Last10K.com

Rpc Inc (RES) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Rpc Inc

CIK: 742278 Ticker: RES

Exhibit 99

 

 

RPC, Inc. Reports Third Quarter 2019 Financial Results

 

·Reported net loss of $0.33 per share, including impairment and other charges of $71.7 million
·Adjusted net loss of $0.08 per share1

 

ATLANTA, October 23, 2019 - RPC, Inc. (NYSE: RES) today announced its unaudited results for the third quarter ended September 30, 2019. RPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout the United States and in selected international markets.

 

For the quarter ended September 30, 2019, revenues were $293.2 million, a decrease of 33.4 percent, compared with $440.0 million in the third quarter of 2018. Revenues decreased due to lower activity levels and slightly lower pricing within most of RPC’s service lines. Operating loss for the third quarter of 2019 was $92.6 million compared to operating profit of $54.6 million in the same period of the prior year. Adjusted operating loss for the third quarter of 2019 was $21.0 million.2 Net loss for the third quarter of 2019 was $69.2 million, or $0.33 loss per share, compared to net income of $50.0 million, or $0.23 diluted earnings per share, in the third quarter of 2018. Adjusted net loss for the third quarter of 2019 was $18.0 million, or $0.08 adjusted loss per share.1 Earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter was negative $48.9 million, compared to EBITDA of $97.8 million in the same period of the prior year.3 Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) for the third quarter was $22.8 million.3

 

For the nine months ended September 30, 2019, revenues decreased to $986.4 million compared to $1.34 billion in the same period last year. Net loss for the nine-month period was $63.7 million, or $0.30 loss per share, compared to net income of $162.0 million, or $0.75 diluted earnings per share in the same period last year. Adjusted net loss for the nine-month period was $12.5 million, or $0.06 adjusted loss per share.1

 

Cost of revenues during the third quarter of 2019 was $225.2 million, or 76.8 percent of revenues, compared to $300.9 million, or 68.4 percent of revenues, during the third quarter of 2018. Cost of revenues decreased, consistent with lower activity levels, due to lower materials and supplies expenses, employment costs, and other expenses that vary with activity levels. Cost of revenues as a percentage of revenues increased due to lower activity levels, increasingly competitive pricing for our services, and labor cost inefficiencies.

 

Selling, general and administrative expenses were $42.6 million in the third quarter of 2019 compared with $41.8 million in the third quarter of 2018. As a percentage of revenues, these expenses increased to 14.5 percent in the third quarter of 2019 compared with 9.5 percent in the third quarter of 2018. Depreciation and amortization increased to $44.7 million in the third quarter of 2019 compared with $43.0 million in the third quarter of the prior year.

 

 

1 Adjusted net loss, adjusted net income, adjusted loss per share, and adjusted earnings per share are financial measures which do not conform to GAAP. Additional disclosure regarding these non-GAAP financial measures and their reconciliation to net loss, net income, net loss per share, and net income per share, the nearest GAAP financial measures, are disclosed in Appendix A to this press release.

2 Adjusted operating loss is a financial measure which does not conform to GAAP. Additional disclosure regarding this non-GAAP financial measure and its reconciliation to operating loss and operating profit, the nearest GAAP financial measures, are disclosed in Appendix B to this press release.

3 Adjusted EBITDA and EBITDA are financial measures which do not conform to GAAP. Additional disclosure regarding these non-GAAP financial measures and their reconciliation to net loss and net income, the nearest GAAP financial measures, are disclosed in Appendix C to this press release. 


The following information was filed by Rpc Inc (RES) on Wednesday, October 23, 2019 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.

View differences made from one quarter to another to evaluate Rpc Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Rpc Inc.

Continue

Assess how Rpc Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Rpc Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Legal
Financial
Revenue
Other
Filter by Subcategory:
All
Income
Product
Earnings
Cash Flow
Geography
Dividend
Expense
Shares
Other
Inside Rpc Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive (Loss) Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income (Details)
Accumulated Other Comprehensive (Loss) Income (Tables)
Accumulated Other Comprehensive (Loss) Income - Asu 2018-02 (Details)
Business Segment Information
Business Segment Information (Tables)
Business Segment Information - Disaggregate Revenue By Locations (Details)
Business Segment Information - Revenues By Major Service Lines (Details)
Business Segment Information - Segment Summary (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - (Details)
Employee Benefit Plan
Employee Benefit Plan (Details)
Employee Benefit Plan (Tables)
Employee Benefit Plan - Unrealized Gains, Net (Details)
Employee Benefit Plan- Serp (Details)
Fair Value Disclosures
Fair Value Disclosures (Details)
Fair Value Disclosures (Tables)
General
General - (Details)
Impairment And Other Charges
Impairment And Other Charges (Tables)
Impairment And Other Charges - (Details)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Leases
Leases (Tables)
Leases - Assets And Liabilities (Details)
Leases - Components Of Lease Expense (Details)
Leases - Future Minimum Lease Payments (Details)
Leases - Other Information (Details)
Notes Payable To Banks
Notes Payable To Banks (Tables)
Notes Payable To Banks - Credit Facility (Details)
Notes Payable To Banks - Interest Incurred (Details)
Recent Accounting Standards
Recent Accounting Standards (Details)
Recent Accounting Standards (Policies)
Revenues
Revenues (Tables)
Revenues - Contract Balances (Details)
Revenues - Payment Terms (Details)
Revenues - Timing Of Revenue Recognition (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Compensation Expense (Details)
Stock-Based Compensation - Non-Vested Rsu's (Details)
Stock-Based Compensation - Other Information (Details)

Material Contracts, Statements, Certifications & more

Rpc Inc provided additional information to their SEC Filing as exhibits

Ticker: RES
CIK: 742278
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-19-058443
Submitted to the SEC: Thu Oct 31 2019 12:56:02 PM EST
Accepted by the SEC: Thu Oct 31 2019
Period: Monday, September 30, 2019
Industry: Oil And Gas Field Services

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/res/0001104659-19-058443.htm