-----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, LgXy4YG7qeUatRPiiyFaBoyQR2Rdmnv8TuTdPmpfloq+jG/rOJBMozzzwZLkuQJR i5H4X8/heI2JRyrEXa6zdA== /in/edgar/work/0000912057-00-049272/0000912057-00-049272.txt : 20001114 0000912057-00-049272.hdr.sgml : 20001114 ACCESSION NUMBER: 0000912057-00-049272 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RPC INC CENTRAL INDEX KEY: 0000742278 STANDARD INDUSTRIAL CLASSIFICATION: [3730 ] IRS NUMBER: 581550825 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08726 FILM NUMBER: 762230 BUSINESS ADDRESS: STREET 1: 2170 PIEDMONT RD NE CITY: ATLANTA STATE: GA ZIP: 30324 BUSINESS PHONE: 4048882950 MAIL ADDRESS: STREET 1: 2170 PIEDMONT ROAD CITY: ATLANTA STATE: GA ZIP: 30324 FORMER COMPANY: FORMER CONFORMED NAME: RPC ENERGY SERVICES INC DATE OF NAME CHANGE: 19920703 10-Q 1 a2030961z10-q.txt 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q /x/ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000 / / Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File No. 1-8726 RPC, INC. (exact name of registrant as specified in its charter) DELAWARE 58-1550825 (State or other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization)
2170 PIEDMONT ROAD, NE, ATLANTA, GEORGIA 30324 (Address of principal executive offices) (zip code) Registrant's telephone number, including area code -- (404) 321-2140 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- As of September 30, 2000, RPC, Inc. had 28,264,255 shares of common stock outstanding. RPC, INC. AND SUBSIDIARIES PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2000 AND DECEMBER 31, 1999 (In thousands)
SEPTEMBER 30, DECEMBER 31, 2000 1999 (UNAUDITED) (AUDITED) - ------------------------------------------------------------------------------------------ ASSETS Cash and cash equivalents $8,350 $8,278 Marketable securities 6,724 4,798 Accounts receivable, net of allowance for doubtful accounts of $4,982 and $4,659, respectively 50,143 34,871 Inventories, at lower of cost or market 21,698 19,631 Deferred income taxes 9,443 8,254 Federal income taxes receivable - 1,806 Prepaid expenses and other current assets 1,495 2,337 - ------------------------------------------------------------------------------------------ Current assets 97,853 79,975 - ------------------------------------------------------------------------------------------ Equipment and property, net 90,553 75,472 Marketable securities 16,990 24,871 Intangibles, net 8,309 9,006 Other assets 1,454 1,251 - ------------------------------------------------------------------------------------------ TOTAL ASSETS $215,159 $190,575 ========================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $12,880 $13,728 Accrued payroll and related expenses 6,895 5,725 Accrued insurance expenses 8,755 7,689 Accrued state, local and other taxes 5,245 4,106 Federal income taxes payable 3,958 - Accrued discounts 857 1,131 Current portion of long-term debt 610 255 Other accrued expenses 7,924 8,976 - ------------------------------------------------------------------------------------------ Current liabilities 47,124 41,610 - ------------------------------------------------------------------------------------------ Long-term accrued insurance expenses 3,781 3,684 Long-term debt 484 1,547 Deferred income taxes 1,501 926 - ------------------------------------------------------------------------------------------ Total liabilities 52,890 47,767 - ------------------------------------------------------------------------------------------ Commitments and contingencies - ------------------------------------------------------------------------------------------ Common stock 2,826 2,826 Capital in excess of par value 22,480 22,548 Earnings retained 136,963 117,434 - ------------------------------------------------------------------------------------------ Total stockholders' equity 162,269 142,808 - ------------------------------------------------------------------------------------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $215,159 $190,575 ==========================================================================================
The accompanying notes are an integral part of these statements. 2 of 16 RPC, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999 (In thousands except per share data) (Unaudited)
