Consolidated revenue in the fourth quarter of fiscal 2007 was $1,279.3 million, an increase of 11% compared to $1,152.5 million in the previous quarter and an increase of 5% compared to $1,216.0 million reported in the prior year's September quarter. Consolidated operating income for the quarter was $286.2 million, an 11% increase compared to $257.8 million in the previous quarter and a 16% decrease compared to $340.0 million reported in the same quarter last year.
During the fourth quarter, debt decreased $36.0 million to $671.0 million and cash and cash equivalents decreased $7.1 million to $58.2 million. Uses of cash during the quarter include capital expenditures of $208.9 million and dividend payments of $14.6 million.
Commenting on the results, Chairman and CEO Bill Stewart said, "Our oilfield service segment performed well during the quarter with record revenue, operating income and operating income margins. As was anticipated, our US/Mexico pressure pumping service revenue was slightly down with operating income margins down about 300 basis points as pricing pressure offset the small activity increase for the quarter. Our Canadian pressure pumping operations recovered nicely from Spring breakup, however the region continued to be depressed from the prior year as had been experienced in the previous quarters of fiscal 2007. Our International pressure pumping operations were mixed with revenue growth experienced in the Middle East, Russia and Latin America operations. The segment experienced a number of unexpected charges to account for restructuring and balance sheet adjustments, which resulted in reduced operating income margins for the quarter. These adjustments should be behind us now and we expect margin improvement from our International pressure pumping operations in fiscal 2008.
"For fiscal 2008, we project revenue and margin improvement in all segments of our business except US/Mexico pressure pumping operations where pricing pressure is expected to continue during the year. We are projecting earnings per share for fiscal 2008 to be in the range of $2.35 to $2.45. Earnings per share for the first fiscal quarter are projected to be $0.58 to $0.60."
Most Popular Articles
From the Career Center
Jobs that may interest you