Delaware
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1-8726
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58-1550825
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(State or Other Jurisdiction
of Incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01
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Financial Statements and Exhibits.
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RPC, Inc. | |||
Date: April 24, 2013
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/s/ Ben M. Palmer | |
Ben M. Palmer | |||
Vice President,
Chief Financial Officer and Treasurer
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(in thousands)
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Three Months Ended March 31 | |||||||
2013
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2012
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|||||||
Revenues:
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||||||||
Technical services
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$ | 394,011 | $ | 461,521 | ||||
Support services
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31,810 | 41,036 | ||||||
Total revenues
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$ | 425,821 | $ | 502,557 | ||||
Operating Profit:
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||||||||
Technical services
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$ | 58,501 | $ | 123,531 | ||||
Support services
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6,258 | 13,985 | ||||||
Corporate expenses
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(4,900 | ) | (5,255 | ) | ||||
Loss on disposition of assets, net
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(2,640 | ) | (1,404 | ) | ||||
Total operating profit
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$ | 57,219 | $ | 130,857 | ||||
Other Income, net
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555 | 920 | ||||||
Interest Expense
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(340 | ) | (596 | ) | ||||
Interest Income
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5 | 5 | ||||||
Income before income taxes
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$ | 57,439 | $ | 131,186 |
RPC INCORPORATED AND SUBSIDIARIES
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||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share data)
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||||||||||||
Periods ended March 31, (Unaudited)
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First Quarter
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|||||||||||
2013
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2012
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% BETTER
(WORSE)
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||||||||||
REVENUES
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$ | 425,821 | $ | 502,557 | (15.3 | ) % | ||||||
COSTS AND EXPENSES:
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||||||||||||
Cost of revenues
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268,227 | 273,799 | 2.0 | |||||||||
Selling, general and administrative expenses
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44,914 | 44,927 | 0.0 | |||||||||
Depreciation and amortization
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52,821 | 51,570 | (2.4 | ) | ||||||||
Loss on disposition of assets, net
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2,640 | 1,404 | (88.0 | ) | ||||||||
Operating profit
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57,219 | 130,857 | (56.3 | ) | ||||||||
Interest expense
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(340 | ) | (596 | ) | 43.0 | |||||||
Interest income
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5 | 5 | 0.0 | |||||||||
Other income, net
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555 | 920 | (39.7 | ) | ||||||||
Income before income taxes
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57,439 | 131,186 | (56.2 | ) | ||||||||
Income tax provision
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22,363 | 50,431 | 55.7 | |||||||||
NET INCOME
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$ | 35,076 | $ | 80,755 | (56.6 | ) % | ||||||
EARNINGS PER SHARE
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||||||||||||
Basic
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$ | 0.16 | $ | 0.37 | (56.8 | ) % | ||||||
Diluted
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$ | 0.16 | $ | 0.37 | (56.8 | ) % | ||||||
AVERAGE SHARES OUTSTANDING
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||||||||||||
Basic
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216,194 | 215,620 | ||||||||||
Diluted
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217,525 | 217,350 |
RPC INCORPORATED AND SUBSIDIARIES
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||||||||
CONSOLIDATED BALANCE SHEETS
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||||||||
At March 31, (Unaudited)
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(In thousands)
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|||||||
2013
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2012
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|||||||
ASSETS
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Cash and cash equivalents
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$ | 10,283 | $ | 5,734 | ||||
Accounts receivable, net
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375,126 | 425,766 | ||||||
Inventories
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132,682 | 111,813 | ||||||
Deferred income taxes
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5,952 | 10,035 | ||||||
Income taxes receivable
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11,996 | 561 | ||||||
Prepaid expenses
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10,516 | 7,325 | ||||||
Other current assets
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4,110 | 30,393 | ||||||
Total current assets
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550,665 | 591,627 | ||||||
Property, plant and equipment, net
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758,587 | 736,888 | ||||||
Goodwill
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24,093 | 24,093 | ||||||
Other assets
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19,231 | 16,399 | ||||||
Total assets
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$ | 1,352,576 | $ | 1,369,007 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
Accounts payable
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$ | 122,797 | $ | 132,383 | ||||
Accrued payroll and related expenses
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24,976 | 26,751 | ||||||
Accrued insurance expenses
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6,404 | 6,138 | ||||||
Accrued state, local and other taxes
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5,026 | 5,701 | ||||||
Income taxes payable
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777 | 35,403 | ||||||
Other accrued expenses
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1,397 | 384 | ||||||
Total current liabilities
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161,377 | 206,760 | ||||||
Long-term accrued insurance expenses
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10,714 | 9,254 | ||||||
Notes payable to banks
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87,600 | 180,800 | ||||||
Long-term pension liabilities
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27,798 | 22,418 | ||||||
Other long-term liabilities
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2,388 | 1,938 | ||||||
Deferred income taxes
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150,210 | 147,439 | ||||||
Total liabilities
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440,087 | 568,609 | ||||||
Common stock
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22,056 | 21,949 | ||||||
Capital in excess of par value
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- | - | ||||||
Retained earnings
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904,860 | 790,893 | ||||||
Accumulated other comprehensive loss
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(14,427 | ) | (12,444 | ) | ||||
Total stockholders' equity
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912,489 | 800,398 | ||||||
Total liabilities and stockholders' equity
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$ | 1,352,576 | $ | 1,369,007 |
Periods ended March 31, (Unaudited)
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First Quarter
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% BETTER
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||||||||||
2013
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2012
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(WORSE) | ||||||||||
Reconciliation of Net Income to EBITDA
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||||||||||||
Net Income
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$ | 35,076 | $ | 80,755 | (56.6 | ) % | ||||||
Add:
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||||||||||||
Income tax provision
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22,363 | 50,431 | 55.7 | |||||||||
Interest expense
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340 | 596 | 43.0 | |||||||||
Depreciation and amortization
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52,821 | 51,570 | (2.4 | ) | ||||||||
Less:
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Interest income
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5 | 5 | 0.0 | |||||||||
EBITDA
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$ | 110,595 | $ | 183,347 | (39.7 | ) % | ||||||
EBITDA PER SHARE
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||||||||||||
Basic
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$ | 0.51 | $ | 0.85 | (40.0 | ) % | ||||||
Diluted
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$ | 0.51 | $ | 0.84 | (39.3 | ) % |