Parker Drilling Reports First Quarter Results
|Tuesday, April 27, 2004
For the quarter ended March 31, 2004, Parker Drilling Company (NYSE: PKD) reported revenues of $85.1 million and a net loss of $4.9 million, or $0.05 per share, compared to a net loss of $16.2 million or $0.17 per share on revenues of $78.0 million for the first quarter of 2003. The loss from continuing operations for the first quarter of 2004 was $8.7 million or $0.09 per share compared to a loss from continuing operations of $10.6 million or $0.11 per share for the first quarter of 2003.
First quarter average utilization of international land rigs for continuing operations posted an increase to 55 percent from 48 percent during the fourth quarter of 2003 and is favorable to the 35 percent reported for the first quarter of 2003. Average utilization of Parker Drilling's Gulf of Mexico barge rigs also increased during the first quarter of 2004 to 56 percent, compared to an average utilization of 53 percent in the fourth quarter of 2003 and 52 percent for the first quarter of 2003. Current utilization is 55 percent for the Gulf of Mexico barge rigs.
Effective with this earnings release, the Company is conforming its presentation of international land rig utilization rates to the revenue day basis formula reported in the Company's periodic reports filed with the SEC. The revenue day utilization calculation reflects those rigs that are under contract and earning any type of revenue, including operating, standby, moving, mobilization, or demobilization revenue, as opposed to the operating day calculation which only includes daily operating revenue.
Capital expenditures for the three months ended March 31, 2004, were $5.3 million. Total debt was $556.2 million at March 31, 2004, and the Company's cash balance was $93.5 million.