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Rpc Inc (RES) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Rpc Inc

CIK: 742278 Ticker: RES

Exhibit 99

 

 

 

RPC, Inc. Reports Fourth Quarter 2019 Financial Results

 

·Reported net loss of $0.11 per share, including impairment and other charges of $10.6 million
·Adjusted net loss of $0.07 per share1

 

ATLANTA, January 29, 2020 - RPC, Inc. (NYSE: RES) today announced its unaudited results for the fourth quarter and year ended December 31, 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 December 31, 2019, revenues were $236.0 million, a decrease of 37.4 percent, compared with $376.8 million in the fourth quarter of 2018. Revenues decreased due to lower activity levels and pricing, a more pronounced fourth quarter seasonal decline than in the prior year, and a smaller fleet of pressure pumping equipment. Operating loss for the fourth quarter of 2019 was $27.9 million compared to operating profit of $19.7 million in the same period of the prior year. Adjusted operating loss for the fourth quarter of 2019 was $17.3 million.2 Net loss for the fourth quarter of 2019 was $23.4 million, or $0.11 loss per share, compared to net income of $13.4 million, or $0.06 diluted earnings per share, in the fourth quarter of 2018. Adjusted net loss for the fourth quarter of 2019 was $13.9 million, or $0.07 adjusted loss per share.1 Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2019 was $12.6 million, compared to EBITDA of $61.7 million in the same period of the prior year.3 Adjusted EBITDA for the fourth quarter of 2019 was $23.2 million.3

 

For the 12 months ended December 31, 2019, revenues decreased to $1.22 billion compared to $1.72 billion in the prior year. Net loss for the 12 months ended December 31, 2019 was $87.1 million, or $0.41 loss per share, compared to net income of $175.4 million, or $0.82 diluted earnings per share in the prior year. Adjusted net loss for the 12 months ended December 31, 2019 was $26.5 million, or $0.12 adjusted loss per share.1

 

Cost of revenues during the fourth quarter of 2019 was $176.9 million, or 75.0 percent of revenues, compared to $274.4 million, or 72.8 percent of revenues, during the fourth quarter of 2018. Cost of revenues decreased primarily due to lower materials and supplies expenses and other expenses associated with lower activity levels. In addition, cost of revenues declined due to lower employment costs as a result of our downsizing. Cost of revenues as a percentage of revenues increased primarily due to lower activity levels and more competitive pricing for our services.

 

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, January 29, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Rpc Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Accounts Receivable, Net (Details)
Accounts Receivable - Allowance For Doubtful Accounts (Details)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income (Details)
Accumulated Other Comprehensive (Loss) Income (Tables)
Business Segment And Entity Wide Disclosures
Business Segment And Entity Wide Disclosures (Details)
Business Segment And Entity Wide Disclosures (Tables)
Business Segment And Entity Wide Disclosures - Summary Of Financial Information Concerning Reportable Segments (Details)
Business Segment And Entity Wide Disclosures - Summary Of Selected Information Between United States And All International Locations (Details)
Commitments And Contingencies
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Accumulated Other Comprehensive Loss Expected To Be Recognized As Components Of Net Periodic Benefit Cost In 2020 (Details)
Employee Benefit Plans - Amounts Recognized In Consolidated Balance Sheets (Details)
Employee Benefit Plans - Changes In Non-Vested Restricted Shares (Details)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plans - Fair Value Non-Vested Restricted Shares (Details)
Employee Benefit Plans - Funded Status Of Retirement Income Plan And Amounts Recognized In Consolidated Balance Sheets (Details)
Employee Benefit Plans - Future Benefits Payable For Retirement Income Plan Over Next Ten Years (Details)
Employee Benefit Plans - Plan Assets Using Fair Value Hierarchy (Details)
Employee Benefit Plans - Plan Weighted Average Asset Allocation By Asset Category Along With Target Allocation For 2020 (Details)
Employee Benefit Plans - Pre-Tax Amounts Recognized In Comprehensive Loss (Details)
Employee Benefit Plans - Serp (Details)
Employee Benefit Plans - Stock Incentive Plans (Details)
Employee Benefit Plans - Stock Options (Details)
Employee Benefit Plans - Weighted Average Assumptions Used To Determine Projected Benefit Obligation And Net Benefit Cost (Details)
Employee Benefit Plans -401(K) (Details)
Fair Value Disclosures
Fair Value Disclosures (Tables)
Fair Value Disclosures - Financial Instruments Measured At Fair Value On Non-Recurring Basis (Details)
Fair Value Disclosures - Financial Instruments Measured At Fair Value On Recurring Basis (Details)
Impairment And Other Charges
Impairment And Other Charges (Details)
Impairment And Other Charges (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Summary Of Components Of Provision (Benefit) For Income Taxes (Details)
Income Taxes - Summary Of Reconciliation Between Federal Statutory Rate And Effective Tax Rate (Details)
Income Taxes - Summary Of Significant Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Unrecognized (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)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Credit Facility (Details)
Long-Term Debt - Interest Incurred (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Depreciation (Details)
Related Party Transactions
Related Party Transactions - Marine (Details)
Related Party Transactions - Other (Details)
Revenues
Revenues (Tables)
Revenues - Contract Balances (Details)
Revenues - Payment Terms (Details)
Revenues - Timing Of Revenue Recognition (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Accounts Receivable (Details)
Significant Accounting Policies - Advertising (Details)
Significant Accounting Policies - Common Stock (Details)
Significant Accounting Policies - Concentration Of Credit Risk (Details)
Significant Accounting Policies - Defined Benefit Pension Plan (Details)
Significant Accounting Policies - Earnings Per Share (Details)
Significant Accounting Policies - Goodwill (Details)
Significant Accounting Policies - Income Taxes (Details)
Significant Accounting Policies - Investments (Details)
Significant Accounting Policies - Preferred Stock (Details)
Significant Accounting Policies - Property, Plant And Equipment (Details)
Significant Accounting Policies - Recent Accounting Pronouncements (Details)
Ticker: RES
CIK: 742278
Form Type: 10-K Annual Report
Accession Number: 0001104659-20-027017
Submitted to the SEC: Fri Feb 28 2020 2:52:19 PM EST
Accepted by the SEC: Fri Feb 28 2020
Period: Tuesday, December 31, 2019
Industry: Oil And Gas Field Services

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