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Newpark Resources Inc (NR) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Newpark Resources Inc

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CIK: 1032033 Ticker: NR


Exhibit 99.1
     ex99-1img001a02.jpg
 
     NEWS RELEASE
 
Contacts: 
Gregg Piontek
Senior Vice President and Chief Financial Officer
Newpark Resources, Inc.
gpiontek@newpark.com
281-362-6800
FOR IMMEDIATE RELEASE
 
 
NEWPARK RESOURCES REPORTS THIRD QUARTER 2018 RESULTS
Company provides update on deepwater Gulf of Mexico entry

THE WOODLANDS, TX – October 25, 2018 – Newpark Resources, Inc. (NYSE: NR) today announced results for its third quarter ended September 30, 2018. Total revenues for the third quarter of 2018 were $235.3 million compared to $236.3 million for the second quarter of 2018 and $201.7 million for the third quarter of 2017. Net income for the third quarter of 2018 was $3.6 million, or $0.04 per diluted share, compared to $10.8 million, or $0.12 per diluted share, for the second quarter of 2018, and $2.7 million, or $0.03 per diluted share, for the third quarter of 2017. Third quarter 2018 results include the impact of the following:
•
$1.8 million of pre-tax charges in the Corporate office ($1.8 million after-tax) associated with the retirement and transition of our Senior Vice President, General Counsel and Chief Administrative Officer, primarily reflecting the impact of modifications to certain outstanding stock-based and other incentive awards;
•
$1.1 million of pre-tax charges in the Brazil Fluids Systems business ($1.1 million after-tax), primarily related to severance costs associated with our planned workforce reductions in the fourth quarter of 2018 in connection with the completion of the current contract with Petrobras, which is scheduled to conclude in December 2018;
•
$0.8 million of pre-tax charges in the U.S. Fluids Systems business ($0.6 million after-tax), associated with the July 2018 fire at our Kenedy, Texas drilling fluids facility; and
•
$0.6 million of non-capitalizable expenses in the U.S. Fluids Systems business ($0.5 million after-tax), related to the upgrade and conversion of a drilling fluids facility into a completion fluids facility, which is expected to be operational by the end of 2018. Located in the Port of Fourchon, this adjacent facility complements our primary Gulf of Mexico deepwater shorebase and supports our product line expansion.
Combined, the impact of the above items resulted in a $4.3 million reduction in operating income and a $4.0 million reduction in net income ($0.04 per diluted share).
Paul Howes, Newpark’s President and Chief Executive Officer, stated, “We’re pleased to report that both segments are continuing to make meaningful strides in the execution of our long-term strategy, although our Fluids Systems segment experienced some softness in the quarter. In addition, we began to repatriate excess cash from our foreign subsidiaries in the quarter, which facilitated a reduction in our outstanding debt.
“In Fluids Systems, third quarter revenues for the segment came in at $181 million, a 1% sequential improvement. North America revenues improved by 7% sequentially, as improvement in the North America land markets were partially offset by a sequential reduction in Gulf of Mexico activities. We successfully

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The following information was filed by Newpark Resources Inc (NR) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Newpark Resources Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Policies)
Basis Of Presentation And Significant Accounting Policies - New Guidance (Details)
Basis Of Presentation And Significant Accounting Policies Basis Of Presentation And Significant Accounting Policies (Tables)
Business Combinations
Business Combinations (Details)
Business Combinations (Tables)
Business Combinations - Assets Acquired And Liabilities Assumed (Details)
Commitments And Contingencies
Commitments And Contingencies (Details Textual)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Financing Arrangements And Fair Value Of Financial Instruments
Financing Arrangements And Fair Value Of Financial Instruments (Details Textual)
Financing Arrangements And Fair Value Of Financial Instruments (Details)
Financing Arrangements And Fair Value Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Receivables
Receivables (Details Textual)
Receivables (Details)
Receivables (Tables)
Segment Data
Segment Data (Tables)
Segment Data - Disaggregated Revenues, Geographic (Details)
Segment Data - Reportable Segments (Details)
Segment Data Segment Data - Disaggregated Revenues, Segment (Details)
Stock-Based And Other Long Term Incentive Compensation
Stock-Based And Other Long Term Incentive Compensation (Details)
Supplemental Disclosures To The Statements Of Cash Flows
Supplemental Disclosures To The Statements Of Cash Flows (Tables)
Supplemental Disclosures To The Statements Of Cash Flows - Cash, Cash Equivalents And Restricted Cash (Details)
Supplemental Disclosures To The Statements Of Cash Flows - Supplemental Disclosures (Details)
Ticker: NR
CIK: 71829
Form Type: 10-Q Quarterly Report
Accession Number: 0000071829-18-000144
Submitted to the SEC: Fri Oct 26 2018 4:44:51 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Oil And Gas Field Machinery And Equipment

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