-----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, C25ToWYy1c9Ixp7IlLpuFejnevjk8AEHfatH5opNdtAwZfxGDANfpQJScYmHpeNv VV59tyyNpB+XE8rQZ03Gxw== 0000906280-00-000047.txt : 20000323 0000906280-00-000047.hdr.sgml : 20000323 ACCESSION NUMBER: 0000906280-00-000047 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000322 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000322 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUPERIOR ENERGY SERVICES INC CENTRAL INDEX KEY: 0000886835 STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389] IRS NUMBER: 113039286 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-22603 FILM NUMBER: 575317 BUSINESS ADDRESS: STREET 1: 1105 PETERS ROAD CITY: HARVEY STATE: LA ZIP: 70058 BUSINESS PHONE: 5043624321 MAIL ADDRESS: STREET 1: 1105 PETERS ROAD CITY: HARVEY STATE: LA ZIP: 70058 FORMER COMPANY: FORMER CONFORMED NAME: SMALLS OILFIELD SERVICES CORP DATE OF NAME CHANGE: 19930328 8-K 1 UNITED STATES 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 (Date of earliest event reported) March 22, 2000 SUPERIOR ENERGY SERVICES, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) Delaware 0-20310 75-2379388 (STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.) 1105 Peters Road, Harvey, Louisiana 70058 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) (504) 362-4321 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) ITEM 5. OTHER EVENTS. On February 29, 2000, Superior Energy Services, Inc. issued the press release attached hereto as Exhibit 99. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99 Press release issued by Superior Energy Services, Inc. on February 29, 2000 announcing results for the fourth quarter and twelve months ended December 31, 1999. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SUPERIOR ENERGY SERVICES, INC. By: /S/ ROBERT S. TAYLOR Robert S. Taylor Chief Financial Officer Dated: March 21, 2000 EX-99 2 SUPERIOR ENERGY SERVICES, INC. 1105 Peters Road Harvey, Louisiana 70058 (504) 362-4321 Fax: (504) 362-1818 NASDAQ:SESI FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT: Terence Hall, CEO: Robert Taylor, CFO: Guy Cook, Investor Relations, 504-362-4321 SUPERIOR ENERGY ANNOUNCES FOURTH QUARTER AND 1999 RESULTS (Harvey, LA, February 29, 2000) Superior Energy Services, Inc. (NASDAQ: SESI) today announced earnings for the fourth quarter and twelve months ended December 31, 1999. On July 15, 1999, Cardinal Holding Corp. merged with and into a wholly-owned Superior subsidiary. The merger was treated for accounting purposes as an acquisition of Superior by Cardinal and, accordingly, all historical numbers presented herein for periods prior to July 15, 1999 represent the results of Cardinal on a stand alone basis. The results of the fourth quarter ended December 31, 1999 include three months of Cardinal and Superior as well as two months of Production Management which was acquired November 1, 1999. The results for the quarter ended December 31, 1998 are Cardinal alone. The results for the twelve months ended December 31, 1999 include twelve months of Cardinal, five and a half months of Superior and two months of Production Management. The results for the twelve months ended December 31, 1998 are Cardinal alone. Analyzing prior period results to determine or estimate the combined operating potential will be difficult at best and perhaps meaningless given the fact that Cardinal, prior to the merger, incurred substantial non- cash and extraordinary charges during the last few years associated with a reorganization and recapitalization. Beginning in the first quarter of 2000, the Company's financial results will include Superior, Cardinal and Production Management for the entire quarter. For the quarter ended December 31, 1999, revenues were $44.1 million resulting in net income of $1.8 million or $0.03 diluted earnings per share. For the twelve months ended December 31, 1999, the company generated revenues of $113.1 million resulting in a loss before extraordinary charges of $2 million or $0.05 diluted loss per share. Assuming the merger had been in place for the full twelve months ended December 31, 1999 the revenues, income before extraordinary loss and diluted earnings per share before extraordinary loss would have been $185.6 million, $920,000 and $0.02, respectively. Commenting on the results, Terence E. Hall, President and Chief Executive Officer, stated, "Industry conditions steadily improved in the fourth quarter until holiday interruptions and adverse weather set in during the last weeks of December. All of our business segments improved accordingly. We successfully completed the integration