Trading Symbol:
"TESO" on NASDAQ
HOUSTON,
Feb. 28, 2014 /CNW/ - Tesco
Corporation ("TESCO" or the "Company") today reported net income
for the quarter ended December 31,
2013 was $5.5 million or
$0.14 per diluted share. Adjusted net
income for the quarter ended December 31,
2013, was $8.7 million, or
$0.22 per diluted share. Adjusted net
income for the fourth quarter excludes the after-tax impact of
foreign currency translation losses, of $2.3
million, or $0.06 per diluted
share primarily from Latin American currency devaluations, and
certain severance charges of $0.9
million, or $0.02 per diluted
shares, but includes the after-tax impact of a sequential quarterly
swing in allowance for doubtful accounts in Latin America and The Middle East of $1.3
million or $0.03, higher legal
fees for patent defense of $0.4
million, or $0.01 per diluted
share and $0.6 million, or
$0.02 per diluted share, due to
drilling delays from severe North-American weather and Iraqi
disruptions. This compares to adjusted net income of $11.7 million and $13.7
million, or $0.29 and
$0.35 per diluted share, for the
third quarter of 2013 and the fourth quarter of 2012,
respectively. Revenue was $136.9
million for the quarter ended December 31, 2013, compared to revenue of
$132.2 million for the third quarter
of 2013 and $137.6 million for the
comparable period in 2012.
Reported net income was $36.3 million or $0.91 per diluted share for the year ended
December 31, 2013. Adjusted net
income for the year ended December 31,
2013, was $38.5 million, or
$0.97 per diluted share, compared to
adjusted net income of $41.1 million
or $1.05 per diluted share for 2012.
Adjusted net income for the years ended December 31, 2013 and 2012 excluded a
$1.0 million and $8.7 million after tax gain on the sale of our
Casing Drilling business, respectively. Revenue was $525.3 million for the year ended December 31, 2013, compared to $553.1 million for 2012.
Commentary
Julio Quintana,
TESCO's Chief Executive Officer, commented, "Given year over year
2013 declining drilling activity levels in North America, we look forward to a more
stable and improving market in 2014. With strengthening
activity in our international business units, our Tubular Services
business enjoyed the highest annual revenue in the Company's
history and exceeded 4,000 automated jobs in the year. Although our
Top Drive business has continued to be negatively impacted by the
decreased active rig count in North
America, our Top Drive strategy to shift to international
markets, especially to Russia and
Latin America, has partially
offset the decline we experienced in North America. Today, our Top Drive
backlog which stands at 39 units compares favorably to our third
quarter backlog of 26 units. Finally, we are particularly proud of
our improvement in our balance sheet where cash grew year on year
from $22 million to $97 million as a result of greater focus on
optimizing working capital; a key aspect of our Tesco 3.0 quality
initiative. With the increased focus on our base businesses and
continuous improvement in our operational efficiency, we are well
positioned to meet the challenges and opportunities for 2014 and
beyond."
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TESCO CORPORATION
Summary of Results
(in millions, except per share information) |
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Quarter 4 |
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Quarter 3 |
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Year Ended December
31, 2013 |
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2013 |
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2012 |
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2013 |
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2013 |
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2012 |
Segment revenue |
(Unaudited) |
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(Unaudited) |
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Top Drives |
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Sales |
$ |
34.6 |
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$ |
42.6 |
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$ |
30.6 |
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$ |
127.2 |
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$ |
166.7 |
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Rental services |
32.0 |
|
28.7 |
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32.6 |
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125.2 |
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126.1 |
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After-market sales and service |
15.3 |
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15.4 |
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14.8 |
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59.2 |
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65.0 |
|
81.9 |
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86.7 |
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78.0 |
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311.6 |
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357.8 |
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Tubular Services |
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Automated |
45.3 |
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39.0 |
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43.6 |
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172.2 |
|
141.2 |
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Conventional |
9.7 |
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11.3 |
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10.6 |
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40.9 |
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41.2 |
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55.0 |
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50.3 |
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54.2 |
