Delaware (State or other jurisdiction) |
001-34037 (Commission File Number) |
75-2379388 (IRS Employer Identification No.) |
601 Poydras St., Suite 2400, New Orleans, Louisiana (Address of principal executive offices) |
70130 (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit | ||||
Number | Description | |||
99.1 | Press release issued by Superior Energy Services, Inc., dated April 27, 2011. |
SUPERIOR ENERGY SERVICES, INC. |
||||
By: | /s/Robert S. Taylor | |||
Robert S. Taylor | ||||
Chief Financial Officer | ||||
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601 Poydras St., Suite 2400 New Orleans, LA 70130 NYSE: SPN (504) 587-7374 Fax: (504) 362-1818 |
|
FOR FURTHER INFORMATION CONTACT: David Dunlap, CEO; Robert Taylor, CFO; Greg Rosenstein, VP of Investor Relations, (504) 587-7374 |
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2
Average | ||||||||||||
Class | Liftboats | Dayrate | Utilization | |||||||||
145-155 |
6 | $ | 6,147 | 51.9 | % | |||||||
160-175 |
7 | 7,629 | 41.4 | % | ||||||||
200 |
5 | 11,045 | 62.7 | % | ||||||||
230-245 |
3 | 23,619 | 64.8 | % | ||||||||
250 |
2 | 28,570 | 76.1 | % | ||||||||
265 |
2 | 36,985 | 83.3 | % |
3
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Revenues |
$ | 413,981 | $ | 364,511 | ||||
Cost of services (exclusive of items shown separately below) |
233,845 | 199,052 | ||||||
Depreciation, depletion, amortization and accretion |
59,363 | 51,048 | ||||||
General and administrative expenses |
86,879 | 70,724 | ||||||
Gain on sale of businesses |
2,674 | | ||||||
Income from operations |
36,568 | 43,687 | ||||||
Other income (expense): |
||||||||
Interest expense, net |
(12,372 | ) | (14,038 | ) | ||||
Earnings from equity-method investments, net |
27 | 3,985 | ||||||
Income before income taxes |
24,223 | 33,634 | ||||||
Income taxes |
8,720 | 12,108 | ||||||
Net income |
$ | 15,503 | $ | 21,526 | ||||
Basic earnings per share |
$ | 0.20 | $ | 0.27 | ||||
Diluted earnings per share |
$ | 0.19 | $ | 0.27 | ||||
Weighted average common shares used
in computing earnings per share: |
||||||||
Basic |
79,021 | 78,534 | ||||||
Diluted |
80,759 | 79,353 | ||||||
4
3/31/2011 | 12/31/2010 | |||||||
(Unaudited) | (Audited) | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 71,082 | $ | 50,727 | ||||
Accounts receivable, net |
375,228 | 452,450 | ||||||
Prepaid expenses |
31,974 | 25,828 | ||||||
Inventory and other current assets |
234,891 | 235,047 | ||||||
Total current assets |
713,175 | 764,052 | ||||||
Property, plant and equipment, net |
1,361,412 | 1,313,150 | ||||||
Goodwill |
589,967 | 588,000 | ||||||
Notes receivable |
70,135 | 69,026 | ||||||
Equity-method investments |
59,350 | 59,322 | ||||||
Intangible and other long-term assets, net |
121,208 | 113,983 | ||||||
Total assets |
$ | 2,915,247 | $ | 2,907,533 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 105,753 | $ | 110,276 | ||||
Accrued expenses |
150,015 | 162,044 | ||||||
Income taxes payable |
| 2,475 | ||||||
Deferred income taxes |
23,158 | 29,353 | ||||||
Current portion of decommissioning liabilities |
17,063 | 16,929 | ||||||
Current maturities of long-term debt |
810 | 184,810 | ||||||
Total current liabilities |
296,799 | 505,887 | ||||||
Deferred income taxes |
228,107 | 223,936 | ||||||
Decommissioning liabilities |
102,321 | 100,787 | ||||||
Long-term debt, net |
851,822 | 681,635 | ||||||
Other long-term liabilities |
118,073 | 114,737 | ||||||
Total stockholders equity |
1,318,125 | 1,280,551 | ||||||
Total liabilities and stockholders equity |
$ | 2,915,247 | $ | 2,907,533 | ||||
5
Three months ended | ||||||||||||
March 31, 2011 | December 31, 2010 | March 31, 2010 | ||||||||||
Revenue |
||||||||||||
Subsea and Well Enhancement |
$ | 262,045 | $ | 306,496 | $ | 232,766 | ||||||
Drilling Products and Services |
128,270 | 120,366 | 114,277 | |||||||||
Marine |
23,666 | 30,034 | 17,468 | |||||||||
Total Revenues |
$ | 413,981 | $ | 456,896 | $ | 364,511 | ||||||
March 31, 2011 | December 31, 2010 | March 31, 2010 | ||||||||||
Gross Profit (1) |
||||||||||||
Subsea and Well Enhancement |
$ | 91,377 | $ | 112,610 | $ | 89,897 | ||||||
Drilling Products and Services |
81,573 | 73,835 | 74,182 | |||||||||
Marine |
7,186 | 13,014 | 1,380 | |||||||||
Total Gross Profit |
$ | 180,136 | $ | 199,459 | $ | 165,459 | ||||||
March 31, 2011 (2) | December 31, 2010 (3) | March 31, 2010 | ||||||||||
Income (Loss) from Operations |
||||||||||||
Subsea and Well Enhancement |
$ | 10,979 | $ | 23,689 | $ | 23,697 | ||||||
Drilling Products and Services |
21,704 | 16,641 | 23,947 | |||||||||
Marine |
3,885 | (25,191 | ) | (3,957 | ) | |||||||
Total Income from Operations |
$ | 36,568 | $ | 15,139 | $ | 43,687 | ||||||
(1) | Gross profit is calculated by subtracting cost of services (exclusive of depreciation, depletion, amortization and accretion) from revenue for each of the Companys segments. | |
(2) | Includes a gain on sale of liftboats of $2.7 million recorded in the Marine Segment. | |
(3) | Includes management transition expenses of $12.2 million recorded in general and administrative expenses, reduction of value of assets of $32.0 million recorded in the Marine Segment and a gain on sale of liftboat of $1.1 million recorded in the Marine Segment. |
6
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