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Rpc Inc (RES) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Rpc Inc

CIK: 742278 Ticker: RES

  

Exhibit 99

 

 

 

RPC, Inc. Reports Second Quarter 2019 Financial Results

 

 

ATLANTA, July 24, 2019 - RPC, Inc. (NYSE: RES) today announced its unaudited results for the second quarter ended June 30, 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 June 30, 2019, revenues were $358.5 million, a decrease of 23.4 percent, compared with $467.9 million in the second quarter of 2018. Revenues decreased due primarily to lower pricing, lower activity levels, and an unfavorable materials mix within pressure pumping, which is RPC’s largest service line. Operating profit for the second quarter of 2019 was $8.4 million compared to operating profit of $75.0 million in the same period of the prior year. Net income for the second quarter of 2019 was $6.2 million, or $0.03 diluted earnings per share, compared to net income of $59.9 million, or $0.28 diluted earnings per share, in the second quarter of 2018. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter were $51.2 million, a decrease of 57.0 percent, compared to $119.2 million in the same period of the prior year.1 For the six months ended June 30, 2019, revenues decreased to $693.2 million compared to $904.3 million last year. Net income for the six-month period was $5.4 million, or $0.02 diluted earnings per share, compared to $112.1 million, or $0.52 diluted earnings per share in the same period last year.

 

Cost of revenues during the second quarter of 2019 was $265.1 million, or 73.9 percent of revenues, compared to $312.1 million, or 66.7 percent of revenues, during the second quarter of 2018. Cost of revenues decreased, consistent with lower activity levels, due to lower materials and supplies expenses, including an unfavorable materials mix within RPC’s pressure pumping service line, as well as lower fuel costs. Cost of revenues as a percentage of revenues increased due to lower revenues, increasingly competitive pricing for our services, and labor cost inefficiencies.

 

Selling, general and administrative expenses increased slightly to $43.3 million in the second quarter of 2019 compared with $42.5 million in the second quarter of 2018. As a percentage of revenues, these expenses increased to 12.1 percent in the second quarter of 2019 compared with 9.1 percent in the second quarter of 2018. Depreciation and amortization increased to $42.9 million in the second quarter of 2019 compared with $40.1 million in the second quarter of the prior year due to capital expenditures made during the previous four quarters.

 

 

1EBITDA 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, July 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 (Parenthetical)
Consolidated Balance Sheets (Unaudited)
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 (Details)
Accumulated Other Comprehensive (Loss) Income (Tables)
Accumulated Other Comprehensive (Loss) Income - Asu 2018-02 (Details)
Business Segment Information
Business Segment Information (Tables)
Business Segment Information - Disaggregate Revenue By Locations (Details)
Business Segment Information - Revenues By Major Service Lines (Details)
Business Segment Information - Segment Summary (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - (Details)
Employee Benefit Plan
Employee Benefit Plan (Details)
Employee Benefit Plan (Tables)
Employee Benefit Plan - Unrealized Gains, Net (Details)
Employee Benefit Plan- Serp (Details)
Fair Value Disclosures
Fair Value Disclosures (Details)
Fair Value Disclosures (Tables)
General
General - (Details)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Leases
Leases (Tables)
Leases - Assets And Liabilities (Details)
Leases - Components Of Lease Expense (Details)
Leases - Future Minimum Lease Payments (Details)
Leases - Other Information (Details)
Notes Payable To Banks
Notes Payable To Banks (Tables)
Notes Payable To Banks - Credit Facility (Details)
Notes Payable To Banks - Interest Incurred (Details)
Recent Accounting Standards
Recent Accounting Standards (Details)
Revenues
Revenues (Tables)
Revenues - Contract Balances (Details)
Revenues - Payment Terms (Details)
Revenues - Timing Of Revenue Recognition (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Compensation Expense (Details)
Stock-Based Compensation - Non-Vested Rsu's (Details)
Stock-Based Compensation - Other Information (Details)
Subsequent Event

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: 0001144204-19-036892
Submitted to the SEC: Wed Jul 31 2019 12:17:42 PM EST
Accepted by the SEC: Wed Jul 31 2019
Period: Sunday, June 30, 2019
Industry: Oil And Gas Field Services

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