of Cardinal and closed the previously announced Production Management acquisition. The combined company is heavily focused on providing a complete package of production related services to our customers and is well positioned to take advantage of the expected recovery in 2000." Superior Energy Services, Inc. provides a broad range of specialized oilfield services and equipment primarily to major and independent oil and gas companies engaged in the exploration, production and development of oil and natural gas properties offshore in the Gulf of Mexico and throughout the Gulf Coast region. These services and equipment include the rental of liftboats, rental of specialized oilfield equipment, electric and mechanical wireline services, well plug and abandonment services, coiled tubing services and engineering services. Additional services provided include contract operating and supplemental labor, offshore construction and maintenance services, offshore and dockside environmental cleaning services, the manufacture and sale of drilling instrumentation and the manufacture and sale of oil spill containment equipment. This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which involve known and unknown risks, uncertainties and other factors. Among the factors that could cause actual results to differ materially are: volatility of the oil and gas industry, including the level of exploration, production and development activity; risks associated with the Company's rapid growth; changes in competitive factors and other material factors that are described from time to time in the Company's filings with the Securities and Exchange Commission. Actual events, circumstances, effects and results may be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Consequently, the forward- looking statements contained herein should not be regarded as representations by Superior or any other person that the projected outcomes can or will be achieved. SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 1999 AND 1998 (in thousands, except earnings per share amounts)
Three Months Twelve Months 1999 1998 1999 1998 --------- --------- --------- --------- Revenues $ 44,102 $ 24,567 $ 113,076 $ 82,223 --------- --------- --------- --------- Costs and expenses: Cost of services 24,737 11,997 67,364 43,938 Depreciation and amortization 4,400 2,115 12,625 6,522 General and administrative 9,144 4,398 23,071 16,205 --------- --------- --------- --------- Total costs and expenses 38,281 18,510 103,060 66,665 --------- --------- --------- --------- Income from operations 5,821 6,057 10,016 15,558 Other income (expense): Interest expense (2,993) (3,611) (12,969) (13,206) Interest income 168 -- 308 -- --------- --------- --------- --------- Income (loss) before income taxes and extraordinary loss 2,996 2,446 (2,645) 2,352 Income tax provision (benefit) 1,194 1,082 (611) 1,149 Income (loss) before extraordinary loss l,802 1,364 (2,034) 1,203 Extraordinary loss, net of income tax benefit -- -- (4,514) (10,885) --------- --------- --------- --------- Net income (loss) $ 1,802 $ 1,364 $ (6,548) $ (9,682) ========= ========= ========= ========= Basic earnings (loss) per share: Earnings (loss) before extraordinary loss $ 0.03 $ 0.05 $ (0.05) $ 0.04 Extraordinary loss -- -- (0.10) (0.36) --------- --------- --------- --------- Earnings (loss) per share $ 0.03 $ 0.05 $ (0.15) $ (0.32) ========= ========= ========= ========= Diluted earnings (loss) per share: Earnings (loss) before extraordinary loss $ 0.03 $ 0.05 $ (0.05) $ 0.04 Extraordinary loss -- -- (0.10) (0.36) --------- --------- --------- --------- Earnings (loss) per share $ 0.03 $ 0.05 $ (0.15) (0.32) ========= ========= ========= ========= Weighted average common shares used in computing earnings per share: Basic 59,598 30,240 43,810 30,240 ========= ========= ========= ========= Diluted 60,024 30,240 43,810 30,240 ========= ========= ========= =========
CONDENSED CONSOLIDATED BALANCE SHEETS DECEMBER 31, 1999 AND 1998 (in thousands)
12/31/99 12/31/98 --------- --------- ASSETS Current assets $ 56,122 $ 26,027 Property, plant and equipment - net 134,723 60,328 Goodwill - net 78,641 17,163 Note receivable 8,898 -- Other assets - net 3,871 4,443 --------- --------- Total assets $ 282,255 $ 107,961 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities $ 30,917 $ 22,694 Long-term debt, less current portion 117,459 120,210 Deferred income taxes 12,392 4,997 Stockholders' equity (deficit) 121,487 (39,940) --------- --------- Total liabilities and stockholders' equity (deficit) $ 282,255 $ 107,961 ========= =========
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