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Rpc Inc (RES) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Rpc Inc

CIK: 742278 Ticker: RES

 

Exhibit 99

 

 

RPC, Inc. Reports First Quarter 2020 Financial Results

 

·Reported loss of $0.76 per share, including long-lived asset impairment and other charges of $205.5 million
·Adjusted loss of $0.04 per share1

 

ATLANTA, May 6, 2020 - RPC, Inc. (NYSE: RES) today announced its unaudited results for the first quarter ended March 31, 2020.

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 March 31, 2020, revenues were $243.8 million, a decrease of 27.2 percent, compared with $334.7 million in the first quarter of 2019. Revenues decreased due to lower activity levels and pricing, and a smaller fleet of pressure pumping equipment compared to the first quarter of the prior year. Operating loss for the first quarter of 2020 was $218.7 million compared to operating loss of $2.2 million in the same period of the prior year. Adjusted operating loss for the first quarter of 2020 was $13.2 million.2 Net loss for the first quarter of 2020 was $160.4 million, or $0.76 loss per share, compared to a net loss of $739 thousand, or $0.00 per share, in the first quarter of 2019. Adjusted net loss for the first quarter of 2020 was $9.0 million, or $0.04 adjusted loss per share.1 Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of 2020 was negative $179.7 million, compared to EBITDA of $40.8 million in the same period of the prior year.3 Adjusted EBITDA for the first quarter of 2020 was $25.8 million.3

 

Cost of revenues during the first quarter of 2020 was $181.9 million, or 74.6 percent of revenues, compared to $252.4 million, or 75.4 percent of revenues, during the first quarter of 2019. Cost of revenues decreased primarily due to lower materials and supplies expenses and employment expenses consistent with lower activity levels.

 

Selling, general and administrative expenses were $36.5 million in the first quarter of 2020 compared to $45.4 million in the first quarter of 2019. These expenses decreased during the first quarter compared to the prior year primarily due to lower employment costs. Depreciation and amortization decreased to $39.3 million in the first quarter of 2020 compared to $42.5 million in the first quarter of the prior year.

 

In connection with the preparation of our first quarter financial statements, RPC recorded impairment and other charges of $205.5 million, the vast majority of which were non-cash. These charges were recognized in several of our service lines within RPC’s Technical Services operating segment.

 

 

1 Adjusted net loss and adjusted loss 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 and loss 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, 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, 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, May 6, 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-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 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
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income (Details)
Business Segment Information
Business Segment Information (Details)
Business Segment Information (Tables)
Business Segment Information - Geographic (Details)
Business Segment Information - Segment (Details)
Current Expected Credit Losses
Current Expected Credit Losses (Details)
Current Expected Credit Losses (Tables)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - (Details)
Employee Benefit Plan
Employee Benefit Plan - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plan - Serp (Details)
Employee Benefit Plans (Tables)
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)
General
General - (Details)
Impairment And Other Charges
Impairment And Other Charges (Details)
Impairment And Other Charges (Tables)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Leases
Leases (Tables)
Leases - Assets And Liabilities (Details)
Leases - Future Minimum Lease Payments (Details)
Leases- Components Of Lease Expense (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 (Policies)
Revenues
Revenues (Tables)
Revenues - Contract Balances (Details)
Revenues - Disaggregation Of Revenues (Details)
Revenues - Payment Terms (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
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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: 0001104659-20-058678
Submitted to the SEC: Fri May 08 2020 2:58:38 PM EST
Accepted by the SEC: Fri May 08 2020
Period: Tuesday, March 31, 2020
Industry: Oil And Gas Field Services

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