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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.
1 | Net 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. |
2 | EBITDA 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. |
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This improvement in earnings per share was due to higher profitability as average shares outstanding was essentially unchanged.
These favorable changes were partially offset by unfavorable working capital changes of $9.3 million in net income taxes receivable/ payable, $9.4 million in inventories, $36.9 million in accounts payable, $11.1 million in accrued state and local taxes and $9.2 million in accrued payroll and related expenses.
This improvement in earnings per share was due to higher net income as average shares outstanding was essentially unchanged.
The price of oil began to fall at that time due to the perceived oversupply of oil, weak global demand growth, and the strength of the U.S. dollar on world currency markets.
These changes were partially offset by net unfavorable changes in working capital of $234.7 million coupled with a decrease in depreciation and amortization expenses of $54.5 million.
Cash flows from operating activities...Read more
However, many of our customers...Read more
During 2018, however, prices for...Read more
We believe our liquidity will...Read more
Cash used for financing activities...Read more
Our key business and financial...Read more
As of December 30, 2018,...Read more
Insurance expenses -The Company self-insures,...Read more
If inflation in the general...Read more
Defined benefit pension plan -...Read more
23 Cash used for investing...Read more
Improvements in drilling rig efficiencies...Read more
The negative implications for RPC?s...Read more
This increase is due primarily...Read more
The following table sets forth...Read more
The Company?s decisions about the...Read more
Cash used for investing activities...Read more
Depreciation and amortization were $163.1...Read more
Depreciation and amortization were $163.5...Read more
28 As of December 31,...Read more
Interest income increased to $2.4...Read more
Interest income increased to $1.5...Read more
Related Party Transactions Marine Products...Read more
Income recorded in 2017 included...Read more
24 The Company?s Retirement Income...Read more
Revenues during 2018 totaled $1.7...Read more
The equipment we placed in...Read more
The net favorable change in...Read more
2017 Cash provided by operating...Read more
The Company has a stock...Read more
Interest expense decreased to $0.4...Read more
We believe that oil-directed drilling...Read more
The prospect of improved financial...Read more
With the assistance of the...Read more
The Support Services segment revenues...Read more
The Support Services segment revenues...Read more
On February 12, 2018, the...Read more
The economic model then calculates...Read more
The cost of claims under...Read more
These expenses increased due to...Read more
26 Critical Accounting Policies The...Read more
The income tax benefit in...Read more
These expenses increased due to...Read more
The increase is due primarily...Read more
Income taxes - The effective...Read more
RPC believes that U.S. oilfield...Read more
Our effective tax rates vary...Read more
To optimize asset utilization with...Read more
Our consistent response to the...Read more
Cost of revenues increased $132.2...Read more
Since that time, however, improving...Read more
As of December 31, 2018,...Read more
The Company accounts for the...Read more
The Technical Services segment revenues...Read more
The Technical Services segment revenues...Read more
RPC recorded a gain on...Read more
The fact that drilling and...Read more
Cost of revenues in 2017...Read more
Revenues in 2018 increased $125.8...Read more
Revenues in 2017 increased $866.3...Read more
In addition, activity increases can...Read more
As a percentage of revenues,...Read more
As a percentage of revenues,...Read more
Differences between the expected long-term...Read more
On January 22, 2019, the...Read more
Selling, general and administrative expenses...Read more
Selling, general and administrative expenses...Read more
The discount rate reflects the...Read more
The effective tax rate for...Read more
International revenues, which increased from...Read more
International revenues, which increased from...Read more
Based on the under-funded status...Read more
The effective tax rate was...Read more
The effective tax rate was...Read more
Gain on disposition of assets,...Read more
Gain on disposition of assets,...Read more
Cost of revenues in 2018...Read more
Holding all other factors constant,...Read more
RPC accomplished the spin-off by...Read more
The Company may repurchase outstanding...Read more
Gain on disposition of assets,...Read more
Gain on disposition of assets,...Read more
We believe the liquidity provided...Read more
The Company?s assumption for the...Read more
In addition, lower activity levels...Read more
During 2018, we noted that...Read more
Interest expense increased to $0.5...Read more
The increase was due primarily...Read more
Financial Statements, Disclosures and Schedules
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Rpc Inc provided additional information to their SEC Filing as exhibits
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