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213.1 |
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182.4 |
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Casing Drilling |
— |
|
0.6 |
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— |
|
0.6 |
|
12.9 |
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Consolidated revenue |
$ |
136.9 |
|
$ |
137.6 |
|
$ |
132.2 |
|
$ |
525.3 |
|
$ |
553.1 |
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Segment operating income
(loss): |
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Top Drives |
$ |
15.8 |
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$ |
21.3 |
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$ |
19.4 |
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$ |
67.5 |
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$ |
87.7 |
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Tubular Services |
8.6 |
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6.9 |
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9.6 |
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37.0 |
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21.7 |
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Casing Drilling |
0.1 |
|
(0.5) |
|
— |
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|
2.1 |
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8.2 |
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Research and Engineering |
(1.9) |
|
(2.7) |
|
(2.1) |
|
(8.6) |
|
(10.5) |
|
Corporate and other |
(10.4) |
|
(8.0) |
|
(9.1) |
|
(42.4) |
|
(30.3) |
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Consolidated operating income |
$ |
12.2 |
|
$ |
17.0 |
|
$ |
17.8 |
|
$ |
55.6 |
|
$ |
76.8 |
Net income |
$ |
5.5 |
|
$ |
13.3 |
|
$ |
11.7 |
|
$ |
36.3 |
|
$ |
49.8 |
Earnings per share (diluted) |
$ |
0.14 |
|
$ |
0.34 |
|
$ |
0.29 |
|
$ |
0.91 |
|
$ |
1.27 |
Adjusted EBITDA(a) (as
defined) |
$ |
23.9 |
|
$ |
32.8 |
|
$ |
29.1 |
|
$ |
100.9 |
|
$ |
111.3 |
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(a) |
See explanation of Non-GAAP measure
below |
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TESCO CORPORATION
Non-GAAP Measure - Adjusted EBITDA (1)
(in millions) |
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Quarter 4 |
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Quarter 3 |
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Year Ended December
31, 2013 |
|
2013 |
|
2012 |
|
2013 |
|
2013 |
|
2012 |
Net income under U.S. GAAP |
$ |
5.5 |
|
$ |
13.3 |
|
$ |
11.7 |
|
$ |
36.3 |
|
$ |
49.8 |
Income tax expense |
3.6 |
|
4.6 |
|
5.5 |
|
15.4 |
|
24.8 |
Depreciation and amortization |
10.1 |
|
12.6 |
|
10.4 |
|
40.8 |
|
43.0 |
Net interest expense |
0.7 |
|
(0.1) |
|
0.1 |
|
0.7 |
|
1.1 |
Stock compensation expense—non-cash |
1.3 |
|
1.8 |
|
1.4 |
|
5.9 |
|
5.0 |
Severance charges |
0.9 |
|
- |
|
- |
|
0.9 |
|
- |
Foreign exchange losses |
2.3 |
|
- |
|
- |
|
2.3 |
|
- |
(Gain) Loss on sale of Casing Drilling |
- |
|
0.6 |
|
— |
|
(1.4) |
|
(12.4) |
Adjusted EBITDA |
$ |
23.9 |
|
$ |
32.8 |
|
$ |
29.1 |
|
$ |
100.9 |
|
$ |
111.3 |
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(1) |
Our management reports our financial statements in accordance
with U.S. GAAP but evaluates our performance based on non-GAAP
measures, of which a primary performance measure is Adjusted
EBITDA. Adjusted EBITDA consists of earnings (net income or loss)
available to common stockholders before interest expense, income
tax expense, non-cash stock compensation, non-cash impairments,
depreciation and amortization, gains or losses from merger and
acquisition transactions and other non-cash items. This measure may
not be comparable to similarly titled measures employed by other
companies and is not a measure of performance calculated in
accordance with GAAP. Adjusted EBITDA should not be considered in
isolation or as substitutes for operating income, net income or
loss, cash flows provided by operating, investing and financing
activities, or other income or cash flow statement data prepared in
accordance with GAAP. |
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We believe Adjusted EBITDA is useful to an
investor in evaluating our operating performance because:
- it is widely used by investors in our industry to measure a
company's operating performance without regard to items such as net
interest expense, depreciation and amortization, which can vary
substantially from company to company depending upon accounting
methods and book value of assets, financing methods, capital
structure and the method by which assets were acquired;
- it helps investors more meaningfully evaluate and compare the
results of our operations from period to period by removing the
impact of our capital structure (primarily interest), merger and
acquisition transactions (primarily gains/losses on sale of a
business), and asset base (primarily depreciation and amortization)
and actions that do not affect liquidity (stock compensation
expense and non-cash impairments) from our operating results;
and
- it helps investors identify items that are within our
operational control. Depreciation and amortization charges, while a
component of operating income, are fixed at the time of the asset
purchase in accordance with the depreciable lives of the related
asset and as such are not a directly controllable period operating
charge.
Our management uses Adjusted EBITDA:
- as a measure of operating performance because it assists us in
comparing our performance on a consistent basis as it removes the
impact of our capital structure and asset base from our operating
results;
- as one method we use to evaluate potential
acquisitions;
- in presentations to our Board of Directors to enable them to
have the same consistent measurement basis of operating performance
used by management;
- to assess compliance with financial ratios and covenants
included in our credit agreements; and
- in communications with investors, analysts, lenders, and others
concerning our financial performance.