Three months ended Sept 30, Nine months ended Sept 30, --------------------------- ------------------------------- 2000 1999 2000 1999 - ----------------------------------------------------------------------- ------------------------------- REVENUE $86,196 $53,105 $242,436 $168,018 - ---------------------------------------------------------------------------------------------------------- Cost of goods sold 30,604 21,924 97,266 76,310 Operating expenses 37,963 25,320 103,295 71,833 Depreciation and amortization 4,953 4,153 14,050 12,350 Gain on settlement of claim - - (6,817) - Interest income (416) (548) (1,233) (1,396) - ---------------------------------------------------------------------------------------------------------- Income before income taxes 13,092 2,256 35,875 8,921 Income tax provision 4,975 856 13,632 3,388 - ---------------------------------------------------------------------------------------------------------- NET INCOME $8,117 $1,400 $22,243 $5,533 ========================================================================================================== EARNINGS PER SHARE Basic $0.29 $0.05 $0.80 $0.20 - ---------------------------------------------------------------------------------------------------------- Diluted $0.29 $0.05 $0.79 $0.19 - ---------------------------------------------------------------------------------------------------------- AVERAGE SHARES OUTSTANDING Basic 27,844 28,150 27,835 28,211 - ---------------------------------------------------------------------------------------------------------- Diluted 28,312 28,449 28,243 28,462 - ----------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements. 3 of 16 RPC, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 and 1999 (In thousands) (Unaudited)
Nine months ended September 30, -------------------------------- 2000 1999 - ---------------------------------------------------------------------------------------- OPERATING ACTIVITES NET INCOME $22,243 $5,533 Noncash charges (credits) to earnings: Depreciation and amortization 14,835 13,001 Gain on sale of equipment and property (1,136) (1,279) Deferred income tax (benefit) provision (614) 1,317 (Increase) decrease in assets: Accounts receivable (15,272) (3,054) Inventories (2,067) (2,553) Federal income taxes receivable 1,806 1,798 Prepaid expenses and other current assets 842 473 Other non-current assets (203) (294) Increase (decrease) in liabilities: Accounts payable (848) 4,451 Accrued payroll and related expenses 1,170 1,265 Accrued insurance expenses 1,163 1,483 Federal income taxes payable 3,958 0 Other accrued expenses (187) (1,295) - ---------------------------------------------------------------------------------------- Net cash provided by operating activities 25,690 20,846 - ---------------------------------------------------------------------------------------- INVESTING ACTIVITIES Capital expenditures (30,301) (11,604) Proceeds from sale of equipment and property 2,552 1,722 Net sale (purchase) of marketable securities 5,955 (2,538) Other (85) (2,564) - ---------------------------------------------------------------------------------------- Net cash used for investing activities (21,879) (14,984) - ---------------------------------------------------------------------------------------- FINANCING ACTIVITIES Dividend distributions (2,965) (3,002) (Repayments) borrowings of long-term debt (708) 694 Purchase of treasury stock (180) (2,885) Proceeds from exercise of stock options 114 52 - ---------------------------------------------------------------------------------------- Net cash used for financing activities (3,739) (5,141) - ---------------------------------------------------------------------------------------- Net increase (decrease) in cash and cash equivalents 72 721 Cash and cash equivalents at beginning of period 8,278 10,029 - ---------------------------------------------------------------------------------------- Cash and cash equivalents at end of period $8,350 $10,750 ========================================================================================
The accompanying notes are an integral part of these statements. 4 of 16 RPC, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. GENERAL The consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the financial statements and related notes contained in the Company's annual report on Form 10-K for the fiscal year ended December 31, 1999. In the opinion of management, the consolidated financial statements included herein contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial position of the Company as of September 30, 2000, the results of operations for the quarter and the nine months ended September 30, 2000 and 1999, and the cash flows for the nine months ended September 30, 2000 and 1999. The results of operations for the quarter and nine months ended September 30, 2000, are not necessarily indicative of the results to be expected for the full year. 2. EARNINGS PER SHARE Basic and diluted earnings per share are computed by dividing net income by the respective weighted average number of shares outstanding during the respective periods.
