-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, lmiFFVJz7vJFvevR6ngJZr/q3onXJoK5zrTKnVDZ5erzRPKrncEqlZudyemFotHQ XE78AV2NUYIq8UcPULSp4g== 0000912057-95-003800.txt : 19950516 0000912057-95-003800.hdr.sgml : 19950516 ACCESSION NUMBER: 0000912057-95-003800 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950515 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: RPC ENERGY SERVICES INC CENTRAL INDEX KEY: 0000742278 STANDARD INDUSTRIAL CLASSIFICATION: SHIP & BOAT BUILDING & REPAIRING [3730] IRS NUMBER: 581550825 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08726 FILM NUMBER: 95538994 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 10-Q 1 FORM 10-Q 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 MARCH 31, 1995 / / Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 1-8726 RPC ENERGY SERVICES, INC. DELAWARE 58-1550825 (State of Incorporation) (I.R.S. Employer Identification Number) 2170 Piedmont Road, NE, Atlanta, Georgia 30324 Telephone Number -- (404) 888-2950 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 March 31, 1995, RPC Energy Services, Inc. had 14,541,331 shares of common stock outstanding (excluding 68,723 treasury shares). 1 of 9 RPC ENERGY SERVICES, INC. AND SUBSIDIARIES PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 1995 AND DECEMBER 31, 1994 (In thousands except stock information)
MARCH 31, December 31, 1995 1994 (UNAUDITED) (Audited) - --------------------------------------------------------------------------------------- ASSETS Cash and cash equivalents $14,417 $15,038 Marketable securities 8,091 6,885 Accounts receivable, net of allowance for doubtful accounts of $6,446 and $6,300, respectively 17,820 20,577 Inventories, at lower of cost or market 13,559 12,342 Deferred income taxes 7,008 6,811 Prepaid expenses and other current assets 1,266 1,474 - --------------------------------------------------------------------------------------- Current assets 62,161 63,127 - --------------------------------------------------------------------------------------- Equipment and property, net 30,372 28,837 Marketable securities 22,155 19,291 Goodwill, net 8,408 8,098 Deferred income taxes 950 825 Other assets 2,017 2,064 - --------------------------------------------------------------------------------------- TOTAL ASSETS $126,063 $122,242 - --------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $4,860 $5,387 Accrued payroll and related expenses 3,357 3,441 Accrued insurance expenses 5,376 5,227 Accrued state, local and other taxes 2,719 2,567 Federal income taxes payable 1,493 198 Accrued discounts 1,048 824 Other accrued expenses 7,492 7,656 - --------------------------------------------------------------------------------------- Current liabilities 26,345 25,300 - --------------------------------------------------------------------------------------- Long-term accrued insurance expenses 3,594 3,443 - --------------------------------------------------------------------------------------- Total liabilities 29,939 28,743 - --------------------------------------------------------------------------------------- Commitments and contingencies - --------------------------------------------------------------------------------------- Common stock 1,461 1,461 Capital in excess of par value 34,599 34,228 Earnings retained 60,289 58,296 Common stock in treasury, at cost, 68,723 shares and 147,723 shares, respectively (225) (486) - --------------------------------------------------------------------------------------- Total stockholders' equity 96,124 93,499 - --------------------------------------------------------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $126,063 $122,242 - --------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------
RPC ENERGY SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND (In thousands except per share data) (Unaudited)
Three months ended March 31, -------------------------------------- 1995 1994 - ---------------------------------------------------------------------- REVENUE $42,220 $37,333 - ---------------------------------------------------------------------- Cost of goods sold 17,277 16,361 Operating expenses 19,886 16,439 Depreciation and amortization 1,617 1,455 Interest income (522) (252) - ---------------------------------------------------------------------- Income before income taxes 3,962 3,330 Income tax provision 1,395 1,182 - ---------------------------------------------------------------------- NET INCOME $2,567 $2,148 - ---------------------------------------------------------------------- - ---------------------------------------------------------------------- EARNINGS PER SHARE $0.18 $0.15 - ---------------------------------------------------------------------- Average shares outstanding 14,489,542 14,435,872 - ----------------------------------------------------------------------
3 of 9 RPC ENERGY SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994 (In thousands) (Unaudited)
