-----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, KpWxjsPqgl8h16GLvNM8Ji1nYhDS0e12a7qMSW8y6djs/9UoIPfqF9gbbrGx1ZA4 cnaEyPbzADa+sjRync9pcg== 0000950129-02-003049.txt : 20020613 0000950129-02-003049.hdr.sgml : 20020613 20020613150455 ACCESSION NUMBER: 0000950129-02-003049 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020101 ITEM INFORMATION: Other events FILED AS OF DATE: 20020613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PATTERSON UTI ENERGY INC CENTRAL INDEX KEY: 0000889900 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 752504748 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22664 FILM NUMBER: 02678218 BUSINESS ADDRESS: STREET 1: 4510 LAMESA HWY STREET 2: P O DRAWER 1416 CITY: SNYDER STATE: TX ZIP: 79549 BUSINESS PHONE: 9155731104 MAIL ADDRESS: STREET 1: P O DRAWER 1416 CITY: SNYDER STATE: TX ZIP: 79550 FORMER COMPANY: FORMER CONFORMED NAME: PATTERSON ENERGY INC DATE OF NAME CHANGE: 19940228 8-K 1 h97708e8vk.txt PATTERSON-UTI ENERGY, INC. - DATED 1/1/02 ================================================================================ 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): JANUARY 1, 2002 PATTERSON-UTI ENERGY, INC. (Exact name of registrant as specified in charter) DELAWARE 0-22664 75-2504748 (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation) Identification No.) 4510 LAMESA HIGHWAY SNYDER, TEXAS 79549 (Address of Principal Executive Offices) (Zip Code) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (915) 574-6300 N/A (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT) ================================================================================ ITEM 5. OTHER EVENTS. Effective January 1, 2002, Patterson-UTI Energy, Inc. (the "Company") adopted Statement of Financial Accounting Standards 142, "Goodwill and Other Intangible Assets" ("SFAS No. 142"). SFAS No. 142 requires that the Company cease amortization of all intangible assets having indefinite useful economic lives. Such assets, including goodwill, are not to be amortized until their lives are determined to be finite. Intangible assets with an indefinite useful life should be tested for impairment annually or on an interim basis to determine whether events or circumstances indicate that the fair value of the asset has decreased below its carrying value. Other intangible assets include covenants-not-to-compete and other agreements. All of our intangible assets, having definite lives, are being amortized on a straight-line basis over their estimated useful lives. The following information related to goodwill and other intangible assets is being provided in accordance with SFAS No. 142 (in thousands):
DECEMBER 31, ----------------------------- 2001 2000 -------- -------- Goodwill..................................................... $ 69,860 $ 69,860 Accumulated amortization..................................... (19,661) (14,996) --------- -------- Goodwill, net................................................ 50,199 54,864 --------- -------- Covenants-not-to-compete and other........................... $ 3,635 $ 3,202 Accumulated amortization..................................... (2,200) (1,693) --------- -------- Other intangible assets, net................................. 1,435 1,509 --------- -------- Total goodwill and intangible assets, net.................... $ 51,634 $ 56,373 ======== ========
Change in the net carrying amount of goodwill for the years ended December 31, 2001 and 2000 are as follows (in thousands):
DRILLING & DRILLING COMPLETION FLUIDS TOTAL ---------- ----------------- -------- Balance at December 31, 1999............... $ 47,819 $ 11,714 $ 59,533 Changes to goodwill................... (3,779) (890) (4,669) -------- -------- -------- Balance at December 31, 2000............... $ 44,040 $ 10,824 $ 54,864 Changes to goodwill................... (3,775) (890) (4,665) -------- -------- -------- Balance at December 31, 2001............... $ 40,265 $ 9,934 $ 50,199 ======== ======== ========
Amortization expense consists of the following (in thousands):
TWELVE MONTHS ENDED DECEMBER 31, ------------------------------------------------ 2001 2000 1999 -------- -------- -------- Goodwill................................... $ 4,665 $ 4,669 $ 4,669 Covenants-not-to-compete and other......... 507 1,065 1,087 -------- -------- -------- $ 5,172 $ 5,734 $ 5,756 ======== ========= ========
Had SFAS No. 142 been in effect prior to January 1, 2002, the Company's reported net income (loss) and net income (loss) per share would have been as follows (in thousands, except per share amounts):
TWELVE MONTHS ENDED DECEMBER 31, --------------------------------------- 2001 2000 1999 ----------- ---------- ---------- Net income (loss): Reported ...................................................... $ 164,162 $ 37,226 $ (11,737) Goodwill amortization ......................................... 4,665 4,669 4,669 ----------- ---------- --------- Adjusted ...................................................... $ 168,827 $ 41,895 $ (7,068) =========== ========== ========= Basic net income (loss) per common share: Reported ...................................................... $ 2.15 $ 0.52 $ (0.18) Effect of goodwill amortization ............................... 0.06 0.07 0.07 ----------- ---------- --------- Adjusted ...................................................... $ 2.21 $ 0.59 $ (0.11) =========== ========== ========= Diluted net income (loss) per common share: Reported ...................................................... $ 2.07 $ 0.50 $ (0.18) Effect of goodwill amortization ............................... 0.06 0.06 0.07 ----------- ---------- --------- Adjusted ...................................................... $ 2.13 $ 0.56 $ (0.11) =========== ========== =========
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. PATTERSON-UTI ENERGY, INC. Dated: June 13, 2002 By: /s/ Cloyce A. Talbott ------------------------------------ Cloyce A. Talbott Chief Executive Officer -----END PRIVACY-ENHANCED MESSAGE-----