-----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, GUgTnnMolUyKBVutluZNTemQwgCl//OyocDObXR5ML0t9L1M4G2IyctVtikIKQzJ YIzcADXsb6BaK1KCMyzEMA== 0000950134-01-500648.txt : 20010424 0000950134-01-500648.hdr.sgml : 20010424 ACCESSION NUMBER: 0000950134-01-500648 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010419 ITEM INFORMATION: FILED AS OF DATE: 20010423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PATTERSON 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: SEC FILE NUMBER: 000-22664 FILM NUMBER: 1608939 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 8-K 1 d86423e8-k.txt FORM 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) April 19, 2001 -------------- PATTERSON ENERGY, INC. (Exact name of registrant as specified in its charter) DELAWARE 0-22664 75-2504748 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 4510 LAMESA HIGHWAY, SNYDER, TEXAS 79549 (Address of principal executive offices) Zip Code
915-573-1104 (Registrant's telephone number, including area code) No Change (Former name or former address, if changed since last report.) - -------------------------------------------------------------------------------- 2 ITEM 5. OTHER EVENTS. On April 19, 2001 the Registrant issued the following press release: PATTERSON ENERGY, INC. ANNOUNCES FIRST QUARTER 2001 RESULTS FROM OPERATIONS Snyder, Texas, April 19, 2001 --- PATTERSON ENERGY, INC. (NASDAQ: PTEN) announced its operating results for the quarter ended March 31, 2001 in which net income increased 67% over the previous quarter ended December 31, 2000 to $20.5 million, or $0.52 per diluted share. Net income for the comparative period ended March 31, 2000 was $911,000, or $0.03 per diluted share. Operating revenues for the three-month periods ended March 31, 2001 and 2000 were $129.9 million and $58.6 million, respectively, an increase of 122%. Earnings before interest, income taxes, depreciation, depletion and amortization (EBITDA) for the first quarter of 2001 totaled $44.9 million versus $10.3 million for the same period in 2000 and $30.2 million for the quarter ended December 31, 2000. The increases in both net earnings and EBITDA were reflective of sequential quarterly improvement in dayrates and operating daily cash margins. The Company achieved a blended dayrate per rig of approximately $9,903 and a daily cash margin per rig of approximately $3,905 during the quarter ended March 31, 2001. The sequential quarterly improvement is further illustrated below:
For the three months ended --------------------------------------------------------------------------------------- June 30, 2000 September 30, 2000 December 31, 2000 March 31, 2001 ------------- ------------------ ----------------- -------------- Dayrate $7,508 $8,026 $8,912 $9,903 Cash margin/day $1,798 $2,098 $3,131 $3,905
Mr. Cloyce A. Talbott, Patterson's Chairman and CEO, commented, "We are very pleased with the Company's performance through the first quarter of 2001. Furthermore, we have been able to activate an additional three drilling rigs since year end increasing our marketable fleet to 141 rigs thereby providing the Company with increased exposure to the current economic opportunities in the industry." The Company's current average rig utilization rate is approximately 84%. Patterson Energy, Inc., a Snyder, Texas based energy company, is one of the leading providers of domestic land-based drilling services to major independent oil and natural gas companies. Patterson currently owns 152 drilling rigs (141 of which are currently marketable) with drilling operations in Texas, New Mexico, Utah, Oklahoma and Louisiana. For further information, contact: Patterson Energy, Inc. Cloyce A. Talbott, Chairman and Chief Executive Officer Jonathan D. (Jody) Nelson, Vice-President-Finance and Chief Financial Officer (915) 573-1104 3 PATTERSON ENERGY, INC.
INCOME STATEMENT DATA (IN THOUSANDS): UNAUDITED THREE MONTHS ENDED MARCH 31, ---------------------- 2001 2000 --------- --------- Operating revenues: Drilling $ 104,803 $ 51,157 Drilling and completion fluids 19,670 4,365 Oil and natural gas 5,463 3,044 --------- --------- 129,936 58,566 --------- --------- Costs and expenses: Operating costs 81,060 46,182 Depreciation, depletion and amortization 11,341 7,717 General and administrative 4,846 2,196 --------- --------- 97,247 56,095 --------- --------- Operating income 32,689 2,471 Net gain on sale of assets 13 43 Interest income 796 113 Interest expense (567) (1,193) Other 35 (20) --------- --------- Net income before income taxes 32,966 1,414 --------- --------- Income tax expense 12,422 503 --------- --------- Net income $ 20,544 $ 911 ========= ========= Net income per common share: Basic $ 0.54 $ 0.03 ========= ========= Diluted $ 0.52 $ 0.03 ========= ========= Weighted average number of common shares outstanding: Basic 38,295 32,553 ========= ========= Diluted 39,514 33,972 ========= =========
BALANCE SHEET DATA (IN THOUSANDS): UNAUDITED MARCH 31, 2001 DECEMBER 31, 2000 -------------- ----------------- Current assets $183,760 $167,763 Property & equipment, net 253,317 202,592 Total assets 479,504 410,586 Current liabilities 71,750 56,878 Notes payable, less current maturities 17,499 19,939
4 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 by the undersigned hereunto duly authorized. PATTERSON ENERGY, INC. Date: April 23, 2001 By: /s/ JONATHAN D. NELSON -------------------------------- Jonathan D. Nelson, Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----