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Rpc Inc (RES) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Rpc Inc

CIK: 742278 Ticker: RES

 

Exhibit 99

 

 

 

RPC, Inc. Reports Fourth Quarter 2018 Financial Results

 

ATLANTA, January 23, 2019 - RPC, Inc. (NYSE: RES) today announced its unaudited results for the fourth quarter ended December 31, 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 December 31, 2018, revenues were $376.8 million, a decrease of 11.8 percent, compared to $427.3 million in the fourth quarter of 2017. Revenues decreased due to lower activity levels and lower pricing, primarily within RPC’s pressure pumping service line. Operating profit for the quarter was $19.7 million, a decrease of 67.4 percent, compared to operating profit of $60.3 million in the same period of the prior year. Net income for the fourth quarter was $13.4 million, or $0.06 diluted earnings per share, compared to net income excluding the impact of Tax Reform of $38.4 million, or $0.18 diluted earnings per share, in the fourth quarter of 2017.[1] Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter were $61.7 million, a decrease of 38.9 percent, compared to $101.1 million in the same period of the prior year.[2]

 

For the 12 months ended December 31, 2018, revenues increased to $1.72 billion compared to $1.60 billion last year. Net income for the 12 months ended December 31, 2018 was $175.4 million, or $0.82 diluted earnings per share, compared to net income excluding the impact of Tax Reform of $143.2 million, or $0.66 diluted earnings per share, in the same period last year.

 

Cost of revenues during the fourth quarter of 2018 was $274.4 million, or 72.8 percent of revenues, compared to $285.7 million, or 66.9 percent of revenues, during the fourth quarter of 2017. Cost of revenues decreased due to lower materials and supplies expenses within RPC’s pressure pumping service line, as well as lower maintenance and repair expenses, consistent with lower activity levels. Cost of revenues as a percentage of revenues increased due to lower activity levels within pressure pumping and labor costs that are relatively fixed in the short term.

 

Selling, general and administrative expenses decreased from $42.0 million in the fourth quarter of 2017 to $40.0 million in the fourth quarter of 2018 due to lower incentive compensation expense consistent with decreased financial performance. As a percentage of revenues, these expenses increased to 10.6 percent in the fourth quarter of 2018 compared to 9.8 percent of revenues in the fourth quarter of 2017, due to decreases in revenues and the relatively fixed nature of these expenses during the short term. Depreciation and amortization increased to $42.6 million compared with $38.0 million in the fourth quarter of the prior year due to capital expenditures made during the previous four quarters.

 

 

 

1Net income and diluted earnings per share excluding the impact of Tax Reform are financial measures which do not conform to generally accepted accounting principles (GAAP). Additional disclosure regarding these non-GAAP financial measures are disclosed in Appendix A to this press release.
2EBITDA is a financial measure which does not conform to 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 23, 2019 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
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 Income (Loss)
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 2019 (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 (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 3)
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)
Revenues
Revenues (Details 1)
Revenues (Details Textuals)
Revenues (Details)
Revenues (Tables)
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: 0001144204-19-011175
Submitted to the SEC: Thu Feb 28 2019 11:31:32 AM EST
Accepted by the SEC: Thu Feb 28 2019
Period: Monday, December 31, 2018
Industry: Oil And Gas Field Services

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