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Rpc Inc (RES) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Rpc Inc

CIK: 742278 Ticker: RES

 

Exhibit 99

 

 

RPC, Inc. Reports First Quarter 2021 Financial Results

 

ATLANTA, April 28, 2021 - RPC, Inc. (NYSE: RES) today announced its unaudited results for the first quarter ended March 31, 2021. 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, 2021, RPC generated revenues of $182.6 million, a decrease of 25.1 percent compared to $243.8 million in the first quarter of 2020. Operating loss for the first quarter of 2021 was $10.5 million compared to an operating loss of $218.7 million and an adjusted operating loss of $13.2 million in the first quarter of the prior year.1 Net loss for the first quarter of 2021 was $9.7 million, or $0.05 loss per share, compared to a net loss of $160.4 million, or $0.76 loss per share in first quarter of the prior year. In the first quarter of 2020 the adjusted net loss was $9.0 million, or $0.04 adjusted loss per share.2 Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of 2021 was $7.8 million, compared to negative EBITDA of $179.7 million and an adjusted EBITDA of $25.8 million in the same period of the prior year.3

 

Cost of revenues during the first quarter of 2021 was $ 146.2 million, or 80.1 percent of revenues, compared to $181.9 million, or 74.6 percent of revenues during the first quarter of 2020. Cost of revenues declined primarily due to decreases in expenses consistent with lower activity levels and RPC’s ongoing cost reduction initiatives. Cost of revenues as a percentage of revenues increased primarily due to labor and other cost inefficiencies resulting from lower activity levels, as well as increased diesel fuel costs, in the first quarter as compared to the prior year.

 

Selling, general and administrative expenses were $30.6 million in the first quarter of 2021 compared to $36.5 million in the first quarter of 2020. These expenses decreased due to lower employment costs, primarily the result of cost reduction initiatives during previous quarters. Selling, general and administrative expenses increased from 15.0 percent of revenues in the first quarter of 2020 to 16.8 percent of revenues in the first quarter of 2021. Depreciation and amortization was $17.8 million in the first quarter of 2021 compared to $39.3 million in the first quarter of the prior year. Depreciation and amortization declined primarily because of RPC’s asset impairment charges recorded in prior quarters.

 

1 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 measure, is disclosed in Appendix A to this press release.

2 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 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 measure, is disclosed in Appendix C to this press release.

 


The following information was filed by Rpc Inc (RES) on Wednesday, April 28, 2021 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
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Consolidated Statements Of Stockholders' Equity
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Accumulated Other Comprehensive (Loss) Income (Details)
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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
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Earnings Per Share (Tables)
Earnings Per Share - (Details)
Employee Benefit Plan
Employee Benefit Plan (Tables)
Employee Benefit Plan - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plan - Serp (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)
General
General - (Details)
Impairment And Other Charges
Impairment And Other Charges (Details)
Impairment And Other Charges (Tables)
Income Taxes
Income Taxes (Details)
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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)
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Revenues - Contract Balances (Details)
Revenues - Disaggregation Of Revenues (Details)
Revenues - Payment Terms (Details)
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Rpc Inc provided additional information to their SEC Filing as exhibits

Ticker: RES
CIK: 742278
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-21-058762
Submitted to the SEC: Fri Apr 30 2021 2:50:28 PM EST
Accepted by the SEC: Fri Apr 30 2021
Period: Wednesday, March 31, 2021
Industry: Oil And Gas Field Services

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