-----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, BRWsSLbuyrnp0X0T1+gtWWhTJCgpnNF5JsGWe/6tiwudrKV/BmMNe4K9RvN2lnQD n7aDW7fg/wBaCjSrnFMKdQ== 0000082329-95-000082.txt : 19951017 0000082329-95-000082.hdr.sgml : 19951017 ACCESSION NUMBER: 0000082329-95-000082 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951016 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19951016 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: READING & BATES CORP CENTRAL INDEX KEY: 0000082329 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [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: 95580740 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 FORM 8-K DATED 10/16/95 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: October 16, 1995 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 October 16, 1995 - 3rd Quarter 1995 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 Executive Vice President, Finance and Administration Dated: October 16, 1995 EX-99 2 PRESS RELEASE DATED 10/16/95 EXHIBIT 99 FOR IMMEDIATE RELEASE Contact: Mr. Charles R. Ofner (713) 496-5000 RB Reports Improved Third Quarter 1995 Results October 16, 1995, Houston, Texas ... Reading & Bates Corporation (NYSE: RB) reported net income of $9.1 million ($.13 net income per share after preferred stock dividends of $1.2 million) on revenues of $54.7 million for the quarter ended September 30, 1995 compared to a net loss of $4.0 million ($.09 loss per share after preferred stock dividends of $1.2 million) on revenues of $42.8 million for the quarter ended September 30, 1994. The increase in revenues is largely attributable to higher fleet utilization and increased dayrates. Utilization for the third quarter of 1995 was 86% compared to 74% for the third quarter of 1994. For the nine months ended September 30, 1995 the Company reported net income of $11.2 million ($.13 net income per share after preferred stock dividends of $3.6 million), on revenues of $153.0 million compared to a net loss of $11.5 million ($.27 loss per share after preferred stock dividends of $3.6 million) on revenues of $124.6 million. Again, the increase in revenues is mainly attributable to higher fleet utilization and increased dayrates. Utilization for the nine months ended September 30, 1995 was 85% compared to 73% for the same period ended September 30, 1994. Paul B. Loyd, Jr. the Company's Chairman and CEO, said, "We are pleased to report improved third quarter results. As expected, earnings and cash flows continued their upward movement as our fleet contract status continued to improve. As we move into the fourth quarter, our core fleet is 100% contracted. The high specification semisubmersible market continues to tighten and prospects for all of our semis are excellent. Seven of our nine core jackups are contracted well into 1996 with good prospects for our remaining two core jackups. Our two tenders are solidly contracted with one contracted until late 1996 and the other until late 1997. Many of the dayrates being set at the margin, particularly for our semis, are substantially in excess of those achieved in the third quarter of 1995, and we remain optimistic concerning further improvements in our financial results. Reading & Bates completed two important investments this quarter: the acquisition of the "Iolair", a dynamically positioned third-generation semisubmersible support vessel and the "Treasure Driller", now renamed, "Rig 42", a large second-generation semi. The "Iolair" is currently working for BP in the Foinaven Field and will undergo a comprehensive upgrade in 1996 after which it will be used under a long-term gain share alliance with BP. "Rig 42" is an excellent candidate for the extended well test market, deep-water and/or harsh environment drilling or conversion to a floating production unit. Our third quarter results did not benefit materially from these acquisitions nor do we expect material incremental benefits in the fourth quarter, however we expect our investment in these two vessels to contribute substantially to net income in 1996 and thereafter." Reading & Bates is a New York Stock Exchange listed company, engaging in offshore drilling services throughout the world. Its wholly owned subsidiary, Reading & Bates Development Co., provides technical, construction and project management services, and floating production systems 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) (unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------ ----------------- 1995 1994 1995 1994 -------- -------- --------- --------- OPERATING REVENUES $ 54,661 $ 42,773 $ 153,018 $ 124,623 -------- -------- --------- --------- COSTS AND EXPENSES: Operating expenses 30,503 30,703 93,648 90,301 Depreciation and amortization 7,786 7,302 22,599 21,343 General and administrative 3,686 4,271 12,121 13,241 -------- -------- --------- --------- Total costs and expenses 41,975 42,276 128,368 124,885 -------- -------- --------- --------- OPERATING INCOME (LOSS) 12,686 497 24,650 (262) -------- -------- --------- --------- OTHER INCOME (EXPENSE): Interest expense (3,944) (3,443) (11,697) (9,760) Interest income 498 792 1,403 2,595 Other, net (272) (1,355) (954) (2,114) -------- -------- --------- --------- Total other income (expense) (3,718) (4,006) (11,248) (9,279) -------- -------- --------- --------- INCOME (LOSS) BEFORE INCOME TAX EXPENSE AND MINORITY INTEREST 8,968 (3,509) 13,402 (9,541) INCOME TAX EXPENSE (193) 709 1,539 2,791 MINORITY INTEREST (61) 213 (700) 798 -------- -------- --------- --------- NET INCOME (LOSS) 9,100 (4,005) 11,163 (11,534) DIVIDENDS ON PREFERRED STOCK 1,212 1,214 3,642 3,644 -------- -------- --------- --------- NET INCOME (LOSS) APPLICABLE TO COMMON STOCKHOLDERS $ 7,888 (5,219) $ 7,521 $ (15,178) ======== ======== ========= ========= NET INCOME (LOSS) PER COMMON SHARE $ .13 (.09) $ .13 (.27) ======== ======== ========= ========= WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 60,085 56,864 59,847 55,952 ======== ======== ========= =========
READING & BATES CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (in thousands) (unaudited)
9/30/95 12/31/94 --------- --------- ASSETS: Cash and cash equivalents $ 34,363 $ 42,319 Other current assets 58,475 50,430 Net property and equipment 525,077 490,319 Other assets 2,657 3,733 --------- --------- TOTAL ASSETS $ 620,572 $ 586,801 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities $ 78,630 $ 86,041 Long-term obligations 96,728 81,937 Other noncurrent liabilities 53,661 52,792 Minority interest 44,496 43,871 Stockholders' equity 347,057 322,160 --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 620,572 $ 586,801 ========= =========
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