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) |
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)) |
Exhibit No. | Description | |||
99.1 | Press release issued by Newpark Resources, Inc. on October 27, 2011. |
NEWPARK RESOURCES, INC. |
||||
Dated: October 28, 2011 | By: | /s/ James E. Braun | ||
James E. Braun, Senior Vice President and | ||||
Chief Financial Officer (Principal Financial Officer) |
||||
Exhibit No. | Description | |||
99.1 | Press release issued by Newpark Resources, Inc. on October 27, 2011. |
For Immediate Release |
NEWS RELEASE |
|||
Contacts: | Paul L. Howes, President and CEO Newpark Resources, Inc. 281-362-6800 Ken Dennard, Managing Partner Dennard Rupp Gray & Lascar, LLC ksdennard@drg-l.com 713-529-6600 |
2
3
Three Months Ended | ||||||||||||
(Unaudited) | September 30, | June 30, | September 30, | |||||||||
(In thousands, except per share data) | 2011 | 2011 | 2010 | |||||||||
Revenues |
$ | 261,193 | $ | 230,822 | $ | 179,278 | ||||||
Cost of revenues |
201,272 | 178,911 | 145,224 | |||||||||
Selling, general and administrative expenses |
20,802 | 21,150 | 16,662 | |||||||||
Other operating income, net |
(60 | ) | (835 | ) | (2,140 | ) | ||||||
Operating income |
39,179 | 31,596 | 19,532 | |||||||||
Foreign currency exchange loss (gain) |
485 | (468 | ) | 1,184 | ||||||||
Interest expense, net |
2,464 | 2,100 | 3,278 | |||||||||
Income from operations before income taxes |
36,230 | 29,964 | 15,070 | |||||||||
Provision for income taxes |
13,233 | 10,684 | 6,836 | |||||||||
Net income |
$ | 22,997 | $ | 19,280 | $ | 8,234 | ||||||
Income per common share basic |
$ | 0.25 | $ | 0.21 | $ | 0.09 | ||||||
Income per common share diluted |
$ | 0.23 | $ | 0.19 | $ | 0.09 | ||||||
Calculation of Diluted EPS: |
||||||||||||
Net income |
$ | 22,997 | $ | 19,280 | $ | 8,234 | ||||||
Assumed conversion of Senior Notes |
1,236 | 1,241 | | |||||||||
Adjusted net income |
$ | 24,233 | $ | 20,521 | $ | 8,234 | ||||||
Weighted average number of common shares
outstanding-basic |
90,212 | 89,791 | 89,334 | |||||||||
Add: Dilutive effect of stock options and
restricted stock awards |
1,025 | 1,061 | 1,223 | |||||||||
Dilutive effect of Senior Notes |
15,682 | 15,682 | | |||||||||
Diluted weighted average number of common
shares outstanding |
106,919 | 106,534 | 90,557 | |||||||||
Income per common share diluted |
$ | 0.23 | $ | 0.19 | $ | 0.09 | ||||||
4
Three Months Ended | ||||||||||||
(Unaudited) | September 30, | June 30, | September 30, | |||||||||
(In thousands) | 2011 | 2011 | 2010 | |||||||||
Revenues |
||||||||||||
Fluids systems and engineering |
$ | 216,160 | $ | 191,205 | $ | 148,140 | ||||||
Mats and integrated services |
30,179 | 27,793 | 18,186 | |||||||||
Environmental services |
14,854 | 11,824 | 12,952 | |||||||||
Total revenues |
$ | 261,193 | $ | 230,822 | $ | 179,278 | ||||||
Operating income (loss) |
||||||||||||
Fluids systems and engineering |
$ | 25,648 | $ | 20,792 | $ | 11,845 | ||||||
Mats and integrated services |
14,509 | 14,730 | 8,592 | (1) | ||||||||
Environmental services |
4,958 | 2,980 | 3,944 | |||||||||
Corporate office |
(5,936 | ) | (6,906 | ) | (4,849 | ) | ||||||
Total operating income |
$ | 39,179 | $ | 31,596 | $ | 19,532 | ||||||
Segment operating margin |
||||||||||||
Fluids systems and engineering |
11.9 | % | 10.9 | % | 8.0 | % | ||||||
Mats and integrated services |
48.1 | % | 53.0 | % | 47.2 | % | ||||||
Environmental services |
33.4 | % | 25.2 | % | 30.5 | % |
(1) | Includes $2.2 million of income reflecting proceeds from the settlement of a lawsuit. |
5
(Unaudited) | September 30, | December 31, | ||||||
(In thousands, except share data) | 2011 | 2010 | ||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ | 62,902 | $ | 83,010 | ||||