Quarter-to-Date Year-to-Date 2000 2000 ---------------------------------------------------------------------- Basic EPS 27,843,847 27,835,208 Common stock equivalents and restricted shares 467,767 407,940 ---------------------------------------------------------------------- Diluted EPS 28,311,614 28,243,148 ----------------------------------------------------------------------
5 of 16 RPC, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONT'D 3. RECENT ACCOUNTING PRONOUNCEMENTS As amended, SFAS No. 133 is effective for all fiscal quarters of all fiscal years beginning after June 15, 2000. SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities," establishes accounting and reporting standards for derivative instruments including certain derivative instruments embedded in other contracts, and for hedging activities. It requires entities to recognize all instruments as either assets or liabilities in the balance sheet and measure those instruments at fair value. The adoption of this standard did not materially impact the Company's financial position or results of operations. 4. BUSINESS SEGMENT INFORMATION RPC has two primary business segments: oil and gas services and powerboat manufacturing. The oil and gas services companies provide a variety of equipment, personnel, and specialized services to exploration and production companies in the mid-continent and Gulf of Mexico regions and selected international locations. The companies are capable of, among other things, providing personnel and equipment for performing well control services, renting specialized oil field equipment including drill pipe, and providing tubular handling and inspection services. The powerboat manufacturing segment, through Chaparral Boats, is a leading national powerboat manufacturer with sales through a domestic and international network of independent dealers. RPC evaluates the performance of its business segments using profit or loss from operations before corporate expenses and income taxes. RPC accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. RPC's business segments are strategic business units that offer different products and services. They are managed separately because each business requires different technologies and marketing strategies. Each of these businesses was acquired as a unit, and the management at the time of acquisition was retained. 6 of 16 RPC, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONT'D Certain information with respect to RPC's business segments is set forth in the following table:
Three months ended Sept 30, Nine months ended Sept 30, --------------------------- -------------------------- 2000 1999 2000 1999 --------------------------- -------------------------- (IN THOUSANDS) (IN THOUSANDS) REVENUE: Oil and gas services $ 47,794 $ 24,918 $ 116,583 $ 67,191 Boat manufacturing 35,080 25,224 115,573 91,592 Other segments 3,322 2,963 10,280 9,235 - ------------------------------- -------------------------- ------------------------- Total revenue $ 86,196 $ 53,105 $ 242,436 $ 168,018 - ------------------------------- -------------------------- ------------------------- OPERATING INCOME(LOSS): Oil and gas services $ 9,753 $ 20 $ 17,088 $ (1,424) Boat manufacturing 4,254 2,955 14,429 12,375 Other segments (231) (306) (391) (629) - ------------------------------- -------------------------- ------------------------- Total operating income $ 13,776 $ 2,669 $ 31,126 $ 10,322 - ------------------------------- -------------------------- ------------------------- CORPORATE EXPENSES (1,100) (961) (3,301) (2,797) GAIN ON SETTLEMENT OF CLAIM 0 0 6,817 0 INTEREST INCOME 416 548 1,233 1,396 - ------------------------------- -------------------------- ------------------------- Income before income taxes $ 13,092 $ 2,256 $ 35,875 $ 8,921 - ------------------------------- -------------------------- -------------------------
5. GAIN ON SETTLEMENT OF CLAIM During the first quarter ended March 31, 2000, a gain was recorded related to settlement of a claim. The gain is a result of Chaparral Boats' receipt of its share of a non-refundable $35 million settlement payment made by Brunswick Corporation (Brunswick), a major engine supplier, to the members of the American Boatbuilders Association (ABA), a buying group which includes Chaparral Boats. 7 of 16 RPC, INC. AND SUBSIDIARIES ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 1999 Consolidated revenue for the third quarter ended September 30, 2000 increased $33,091,000 or 62% to $86,196,000 compared with $53,105,000 last year. The oil and gas services segment revenue was $47,794,000 for the third quarter of 2000, a $22,876,000 or 92% increase, compared to $24,918,000 for the third quarter of 1999. The revenue increased as a result of improvements in customer activity levels in the United States and internationally, especially in Venezuela, the start-up of a pressure pumping service line, and several well control jobs in the United States and various international locations, including Egypt, Argentina, and Colombia. Beginning in the fourth quarter of 1999, oil and gas services revenues began to improve as customer spending increased in response to higher oil and natural gas prices. As of the end of the third quarter of 2000, the number of active drilling rigs in the United States was approximately 40% higher than one year ago. Our services that increase production from existing wells have been increasingly in demand as production companies seek to take advantage of the higher prices for oil and natural gas; there has been less customer emphasis on exploration activities. Natural gas and home heating oil supply levels are reported to be lower than normal going into this winter heating season, therefore, we expect our oil and gas services segment to continue to experience strong operating results for the foreseeable future. For the quarter ended September 30, 2000, revenue for the powerboat manufacturing segment increased 39 percent to $35,080,000 compared to $25,224,000 last year. Our powerboat manufacturing business continues to experience revenue growth by gaining market share. 