Parker Drilling Reports Fourth Quarter Results
Parker Drilling Company announced a net loss of $10.3 million, or $0.11 per share, on revenues of $95.8 million for the fourth quarter of 2002. This compares to net income of $3.8 million, or $0.04 per diluted share, on revenues of $111.2 million for the fourth quarter of 2001.
For the year ended Dec. 31, 2002, Parker Drilling reported revenues of $389.9 million and a net loss of $114.1 million, or $1.23 per share, which includes a $73.1 million, or $0.79 per share, cumulative effect of Parker Drilling's adoption of Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets." For the year ended Dec. 31, 2001, Parker Drilling reported net income of $11.1 million or $0.12 per diluted share on revenues of $488.0 million.
Operating income plus depreciation and amortization (EBITDA) was $31.3 million for the fourth quarter of 2002. This compares to EBITDA of $30.8 million for the third quarter of 2002, and $34.2 million for the fourth quarter of 2001.
Gulf of Mexico activity was up slightly, resulting in an average fleet utilization for the fourth quarter of 58 percent compared to 56 percent in the third quarter. Average utilization of the Gulf of Mexico fleet today is 48 percent.
Average utilization of the company's international land rigs was 31 percent in the fourth quarter compared to 37 percent for the third quarter. Average utilization of international land rigs is currently 29 percent.
Capital expenditures for the three months and 12 months ended Dec. 31, 2002, were $5.9 million and $45.2 million, respectively. Total debt was $589.9 million at Dec. 31, 2002, and the company's cash balance was $52.0 million.
Despite current levels of utilization and dayrates, Parker Drilling
reaffirms its previously released guidance for 2003 of a loss between
$0.14 and $0.18 per share.