Three months ended March 31, ------------------------------- 1995 1994 - ------------------------------------------------------------------------------------------ CASH FLOWS FROM OPERATING ACTIVITIES $6,729 $1,863 - ------------------------------------------------------------------------------------------ CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of equipment and property 430 1,953 Capital expenditures (3,287) (1,598) (Purchase) of marketable securities (4,070) (128) Other (481) 0 - ------------------------------------------------------------------------------------------ Net cash provided by (used for) investing activities (7,408) 227 - ------------------------------------------------------------------------------------------ CASH FLOWS FROM FINANCING ACTIVITIES Treasury stock issued for benefit plans 58 7 - ------------------------------------------------------------------------------------------ Net cash provided by financing activities 58 7 - ------------------------------------------------------------------------------------------ Net increase (decrease) in cash and cash equivalents (621) 2,097 Cash and cash equivalents at beginning of period 15,038 13,296 - ------------------------------------------------------------------------------------------ Cash and cash equivalents at end of period $14,417 $15,393 - ------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------
4 of 9 RPC ENERGY SERVICES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The consolidated financial statements included herein have been prepared by the Registrant, 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 generally accepted accounting principles 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 Registrant's annual report on Form 10-K for the fiscal year ended December 31, 1994. In the opinion of management, the consolidated financial statements included herein contain all adjustments necessary to present fairly the financial position of the Registrant as of March 31, 1995, the results of operations and the changes in cash flows for the three months then ended. 2. Earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods. 3. The results of operations for the quarter ended March 31, 1995 are not necessarily indicative of the results to be expected for the full year. 5 of 9 RPC ENERGY SERVICES, INC. AND SUBSIDIARIES ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION THREE MONTHS ENDED MARCH 31, 1995 COMPARED TO THREE MONTHS ENDED MARCH 31, 1994 - ------------------------------------------------------------------------------- Revenue for the first quarter ended March 31, 1995 was $42,220,000 compared with $37,333,000 for the quarter ended March 31, 1994 and $40,000,000 for the previous quarter ended December 31, 1994. Revenue for the quarter ended March 31, 1995 increased $4,887,000 or 13% from the same period one year ago and increased $2,220,000 or 6% from the quarter ended December 31, 1994. The oil and gas services segment revenue of $20,069,000 increased 18% from last year's first quarter in spite of a decrease in the average U.S. rig count and the price of natural gas. This was because of improvements in some service lines which are less dependent on drilling activity. This increase also resulted from an increase in international revenue. The oil and gas services segment's revenue was virtually unchanged from the quarter ended December 31, 1994. The boat manufacturing segment revenue for the quarter ended March 31, 1995 of $19,379,000 increased 10% from last year's first quarter of $17,591,000 due to an increase in average sales price. This was caused by sales of the larger models in all boat lines combined with the impact of price increases. The boat manufacturing segment revenue increased 12% from the quarter ended December 31, 1994 as a result of a normal seasonal upturn. Net income for the quarter ended March 31, 1995 was $2,567,000 or 18 cents per share versus net income of $2,148,000 or 15 cents per share for the quarter ended March 31, 1994 and net income of $2,734,000 or 19 cents per share for the quarter ended December 31, 1994. The increase in earnings from the same period one year ago was due to the revenue increases for both the oil and gas services and the boat manufacturing segments, as well as improved margins for both segments. 6 of 9 RPC ENERGY SERVICES, INC. AND SUBSIDIARIES FINANCIAL CONDITION - ------------------- The Registrant's current ratio remained strong as of March 31, 1995 with current assets of $62,161,000 exceeding current liabilities of $26,345,000 by a ratio of 2.4-to-1. This compares to a current ratio of 2.5-to-1 at December 31, 1994. Capital expenditures during the first three months of $3,287,000 included approximately $3,138,000 spent on revenue equipment and vehicles in the oil and gas services segment. The remainder was spent on various purchases for the other business segments. Funding for future capital requirements will be provided from operations. 7 of 9 RPC ENERGY SERVICES, INC. AND SUBSIDIARIES PART II. OTHER INFORMATION ITEM 4. Submission of Matters to a Vote of Security Holders (a) The Annual Meeting of Shareholders was held on April 25, 1995.
(c) 1. Performance-Based Compensation Agreements: Voting For Shares 11,643,209 Voting Against Shares 416,037 Abstain From Voting Shares 12,791 Broker Non-Vote Shares 419,836 ------------ Total 12,491,873 2. Amend the Certificate of Incorporation to change the registrant's name to RPC, Inc. Voting For Shares 12,485,133 Voting Against Shares 2,542 Abstain From Voting Shares 4,198 -------------- Total 12,491,873
ITEM 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 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 March 31, 1995. 8 of 9 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 ENERGY SERVICES, INC. /s/ Richard A. Hubbell ---------------------- Date: May 10, 1995 Richard A. Hubbell President and Chief Operating Officer /s/ Debra G. Herron ------------------- Date: May 10, 1995 Debra G. Herron Treasurer and Chief Financial Officer 9 of 9 EX-27 2 EXHIBIT 27
5 1,000 3-MOS DEC-31-1995 JAN-01-1995 MAR-31-1995 14,417 8,091 24,266 6,446 13,559 62,161 30,372 0 126,063 26,345 0 1,461 0 0 94,663 126,063 0 42,220 17,277 37,163 1,617 0 0 3,962 1,395 2,567 0 0 0 2,567 .18 .18
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