8 of 16 RPC, INC. AND SUBSIDIARIES ITEM 2. CONT'D Consolidated cost of goods sold for the third quarter of 2000 was $30,604,000 compared to $21,924,000 for the third quarter of 1999, an increase of $8,680,000 or 40%. Cost of goods sold for the powerboat manufacturing segment totaled $27,523,000 for the third quarter of 2000, an increase of $7,922,000 or 40%, compared to $19,601,000 for the third quarter of 1999. This increase is slightly larger than the increase in revenue because of some manufacturing inefficiencies caused by space constraints. Chaparral Boats recently opened additional manufacturing space, which will provide needed capacity to efficiently build a larger number of boats. The remainder of cost of goods sold relates to businesses in other industries. Consolidated operating expenses for the third quarter of 2000 were $37,963,000 compared to $25,320,000 for the third quarter of 1999, an increase of $12,643,000 or 50%. The oil and gas services segment operating expenses were 70% of segment revenue for the third quarter of 2000 compared to 85% in the third quarter of 1999. The reduction in operating expenses as a percent of revenue within the oil and gas services segment is due to an improved operating environment allowing for better utilization of our equipment and personnel. In addition, the increasing industry demand for oil and gas services has allowed for slightly improved pricing. Operating expenses in the powerboat manufacturing segment were 9% of segment revenue for the third quarter of 2000 and 10% of segment revenue for the third quarter of 1999. Oil and gas services segment operating profit was $9,753,000 for the quarter ended September 30, 2000, compared to $20,000 last year. This significant improvement for the oil and gas services segment results from improved industry conditions in 2000 compared to 1999. Powerboat manufacturing segment operating profit increased 44 percent to $4,254,000 compared to $2,955,000 last year. This increase in operating profit for the powerboat manufacturing segment is due to increased revenues and gross profit. Interest income for the third quarter of 2000 was $416,000 a 24% decrease from $548,000 for the third quarter of 1999. The decrease in interest income resulted from decreases in average investable balances of cash and marketable securities offset by higher interest yields. Net income for the third quarter of 2000 was $8,117,000 or $0.29 diluted earnings per share compared to net income of $1,400,000 or $0.05 diluted earnings per share for the third quarter of 1999. The increase in net income and earnings per share was due to the increases in revenue and improved operating results. 9 of 16 RPC, INC. AND SUBSIDIARIES ITEM 2. CONT'D NINE MONTHS ENDED SEPTEMBER 30, 2000 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 1999 Consolidated revenue for the nine months ended September 30, 2000 was $242,436,000 compared with $168,018,000 for the nine months ended September 30, 1999, an increase of $74,418,000 or 44%. The oil and gas services segment revenue increased 74% and the powerboat manufacturing segment revenue increased 26%. See the discussion of results for the three months ended September 30, 2000 for an explanation of these increases. Consolidated cost of goods sold for the nine months ended September 30, 2000 was $97,266,000 compared to $76,310,000 for the nine months ended September 30, 1999, an increase of $20,956,000 or 27%. Cost of goods sold for the powerboat manufacturing segment totaled $89,422,000 for the nine months ended September 30, 2000 compared to $69,288,000 for the nine months ended September 30, 1999. The increase in cost of goods sold (as a percent of revenue) from 76% in 1999 to 77% in 2000 for the powerboat manufacturing segment is due primarily to slightly lower manufacturing efficiency caused by manufacturing space constraints. See discussion of results for the three months ended September 30, 2000. The remainder of cost of goods sold relates to businesses in other industries. Consolidated operating expenses for the nine months ended September 30, 2000 were $103,295,000 compared to $71,833,000 for the nine months ended September 30, 1999, an increase of $31,462,000 or 44%. The oil and gas services segment operating expenses were 74% of segment revenue for the nine months ended September 30, 2000 compared to 85% of segment revenue for the nine months ended September 30, 1999. The reduction in oil and gas services segment operating expenses as a percent of revenue is due to improved industry conditions resulting in higher activity levels and revenue. Powerboat manufacturing segment operating expenses were 10% of revenue for the nine months ended September 30, 2000 compared to 10% of revenue for the nine months ended September 30, 1999. Interest income for the nine months ended September 30, 2000 was $1,233,000 a 12% decrease from $1,396,000 for the nine months ended September 30, 1999. The decrease in interest income was caused by decreases in average investable balances of cash and marketable securities offset by higher interest yields. 