Receivables, net |
253,595 | 196,799 | ||||||
Inventories |
156,445 | 123,028 | ||||||
Deferred tax asset |
13,230 | 27,654 | ||||||
Prepaid expenses and other current assets |
17,052 | 10,036 | ||||||
Total current assets |
503,224 | 440,527 | ||||||
Property, plant and equipment, net |
228,866 | 212,655 | ||||||
Goodwill |
74,881 | 62,307 | ||||||
Other intangible assets, net |
21,908 | 13,072 | ||||||
Other assets |
7,863 | 8,781 | ||||||
Total assets |
$ | 836,742 | $ | 737,342 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Short-term debt |
$ | 1,635 | $ | 1,606 | ||||
Accounts payable |
94,672 | 66,316 | ||||||
Accrued liabilities |
51,015 | 43,234 | ||||||
Total current liabilities |
147,322 | 111,156 | ||||||
Long-term debt, less current portion |
172,908 | 172,987 | ||||||
Deferred tax liability |
36,526 | 31,549 | ||||||
Other noncurrent liabilities |
4,332 | 4,303 | ||||||
Total liabilities |
361,088 | 319,995 | ||||||
Common stock, $0.01 par value, 200,000,000 shares authorized
93,937,660 and 93,143,102 shares issued, respectively |
939 | 931 | ||||||
Paid-in capital |
474,043 | 468,503 | ||||||
Accumulated other comprehensive income |
3,605 | 8,581 | ||||||
Retained earnings (deficit) |
13,097 | (45,034 | ) | |||||
Treasury stock, at cost; 2,798,940 and 2,766,912 shares, respectively |
(16,030 | ) | (15,634 | ) | ||||
Total stockholders equity |
475,654 | 417,347 | ||||||
Total liabilities and stockholders equity |
$ | 836,742 | $ | 737,342 | ||||
6
(Unaudited) | Nine Months Ended September 30, | |||||||
(In thousands) | 2011 | 2010 | ||||||
Cash flows from operating activities: |
||||||||
Net income |
$ | 58,131 | $ | 26,856 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operations: |
||||||||
Impairment charges |
| 225 | ||||||
Depreciation and amortization |
21,162 | 20,382 | ||||||
Stock-based compensation expense |
3,396 | 2,899 | ||||||
Provision for deferred income taxes |
16,363 | 13,551 | ||||||
Provision for doubtful accounts |
1,165 | 602 | ||||||
Loss (gain) on sale of assets |
22 | (183 | ) | |||||
Change in assets and liabilities: |
||||||||
Increase in receivables |
(57,603 | ) | (54,568 | ) | ||||
Increase in inventories |
(27,921 | ) | (3,100 | ) | ||||
Increase in other assets |
(5,226 | ) | (1,458 | ) | ||||
Increase in accounts payable |
28,893 | 6,638 | ||||||
(Decrease) increase in accrued liabilities and other |
(3,655 | ) | 14,264 | |||||
Net cash provided by operating activities |
34,727 | 26,108 | ||||||
Cash flows from investing activities: |
||||||||
Capital expenditures |
(28,136 | ) | (7,412 | ) | ||||
Business acquisition, net of cash acquired |
(26,775 | ) | | |||||
Proceeds from sale of property, plant and equipment |
434 | 1,161 | ||||||
Net cash used in investing activities |
(54,477 | ) | (6,251 | ) | ||||
Cash flows from financing activities: |
||||||||
Borrowings on lines of credit |
5,891 | 133,121 | ||||||
Payments on lines of credit |
(5,754 | ) | (155,726 | ) | ||||
Proceeds from employee stock plans |
1,768 | 3,559 | ||||||
Purchase of treasury stock |
(599 | ) | (153 | ) | ||||
Post-closing payment for business acquisition |
(2,055 | ) | | |||||
Other financing activities |
(147 | ) | (342 | ) | ||||
Net cash used in financing activities |
(896 | ) | (19,541 | ) | ||||
Effect of exchange rate changes on cash |
538 | 252 | ||||||
Net (decrease) increase in cash and cash equivalents |
(20,108 | ) | 568 | |||||
Cash and cash equivalents at beginning of period |
83,010 | 11,534 | ||||||
Cash and cash equivalents at end of period |
$ | 62,902 | $ | 12,102 | ||||
7
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