138			(12,779	)
Foreign currency exchange (gain) loss		(611	)		(298	)		29
Interest expense		2,148			2,723			1,650
Income (loss) from operations before income taxes		12,172			2,713			(14,458	)
Provision for income taxes		4,390			2,697			(2,454	)
Net income (loss)	$	7,782		$	16		$	(12,004	)
Basic weighted average common shares outstanding		88,654			88,598			88,323
Diluted weighted average common shares outstanding		88,867			88,704			88,323
Income (loss) per common share — basic	$	0.09		$	—		$	(0.14	)
Income (loss) per common share — diluted	$	0.09		$	—		$	(0.14	)

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Newpark Resources, Inc.
Operating Segment Results

	Three Months Ended
(Unaudited)	March 31,			December 31,			March 31,
(In thousands)	2010			2009			2009
Revenues
Fluids systems and engineering	$	136,310		$	113,799		$	106,588
Mats and integrated services		13,620			12,397			8,863
Environmental services		10,868			9,334			11,487
Total revenues	$	160,798		$	135,530		$	126,938
Operating income (loss)
Fluids systems and engineering	$	12,414		$	6,749		$	(5,574	)(2)
Mats and integrated services		2,714	(1)		1,227			(3,414	)(2)
Environmental services		2,679			1,099			1,157
Corporate office		(4,098	)		(3,937	)		(4,948	)(2)
Total operating income (loss)	$	13,709		$	5,138		$	(12,779	)
Segment operating margin
Fluids systems and engineering		9.1	%		5.9	%		(5.2	%)
Mats and integrated services		19.9	%		9.9	%		(38.5	%)
Environmental services		24.7	%		11.8	%		10.1	%

(1)	Includes $0.9 million of other income related to proceeds from insurance claims associated with Hurricane Ike in 2008.
(2)	Includes employee termination and related charges of $2.0 million in fluids systems and engineering, $0.4 million in mats and integrated services and $0.2 million in our corporate office.

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Newpark Resources, Inc.
Consolidated Balance Sheets

	March 31,			December 31,
(In thousands, except share data)	2010			2009
	(unaudited)
ASSETS
Cash and cash equivalents	$	12,266		$	11,534
Receivables, net		153,986			122,386
Inventories		105,359			115,495
Deferred tax asset		20,075			7,457
Prepaid expenses and other current assets		11,819			11,740
Total current assets		303,505			268,612
Property, plant and equipment, net		220,298			224,625
Goodwill		62,097			62,276
Other intangible assets, net		15,219			16,037
Other assets		4,669			13,564
Total assets	$	605,788		$	585,114
LIABILITIES AND STOCKHOLDERS’ EQUITY
Foreign bank lines of credit	$	7,378		$	6,901
Current maturities of long-term debt		10,232			10,319
Accounts payable		61,613			62,992
Accrued liabilities		28,258			25,290
Total current liabilities		107,481			105,502
Long-term debt, less current portion		110,666			105,810
Deferred tax liability		8,871			2,083
Other noncurrent liabilities		4,421			3,697
Total liabilities		231,439			217,092
Common stock, $0.01 par value, 200,000,000 shares authorized 91,686,001 and 91,672,871 shares issued, respectively		917			917
Paid-in capital		461,350			460,544
Accumulated other comprehensive income		6,243			8,635
Retained deficit		(78,878	)		(86,660	)
Treasury stock, at cost; 2,705,857 and 2,727,765 shares, respectively		(15,283	)		(15,414	)
Total stockholders’ equity		374,349			368,022
Total liabilities and stockholders’ equity	$	605,788		$	585,114

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Newpark Resources, Inc.
Consolidated Statements of Cash Flows

(Unaudited)	Three Months Ended March 31,
(In thousands)	2010			2009
Cash flows from operating activities:
Net income (loss)	$	7,782		$	(12,004	)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Depreciation and amortization		6,711			6,927
Stock-based compensation expense		870			427
Provision for deferred income taxes		3,147			(3,596	)
Provision for doubtful accounts		239			587
Loss (gain) on sale of assets		348			(224	)
Change in assets and liabilities:
(Increase) decrease in receivables		(32,724	)		74,374
Decrease in inventories		9,183			5,520
(Increase) decrease in other assets		(261	)		2,543
Decrease in accounts payable		(1,134	)		(30,958	)
Increase (decrease) in accrued liabilities and other		3,470			(10,558	)
Net cash (used in) provided by operating activities		(2,369	)		33,038
Cash flows from investing activities:
Capital expenditures		(2,029	)		(7,540	)
Proceeds from sale of property, plant and equipment		48			533
Net cash used in investing activities		(1,981	)		(7,007	)
Cash flows from financing activities:
Borrowings on lines of credit		45,409			48,827
Payments on lines of credit		(39,564	)		(73,784	)
Principal payments on notes payable and long-term debt		(186	)		(96	)
Long-term borrowings		—			740
Proceeds from employee stock plans		48			103
Purchase of treasury stock		(86	)		(202	)
Net cash provided by (used in) in financing activities		5,621			(24,412	)
Effect of exchange rate changes on cash		(539	)		(562	)
Net increase in cash and cash equivalents		732			1,057
Cash and cash equivalents at beginning of period		11,534			8,252
Cash and cash equivalents at end of period	$	12,266		$	9,309

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