10 of 16 RPC, INC. AND SUBSIDIARIES ITEM 2. CONT'D Net income for the nine months ended September 30, 2000 was $22,243,000 or $0.79 diluted earnings per share compared to net income of $5,533,000 or $0.19 diluted earnings per share for the nine months ended September 30, 1999. In the first quarter of 2000, RPC recorded a pre-tax gain in its powerboat manufacturing business segment of $6,817,000 or $0.15 after tax diluted earnings per share relating to a gain on settlement of a claim. For the nine months ended September 30, 2000, net income excluding the gain would have been approximately $18,016,000 or $0.64 diluted earnings per share compared to $5,533,000 or $0.19 diluted earnings per share for the nine months ended September 30, 1999. In addition to the gain on settlement of claim, the increases in net income and earnings per share were due to increased revenues and improved operating results. LIQUIDITY AND CAPITAL RESOURCES Cash provided by operating activities for the nine months ended September 30, 2000 was $25,690,000 compared to $20,846,000 for the nine months ended September 30, 1999, a $4,844,000 or 23% increase. The increase is due to increased net income offset by increased working capital requirements necessary to support the increased business activity levels especially in oil and gas services. Cash used for investing activities for the nine months ended September 30, 2000 was $21,879,000 compared to $14,984,000, a $6,895,000 or 46% increase. The increase relates primarily to higher capital expenditures related to purchases of revenue producing equipment in the oil and gas services segment ($25,572,000) and cost of additional manufacturing space for the powerboat manufacturing segment ($2,668,000). Cash used for financing activities for the nine months ended September 30, 2000 was $3,739,000 compared to $5,141,000, a $1,402,000 or 27% decrease. This decrease is primarily due to a reduction in the amount of common shares repurchased in 2000 compared to 1999. SPIN-OFF TRANSACTION Subject to review by the Board of Directors, the various documents regarding the spin-off transaction are expected to be subsequently filed with the Securities and Exchange Commission. The spin-off is expected to occur as soon as practical after all filings and approvals are obtained, including final approval of RPC's Board of Directors. The record date for the spin-off will be established after the Board of Directors approves the spin-off transaction. 11 of 16 RPC, INC. AND SUBSIDIARIES ITEM 2. CONT'D FORWARD-LOOKING STATEMENTS This form 10-Q contains statements that constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and is subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or expected. These risks include economic conditions domestically and internationally, changes in interest rates, stock market volatility, reduced consumer confidence levels, realization of manufacturing efficiencies, industry practices or technologies, labor disputes, competitive factors, pricing policies and with respect to the proposed spin-off that the various approvals may not be obtained to effect the spin-off. Numerous other risk factors are identified in the Report on Form 10-K filed for the fiscal year 1999. All of the foregoing risks and uncertainties are beyond the ability of the Company to control, and in many cases the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate under the circumstances. However, whether actual results and developments will conform with the Company's expectations and predictions is subject to a number of risks and uncertainties which could cause actual results to differ materially from the company's expectations, including economic conditions, the price of oil and gas, the supply and demand for oil and gas, interest rate increases, conditions in the industries in which the Company operates, competition, and other factors, many of which are beyond the control of the Company. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business or operations. The Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events, or otherwise. 12 of 16 RPC, INC. AND SUBSIDIARIES ITEM 3. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK RPC maintains an investment portfolio, comprised of U.S. Government and corporate debt securities, which is subject to interest rate risk exposure. This risk is managed through conservative policies to invest in high-quality obligations. RPC has performed an interest rate sensitivity analysis using a duration model over the near term with a 10 percent change in interest rates. RPC's portfolio is not subject to material interest rate risk exposure based on this analysis. RPC does not expect any material changes in market risk exposures or how those risks are managed. 13 of 16 RPC, INC. AND SUBSIDIARIES PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION None 14 of 16 RPC, INC. AND SUBSIDIARIES PART II. OTHER INFORMATION CONT'D ITEM 6. Exhibits and Reports on Form 8-K (a) Exhibits
EXHIBIT NUMBER DESCRIPTION -------------- ----------- 3.1 RPC's Restated Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 to the annual report Form 10-K for the fiscal year ended December 31, 1999). 3.2 By-laws of RPC (incorporated herein by reference to Exhibit (3)(b) to the Annual Report on Form 10-K for the fiscal year ended December 31, 1993). 4 Form of Stock Certificate (incorporated herein by reference to the Annual Report on Form 10-K for the fiscal year ended December 31, 1998). 27 Financial Data Schedule
(b) Reports on Form 8-K No reports on Form 8-K were filed or required to be filed during the quarter ended September 30, 2000. 15 of 16 SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. RPC, INC. /s/ Richard A. Hubbell ---------------------------------- Date: November 13, 2000 Richard A. Hubbell President and Chief Operating Officer /s/ Ben M. Palmer ---------------------------------- Date: November 13, 2000 Ben M. Palmer Treasurer and Chief Financial Officer
16 of 16 EX-27 2 a2030961zex-27.txt EXHIBIT 27
5 1,000 3-MOS DEC-31-2000 JAN-01-2000 SEP-30-2000 8,350 6,724 50,143 4,982 21,698 97,853 255,431 (164,878) 215,159 47,124 484 0 0 2,826 162,269 215,159 0 86,196 30,604 68,567 4,953 0 0 13,092 4,975 8,117 0 0 0 8,117 .29 .29
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