-----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, Mf8QK60x8yO82g5L7Hw+Wctx1CAGsBdagwszsL97iQ5p4/+q0QiZPVnAqVTIvndD YEJkyb0plo+S87sxAUMJ4Q== 0000912057-96-009801.txt : 19960517 0000912057-96-009801.hdr.sgml : 19960517 ACCESSION NUMBER: 0000912057-96-009801 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960515 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: RPC 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: 96565697 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 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, 1996 / / Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 1-8726 RPC, 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, 1996, RPC, Inc. had 14,548,213 shares of common stock outstanding (excluding 61,841 treasury shares). 1 of 9 RPC, INC. AND SUBSIDIARIES PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 1996 AND DECEMBER 31, 1995 (In thousands except stock information)
MARCH 31, December 31, 1996 1995 (UNAUDITED) (Audited) - --------------------------------------------------------------------------------------------- ASSETS Cash and cash equivalents $16,400 $18,126 Marketable securities 4,082 4,468 Accounts receivable, net of allowance for doubtful accounts of $4,576 and $4,205, respectively 25,602 20,802 Inventories, at lower of cost or market 14,751 14,445 Deferred income taxes 7,494 7,241 Prepaid expenses and other current assets 1,831 1,848 - --------------------------------------------------------------------------------------------- Current assets 70,160 66,930 - --------------------------------------------------------------------------------------------- Equipment and property, net 39,638 36,225 Marketable securities 19,936 19,280 Goodwill, net 8,693 7,900 Deferred income taxes 491 714 Other assets 1,443 1,607 - --------------------------------------------------------------------------------------------- TOTAL ASSETS $140,361 $132,656 - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $5,943 $5,035 Accrued payroll and related expenses 4,107 3,899 Accrued insurance expenses 5,326 5,039 Accrued state, local and other taxes 2,730 2,315 Federal income taxes payable 1,736 38 Accrued discounts 948 635 Other accrued expenses 7,927 8,026 - --------------------------------------------------------------------------------------------- Current liabilities 28,717 24,987 - --------------------------------------------------------------------------------------------- Long-term accrued insurance expenses 3,271 3,308 Long-term debt 546 0 - --------------------------------------------------------------------------------------------- Total liabilities 32,534 28,295 - --------------------------------------------------------------------------------------------- Commitments and contingencies - --------------------------------------------------------------------------------------------- Common stock 1,461 1,461 Capital in excess of par value 34,577 34,599 Earnings retained 71,992 68,526 Common stock in treasury, at cost, 61,841 shares and 68,723 shares, respectively (203) (225) - --------------------------------------------------------------------------------------------- Total stockholders' equity 107,827 104,361 - --------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $140,361 $132,656 - --------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------
2 of 9 RPC, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995 (In thousands except per share data) (Unaudited)
Three months ended March 31, ---------------------------- 1996 1995 - ------------------------------------------------------------------------------ REVENUE $49,717 $42,220 - ------------------------------------------------------------------------------ Cost of goods sold 20,830 17,277 Operating expenses 22,068 19,886 Depreciation and amortization 2,032 1,617 Interest income (438) (522) - ------------------------------------------------------------------------------ Income before income taxes 5,225 3,962 Income tax provision 1,775 1,395 - ------------------------------------------------------------------------------ NET INCOME $3,450 $2,567 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ EARNINGS PER SHARE $0.24 $0.18 - ------------------------------------------------------------------------------ Average shares outstanding 14,544,688 14,489,542 - ------------------------------------------------------------------------------
3 of 9 RPC, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 1996 and 1995 (In thousands) (Unaudited)
Three months ended March 31, ---------------------------- 1996 1995 - ------------------------------------------------------------------------------ CASH FLOWS FROM OPERATING ACTIVITIES $3,767 $6,729 - ------------------------------------------------------------------------------ CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (5,530) (3,287) Proceeds from sale of equipment and property 754 430 Net (purchase) of marketable securities (270) (4,070) Other (447) (481) - ------------------------------------------------------------------------------ Net cash (used for) investing activities (5,493) (7,408) - ------------------------------------------------------------------------------ CASH FLOWS FROM FINANCING ACTIVITIES Cash received upon excercise of stock options 0 58 - ------------------------------------------------------------------------------ Net cash provided by financing activities 0 58 - ------------------------------------------------------------------------------ Net increase in cash and cash equivalents (1,726) (621) Cash and cash equivalents at beginning of period 18,126 15,038 - ------------------------------------------------------------------------------ Cash and cash equivalents at end of period $16,400 $14,417 - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------
4 of 9 RPC, 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, 1995. 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, 1996, 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, 1996 are not necessarily indicative of the results to be expected for the full year. 5 of 9 RPC, INC. AND SUBSIDIARIES ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION THREE MONTHS ENDED MARCH 31, 1996 COMPARED TO THREE MONTHS ENDED MARCH 31, 1995 Revenue for the first quarter ended March 31, 1996 was $49,717,000 compared with $42,220,000 for the quarter ended March 31, 1995 and $38,827,000 for the previous quarter ended December 31, 1995. Revenue for the quarter ended March 31, 1996 increased $7,497,000 or 18% from the same period one year ago and increased $10,890,000 or 28% from the quarter ended December 31, 1995. The oil and gas services segment revenue of $22,727,000 increased 13% from last year's first quarter primarily due to a significant increase in the price of natural gas in the first quarter of 1996 compared to the first quarter of 1995. An unusually severe winter throughout the United States had a favorable impact on this industry. The oil and gas services segment revenue increased 10% from the quarter ended December 31, 1995. The boat manufacturing segment revenue for the quarter ended March 31, 1996 of $23,165,000 increased 20% from last year's first quarter of $19,379,000 as the result of a strong trend in the boating industry combined with an increase in Chaparral's market share. The boat manufacturing segment revenue increased 58% from the quarter ended December 31, 1995 as a result of a normal seasonal upturn, combined with the industry trend and Chaparral's increasing market share. Net income for the quarter ended March 31, 1996 was $3,450,000 or 24 cents per share compared to net income of $2,567,000 or 18 cents per share for the quarter ended March 31, 1995 and net income of $3,320,000 or 23 cents per share for the quarter ended December 31, 1995. The increase in earnings from the same period one year ago was due to the revenue increase for both business segments as well as improved margins for the oil and gas services segment. 6 of 9 RPC, INC. AND SUBSIDIARIES ITEM 2. CONT'D FINANCIAL CONDITION The Registrant's current ratio remained strong as of March 31, 1996 with current assets of $70,160,000 exceeding current liabilities of $28,717,000 by a ratio of 2.4-to-1. This compares to a current ratio of 2.7-to-1 at December 31, 1995. Capital expenditures during the first three months of $5,530,000 were primarily for revenue-producing equipment 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, 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 23, 1996. 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, 1996. 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, INC. Date: May 13, 1996 /s/ Richard A. Hubbell --------------------------------------- Richard A. Hubbell President and Chief Operating Officer Date: May 13, 1996 /s/ Debra G. Herron --------------------------------------- Debra G. Herron Treasurer and Chief Financial Officer 9 of 9 EX-27 2 EXHIBIT 27
5 1,000 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 16,400 4,082 30,178 4,576 14,751 70,160 39,638 0 140,361 28,717 546 0 0 1,461 106,366 140,361 0 49,717 20,830 42,898 2,032 0 0 5,225 1,775 3,450 0 0 0 3,450 .24 .24
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