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Rpc Inc (RES) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Rpc Inc

CIK: 742278 Ticker: RES

 

Exhibit 99

 

 

 

RPC, Inc. Reports Fourth Quarter 2017 Financial Results

 

ATLANTA, January 24, 2018 - RPC, Inc. (NYSE: RES) today announced its unaudited results for the fourth quarter and year ended December 31, 2017. 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, 2017, revenues increased by 93.4 percent to $427.3 million compared to $221.0 million in the fourth quarter of last year. Revenues increased compared to the prior year due to higher activity levels and improved pricing for our services, higher service intensity, and activation of previously idled revenue-producing equipment. Operating profit for the quarter was $60.3 million compared to an operating loss of $32.2 million in the prior year. Net income for the fourth quarter was $57.7 million or $0.27 diluted earnings per share.

 

During the fourth quarter of 2017, RPC recorded a net discrete tax benefit of $19.3 million as a component of tax expense as a result of the “Tax Cuts and Jobs Act (“Tax Reform”)” enacted during the quarter. The benefit resulted primarily from the revaluation of deferred tax items using the lower corporate tax rates, offset by adjustments related to permanent tax law changes, effective January 1, 2018. Excluding the impact of Tax Reform, net income for the fourth quarter of 2017 was $38.4 million or $0.18 diluted earnings per share, compared to a net loss of $21.1 million or $0.10 loss per share last year.1

 

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter was $101.1 million compared to $15.7 million in the prior year.2 For the twelve months ended December 31, 2017, revenues increased by 118.8 percent to $1.6 billion compared to $729.0 million last year. Net income for the twelve-month period was $162.5 million or $0.75 per diluted share. Net Income excluding the impact of Tax Reform was $143.2 million, or $0.66 diluted earnings per share, compared to net loss of $141.2 million, or $0.66 loss per share last year.

 

Cost of revenues during the fourth quarter of 2017 was $285.7 million, or 66.9 percent of revenues, compared to $173.0 million, or 78.3 percent of revenues, during the fourth quarter of last year.  Cost of revenues increased primarily due to higher employment costs and materials and supplies expenses, both of which were driven by higher activity levels. As a percentage of revenues, cost of revenues decreased due to leverage of higher revenues over direct employment costs and improved pricing for our services.

 

 

1 Net income excluding the impact of Tax Reform is a financial measure which does not conform to generally accepted accounting principles (GAAP). Additional disclosure regarding this non-GAAP financial measure is disclosed in Appendix A to this press release.

2 EBITDA is a financial measure which does not conform to generally accepted accounting principles (GAAP). Additional disclosure regarding this non-GAAP financial measure is disclosed in Appendix B to this press release.

 


The following information was filed by Rpc Inc (RES) on Wednesday, January 24, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (loss) Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accounts Receivable
Accounts Receivable (tables)
Accounts Receivable - Summary Of Changes In Allowance For Doubtful Accounts (details 1)
Accounts Receivable - Summary Of Components Of Accounts Receivable (details)
Accumulated Other Comprehensive (loss) Income
Accumulated Other Comprehensive (loss) Income (tables)
Accumulated Other Comprehensive (loss) Income - Summary Of Components Of Accumulated Other Comprehensive (loss) Income (details)
Business Segment And Entity Wide Disclosures
Business Segment Information (detail Textuals)
Business Segment Information (details)
Business Segment Information (tables)
Business Segment Information - Summary Of Financial Information Concerning Reportable Segments (details 1)
Business Segment Information - Summary Of Selected Information Between United States And All International Locations (details 2)
Commitments And Contingencies
Commitments And Contingencies (detail Textuals)
Commitments And Contingencies (tables)
Commitments And Contingencies - Summary Of Minimum Annual Rentals (details)
Employee Benefit Plans
Employee Benefit Plans (detail Textuals 1)
Employee Benefit Plans (detail Textuals 2)
Employee Benefit Plans (detail Textuals 3)
Employee Benefit Plans (detail Textuals 4)
Employee Benefit Plans (detail Textuals)
Employee Benefit Plans (tables)
Employee Benefit Plans - Summary Of Accumulated Other Comprehensive Loss Expected To Be Recognized As Components Of Net Periodic Benefit Cost In 2018 (details 4)
Employee Benefit Plans - Summary Of Amounts Recognized In Consolidated Balance Sheets (details 1)
Employee Benefit Plans - Summary Of Changes In Non Vested Restricted Shares (details 9)
Employee Benefit Plans - Summary Of Components Of Net Periodic Benefit Cost (details 2)
Employee Benefit Plans - Summary Of Funded Status Of Retirement Income Plan And Amounts Recognized In Consolidated Balance Sheets (details)
Employee Benefit Plans - Summary Of Future Benefits Payable For Retirement Income Plan Over Next Ten Years (details 8)
Employee Benefit Plans - Summary Of Plan Assets Using Fair Value Hierarchy (details 7)
Employee Benefit Plans - Summary Of Plan Weighted Average Asset Allocation By Asset Category Along With Target Allocation For 2018 (details 6)
Employee Benefit Plans - Summary Of Pre Tax Amounts Recognized In Comprehensive Loss (details 3)
Employee Benefit Plans - Summary Of Weighted Average Assumptions Used To Determine Projected Benefit Obligation And Net Benefit Cost (details 5)
Fair Value Disclosures
Fair Value Disclosures (detail Textuals)
Fair Value Disclosures (tables)
Fair Value Disclosures - Summary Of Valuation Of Financial Instruments Measured At Fair Value On Recurring Basis (details)
Income Taxes
Income Taxes (detail Textuals)
Income Taxes (tables)
Income Taxes - Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (details 3)
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 1)
Income Taxes - Summary Of Significant Components Of Deferred Tax Assets And Liabilities (details 2)
Inventories
Inventories (detail Textuals)
Long-term Debt
Long-term Debt (detail Textuals 1)
Long-term Debt (detail Textuals 2)
Long-term Debt (detail Textuals)
Long-term Debt (details)
Long-term Debt (tables)
Property, Plant And Equipment
Property, Plant And Equipment (detail Textuals)
Property, Plant And Equipment (tables)
Property, Plant And Equipment - Summary Of Property, Plant And Equipment Presented At Cost Net Of Accumulated Depreciation (details)
Related Party Transactions
Related Party Transactions (detail Textuals)
Significant Accounting Policies
Significant Accounting Policies (detail Textuals 1)
Significant Accounting Policies (detail Textuals)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies - Summary Of Carrying Amount Of Goodwill By Reportable Segment (details)
Significant Accounting Policies - Summary Of Reconciliation Of Weighted Average Shares Outstanding Along With Earnings Per Share Attributable To Restricted Shares Of Common Stock (details 1)
Ticker: RES
CIK: 742278
Form Type: 10-K Annual Report
Accession Number: 0001144204-18-011709
Submitted to the SEC: Wed Feb 28 2018 3:21:05 PM EST
Accepted by the SEC: Wed Feb 28 2018
Period: Sunday, December 31, 2017
Industry: Oil And Gas Field Services

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