UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
washington, d.c. 20549
| FORM |
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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| Item 2.02 | Results of Operations and Financial Condition. |
On January 29, 2020, RPC, Inc. (RPC or the Company) issued a press release titled "RPC, Inc. Reports Fourth Quarter 2019 Financial Results," announcing the financial results for the fourth quarter ended December 31, 2019.
| Item 2.05 | Costs Associated With Exit or Disposal Activities. |
The Company continued the implementation of its plan initiated in the third quarter of 2019 to adjust its operating strategy in response to the decline in customer activities. During the fourth quarter, the Company recorded impairment and other charges related to (1) closing facilities - $1.3 million; (2) retiring equipment - $1.2 million; (3) writing down inventory - $3.6 million, and (4) reducing the number of staffed fleets and its operational and administrative employee headcount - $4.5 million. Of the recorded charges totaling $10.6 million, $6.6 million will have a cash impact.
The Company believes that it has substantially completed its plan to adjust its operating strategy in the fourth quarter of 2019 and currently does not expect to record additional material charges related to the initiative in 2020.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit 99 - Press Release dated January 29, 2020.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, RPC, Inc. has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
| RPC, Inc. | |
| Date: January 29, 2020 | /s/ Ben M. Palmer |
| Ben M. Palmer | |
| Vice President and Chief Financial Officer |
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