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Rpc Inc (RES) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Rpc Inc

CIK: 742278 Ticker: RES

Exhibit 99

 

3091

 

RPC, Inc. Reports First Quarter 2019 Financial Results

 

ATLANTA, April 24, 2019 - RPC, Inc. (NYSE: RES) today announced its unaudited results for the first quarter ended March 31, 2019. 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, 2019, revenues were $334.7 million, a decrease of 23.3 percent, compared with $436.3 million in the first quarter of 2018. Revenues decreased due primarily to lower pricing and lower activity levels within pressure pumping, which is RPC’s largest service line. Operating loss for the quarter was $2.2 million compared to operating profit of $60.8 million in the same period of the prior year. Net loss for the first quarter of 2019 was $739 thousand, or $0.00 per share, compared to net income of $52.1 million, or $0.24 diluted earnings per share, in the first quarter of 2018. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter were $40.8 million, a decrease of 60.7 percent, compared to $103.7 million in the same period of the prior year.[1]

 

Cost of revenues during the first quarter of 2019 was $252.4 million, or 75.4 percent of revenues, compared to $295.6 million, or 67.7 percent of revenues, during the first quarter of 2018. Cost of revenues decreased, consistent with lower activity levels, due to lower materials and supplies expenses within RPC’s pressure pumping service line, as well as lower maintenance and repair and fuel expenses. Cost of revenues as a percentage of revenues increased due to lower revenues, and labor costs that are relatively fixed in the short term.

 

Selling, general and administrative expenses increased from $43.8 million in the first quarter of 2018 to $45.4 million in the first quarter of 2019. As a percentage of revenues, these expenses increased to 13.6 percent in the first quarter of 2019 compared to 10.0 percent in the first quarter of 2018. Depreciation and amortization increased to $42.5 million in the first quarter of 2019 compared with $37.5 million in the first quarter of the prior year due to capital expenditures made during the previous four quarters.

 

Discussion of Sequential Quarterly Financial Results

 

RPC’s revenues for the quarter ended March 31, 2019 decreased by $42.1 million, or 11.2 percent, compared with the fourth quarter of 2018 due principally to lower pricing and utilization in pressure pumping. Cost of revenues during the first quarter of 2019 decreased by $22.0 million, or 8.0 percent, due primarily to decreases in materials and supplies expenses. As a percentage of revenues, cost of revenues increased from 72.8 percent in the fourth quarter of 2018 to 75.4 percent in the first quarter of 2019, due to lower revenues, and labor cost inefficiencies resulting from lower activity levels. RPC’s operating loss for the first quarter was $2.2 million, a decrease of $21.8 million compared with an operating profit of $19.7 million in the fourth quarter of 2018. EBITDA for the first quarter of 2019 decreased by $20.9 million, or 33.9 percent, compared to the prior quarter.

 

 

1 EBITDA is a financial measure which does not conform to 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, April 24, 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-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 Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive (Loss) Income (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income (Detail Textuals)
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)
Leases
Leases (Tables)
Leases - Assets And Liabilities Related To Operating Leases Recorded On Balance Sheet (Details)
Leases - Components Of Lease Expense (Details 1)
Leases - Future Minimum Lease Payments (Details 3)
Leases - Other Information (Details 2)
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
Recent Accounting Standards (Detail Textuals)
Recent Accounting Standards (Policies)
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: 0001144204-19-023249
Submitted to the SEC: Thu May 02 2019 10:18:19 AM EST
Accepted by the SEC: Thu May 02 2019
Period: Sunday, March 31, 2019
Industry: Oil And Gas Field Services

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