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Rpc Inc (RES) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Rpc Inc

CIK: 742278 Ticker: RES

 

Exhibit 99

 

 

 

RPC, Inc. Reports Third Quarter 2018 Financial Results

 

ATLANTA, October 24, 2018 - RPC, Inc. (NYSE: RES) today announced its unaudited results for the third quarter ended September 30, 2018. 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, 2018, revenues were $440.0 million, a decrease of 6.6 percent, compared to $471.0 million in the third quarter of last year. Revenues decreased compared to the same period of the prior year due to lower activity levels and slightly lower pricing, primarily within RPC’s pressure pumping service line. Operating profit for the quarter was $54.6 million, a decrease of 44.0 percent, compared to operating profit of $97.4 million in the same period of the prior year. Net income for the third quarter was $50.0 million or $0.23 diluted earnings per share, including a $0.04 per share favorable discrete tax adjustment, compared to net income of $57.3 million or $0.26 diluted earnings per share in the third quarter of 2017. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter were $97.8 million, a decrease of 28.9 percent, compared to $137.5 million in the prior year.1

 

For the nine months ended September 30, 2018, revenues increased to $1.34 billion compared to $1.17 billion last year. Net income for the nine-month period was $162.0 million, or $0.75 diluted earnings per share, compared to $104.8 million, or $0.48 diluted earnings per share in the same period last year.

 

Cost of revenues during the third quarter of 2018 was $300.9 million, or 68.4 percent of revenues, compared to $294.8 million, or 62.6 percent of revenues, during the third quarter of last year. Cost of revenues increased primarily due to higher employment costs, partially offset by lower materials and supplies expenses, which declined due to lower activity levels, particularly within our pressure pumping service line. Cost of revenues as a percentage of revenues increased due to inefficiencies caused by inconsistent activity levels and higher employment costs.

 

Selling, general and administrative expenses were $41.8 million in the third quarter of 2018 compared to $39.7 million in the third quarter of 2017. As a percentage of revenues, these expenses increased to 9.5 percent in the third quarter of 2018 compared to 8.4 percent of revenues in the third quarter of 2017, due to relatively fixed nature of these expenses during the short term. Depreciation and amortization increased to $43.0 million compared to $39.6 million in the third quarter of the prior year due to capital expenditures made during the previous four quarters.

 

 

1 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 A to this press release.

 


The following information was filed by Rpc Inc (RES) on Wednesday, October 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-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 (Parentheticals)
Consolidated Statement Of Stockholders' Equity (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Accounting Policies (Policies)
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 Information
Business Segment Information (Tables)
Business Segment Information - Operating Segment Revenues By Major Service Lines (Details)
Business Segment Information - Summary Of Information With Respect To Rpc's Business Segments (Details 2)
Business Segment Information - Summary Of Selected Information Between United States And All International Locations (Details 1)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Reconciliation Of Weighted Average Shares Outstanding (Details)
Employee Benefit Plan
Employee Benefit Plan (Detail Textuals)
Employee Benefit Plan (Tables)
Employee Benefit Plan - Net Periodic Benefit Cost And Related Components (Details)
Employee Benefit Plan - Unrealized Gains, Net Related To The Serp Assets (Details 1)
Fair Value Disclosures
Fair Value Disclosures (Tables)
Fair Value Disclosures - Valuation Of Financial Instruments Measured At Fair Value On A Recurring Basis (Details)
General
Income Taxes
Income Taxes (Detail Textuals)
Inventories
Inventories (Detail Textuals)
Notes Payable To Banks
Notes Payable To Banks (Detail Textuals 1)
Notes Payable To Banks (Detail Textuals 2)
Notes Payable To Banks (Detail Textuals 3)
Notes Payable To Banks (Detail Textuals)
Notes Payable To Banks (Tables)
Notes Payable To Banks - Interest Incurred Including Facility Fees On Unused Portion Of Revolving Credit Facility And Amortization Of Loan Costs (Details)
Recent Accounting Standards
Revenues
Revenues (Detail Textuals)
Revenues (Details 1)
Revenues (Details)
Revenues (Tables)
Stock-Based Compensation
Stock-Based Compensation (Detail Textuals 1)
Stock-Based Compensation (Detail Textuals)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Non-Vested Restricted Shares Activity (Details 1)
Stock-Based Compensation - Stock-Based Employee Compensation Expense (Details)
Subsequent Event
Subsequent Event (Detail Textuals)

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: 0001144204-18-056422
Submitted to the SEC: Wed Oct 31 2018 10:14:13 AM EST
Accepted by the SEC: Wed Oct 31 2018
Period: Sunday, September 30, 2018
Industry: Oil And Gas Field Services

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