-----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, eWDY2h3hR3QzXSdGKqNfbHxI7Eh9r02/RZ+Tt2L3vxw9QpV81asApyBEgdnZcrU4 STmidfSbgS80CdZx7bXC8A== 0000082329-94-000041.txt : 19940422 0000082329-94-000041.hdr.sgml : 19940422 ACCESSION NUMBER: 0000082329-94-000041 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940421 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: READING & BATES CORP CENTRAL INDEX KEY: 0000082329 STANDARD INDUSTRIAL CLASSIFICATION: 1381 IRS NUMBER: 730642271 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05587 FILM NUMBER: 94523686 BUSINESS ADDRESS: STREET 1: 901 THREADNEEDLE STE 200 CITY: HOUSTON STATE: TX ZIP: 77079 BUSINESS PHONE: 7134965000 MAIL ADDRESS: STREET 1: PO BOX 79627 CITY: HOUSTON STATE: TX ZIP: 77279-9627 FORMER COMPANY: FORMER CONFORMED NAME: READING & BATES OFFSHORE DRILLING CO DATE OF NAME CHANGE: 19790531 8-K 1 PRESS RELEASE DATED 04/21/94 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: April 21, 1994 READING & BATES CORPORATION (Exact name of registrant as specified in its charter) Delaware 1-5587 73-0642271 (State or other (Commission (I.R.S. Employer jurisdiction of File Number) Identification No.) incorporation) 901 Threadneedle, Suite 200, Houston, TX 77079 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (713) 496-5000 Item 7. Financial Statements and Exhibits (c) Exhibits Exhibit 99 - Press Release dated April 21, 1994 - First Quarter 1994 Earnings Release. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned thereunto duly authorized. READING & BATES CORPORATION By /s/T. W. Nagle --------------------- T. W. Nagle Vice President & Chief Financial Officer Dated: April 21, 1994 EX-99 2 EXHIBIT 99 EXHIBIT 99 For additional information, please contact: Mr. C. R. Ofner or Mr.Tim W. Nagle (713) 496-5000 April 21, 1994, Houston, Texas ........ Reading & Bates Corporation (RB-NYSE) reported a net loss of $1.5 million ($.05 per share after preferred stock dividends of $1.2 million) for the quarter ended March 31, 1994 compared to a net loss of $2.2 million ($.04 per share) for the quarter ended March 31, 1993. Operating income was $2.4 million on revenues of $42.4 million for the first quarter of 1994 compared to operating income of $.6 million on revenues of $35.9 million for the first quarter of 1993. The increase in operating income was primarily due to higher utilization of the semisubmersible fleet, 66% in the first quarter of 1994 compared to 54% in the first quarter of 1993. Overall fleet utilization was 77% in the first quarter of 1994 compared to 71% in the first quarter of 1993. The Company's Chairman, President and Chief Executive Officer, Paul B. Loyd, Jr. characterized the current environment for the company's services as somewhat mixed, with strength in some of the markets that the company participates in, such as the overall tender market and the far east semisubmersible market, and weakness in others, such as the jackup market in West Africa. However, Mr. Loyd indicated that he believes the long term outlook for the company remains favorable and that the company's quality fleet along with its reputation for safety and quality operations leaves it poised to benefit substantially when the drilling market comes into better overall balance. Mr. Loyd also emphasized that the company is currently working on several new business projects related to floating production that have the potential to improve our longer term financial results, independent of the company's drilling fleet's results. Reading & Bates is a New York Stock Exchange listed company, engaging in offshore drilling throughout the world. Its wholly owned subsidiary, Reading & Bates Development Co., provides technical, construction and project management services to the upstream offshore oil and gas industry worldwide. (financial highlights to follow) READING & BATES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (in thousands except per share amounts) THREE MONTHS ENDED MARCH 31, ---------------------------------------------------------------------- 1994 1993 ---------------------------------------------------------------------- (unaudited) OPERATING REVENUES $ 42,357 $ 35,939 ----------------------------------------------------------------------- COSTS AND EXPENSES: Operating expenses 28,625 24,712 Depreciation and amortization 6,920 6,621 General and administrative 4,415 4,010 ----------------------------------------------------------------------- 39,960 35,343 ----------------------------------------------------------------------- OPERATING INCOME 2,397 596 ----------------------------------------------------------------------- OTHER INCOME (EXPENSE): Interest expense (3,113) (3,481) Interest income 751 357 Equity in losses of unconsolidated investees (134) (1) Other, net (258) (422) ----------------------------------------------------------------------- (2,754) (3,547) ----------------------------------------------------------------------- LOSS FROM OPERATIONS BEFORE INCOME TAX EXPENSE AND MINORITY INTEREST (357) (2,951) INCOME TAX EXPENSE 908 1,283 MINORITY INTEREST INCOME (EXPENSE) (226) 2,046 ----------------------------------------------------------------------- NET LOSS (1,491) (2,188) DIVIDEND ON PREFERRED STOCK 1,215 - ----------------------------------------------------------------------- NET LOSS APPLICABLE TO COMMON STOCKHOLDERS $ (2,706) $ (2,188) ======================================================================= NET LOSS PER COMMON SHARE $ (.05) $ (.04) ======================================================================= READING & BATES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (in thousands) (unaudited) --------------------------------------------------------------------- 3/31/94 12/31/93 --------------------------------------------------------------------- ASSETS: Cash and cash equivalents $ 75,401 $ 80,385 Other current assets 48,629 53,967 Net property and equipment 472,215 474,662 Investments and advances 304 212 Other assets 4,724 3,248 --------------------------------------------------------------------- TOTAL ASSETS $ 601,273 $ 612,474 ===================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities $ 51,975 $ 56,622 Long-term obligations 91,595 96,562 Other noncurrent liabilities 72,899 71,240 Minority interest 67,781 68,507 Stockholders' equity 317,023 319,543 --------------------------------------------------------------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 601,273 $ 612,474 ===================================================================== -----END PRIVACY-ENHANCED MESSAGE-----