Cooper Cameron Reports on 3rd Quarter Earnings

Cooper Cameron Corporation reported net income of $34.4 million, or $0.60 per share, for the quarter ended September 30, 2001. This compares with net income of $23.6 million, or $0.43 per share, prior to nonrecurring/unusual charges, for the third quarter of 2000. Total revenues increased 19 percent, to $417.2 million for the quarter, up from 2000's $350.0 million, with each of the Company's business segments posting increases. Cooper Cameron's consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) was 16.9 percent of revenues for the quarter (as compared to 16.3 percent in the third quarter of 2000, excluding nonrecurring/unusual charges).

Cooper Cameron Chairman, President and Chief Executive Officer Sheldon R. Erikson noted that the Company's increased EBITDA margin is largely a result of improved manufacturing cost structures. He also noted that this marked the seventh consecutive quarter of favorable year-over-year comparisons for the Company's earnings per share. Cameron increases reflect surface and aftermarket strength; softening expected "The increases in Cameron's revenues and EBITDA over year-ago levels reflect improved performance in the surface and aftermarket areas," Erikson said. He noted that a lower domestic rig count and reduced spending by the Company's customers is expected to have a dampening effect on Cameron's surface and aftermarket businesses for at least the next several quarters. "Looking ahead, North American markets are clearly slowing, but it appears that bidding and project awards in the subsea markets, especially non-U.S., will continue to be reasonably active."