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Reconciliation of GAAP Net Income to Adjusted Net Income
(2)
(in millions, except earnings per diluted share
data) |
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Quarter 4 |
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Quarter 3 |
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Year Ended December
31, 2013 |
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|
2013 |
|
2012 |
|
2013 |
|
2013 |
|
2012 |
Net income under U.S. GAAP |
|
$ |
5.5 |
|
$ |
13.3 |
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|
$ |
11.7 |
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|
$ |
36.3 |
|
$ |
49.8 |
Severance charges |
|
0.9 |
|
- |
|
|
- |
|
|
0.9 |
|
- |
Foreign exchange losses |
|
2.3 |
|
|
- |
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|
- |
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|
2.3 |
|
- |
(Gain) Loss on sale of Casing Drilling |
|
- |
|
0.4 |
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|
- |
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|
(1.0) |
|
(8.7) |
Adjusted net income |
|
$ |
8.7 |
|
$ |
13.7 |
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|
$ |
11.7 |
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$ |
38.5 |
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$ |
41.1 |
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Earnings per share: |
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Net income under U.S. GAAP |
|
$ |
0.14 |
|
$ |
0.34 |
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|
$ |
0.29 |
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|
$ |
0.91 |
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$ |
1.27 |
Severance charges |
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|
.02 |
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|
- |
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- |
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|
.02 |
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|
- |
Foreign exchange losses |
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|
.06 |
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|
- |
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|
- |
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|
.06 |
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|
- |
(Gain) Loss on sale of Casing Drilling |
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|
- |
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|
.01 |
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|
- |
|
|
|
(.02) |
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|
(.022) |
Adjusted Net Income |
|
$ |
0.22 |
|
$ |
0.35 |
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|
$ |
0.29 |
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|
$ |
0.97 |
|
$ |
1.05 |
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(2) |
Adjusted net income is a non-GAAP measure comprised of net
income attributable to Tesco excluding the impact of certain
identified items. The Company believes that adjusted net income is
useful to investors because it is a consistent measure of the
underlying results of the Company's business. Furthermore,
management uses adjusted net income as a measure of the performance
of the Company's operations. |
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Q4 2013 Financial and Operating
Highlights
Top Drives Segment
- Revenue from the Top Drive segment for Q4 2013 was $81.9 million, an increase from revenue of
$78.0 million in Q3
2013. Revenue for Q4 2012 was $86.7 million.
- Top Drive sales for Q4 2013 included 26 units (24 new and 2
used), compared to 26 units (21 new and 5 used) sold in Q3 2013 and
30 units sold in Q4 2012 (28 new and 2 used).
- Operating days for the Top Drive rental fleet were 5,899 for Q4
2013 compared to 6,671 in Q3 2013 and 5,843 for Q4 2012.
- Revenue from after-market sales and service for Q4 2013 was
$15.3 million, an increase of 3% from
revenue of $14.8 million in Q3
2013. Revenue was $15.4 million
in Q4 2012.
- Operating income before adjustments in the Top Drive segment
for Q4 2013 was $15.8 million,
compared to $19.4 million in Q3 2013
and $21.3 million in Q4 2012.
Our Top Drive operating margins before adjustments were 19% in Q4
2013, a decrease from 25% in Q3 2013 and Q4
2012. Pre-tax severance charges for Top Drive were
$0.4 million. The sequential
quarterly swing for Q3 2013 to Q4 related to allowance for doubtful
accounts for Top Drive was $0.9
million.
- At December 31, 2013, Top
Drive backlog was 32 units, with a total potential value of
$44.2 million, compared to 26 units
at September 30, 2013, with a
potential value of $37.6
million. This compares to a backlog of 28 units
at December 31, 2012, with a
potential value of $42.2
million. Today, our backlog stands at 39 units.
While a portion of this backlog will be shipped in the first
quarter of 2014, more will be weighted to the second and third
quarters of 2014.
Tubular Services Segment
- Revenue from the Tubular Services segment for Q4 2013 was a
record $55.0 million, an increase
from revenue of $54.2 million in Q3
2013. Revenue was $50.3
million in Q4 2012. Revenue increased from Q3
levels due to increased demand internationally for our automated
offerings, partially offset by lower revenue in North America.
- We performed 1,014 automated casing running jobs in Q4 2013
compared to 1,063 in Q3 2013 and 947 in Q4 2012.
- Operating income before adjustments in the Tubular Services
segment for Q4 2013 was $8.6 million,
compared to $9.6 million in Q3 2013
and $6.9 million in Q4 2012.
Our Tubular Services operating margins were 16% for Q4 2013, down
from 18% in Q3 2013, and up from 14% in Q4 2012. The decrease
from Q3 2013 was primarily due to a $0.9
million impact of drilling delays from North American
weather and Iraqi disruptions. The pre-tax impact of severance
charges for Tubular Services were $0.2
million. The sequential quarterly swing for Q3 2013 to Q4
related to allowance for doubtful accounts for Top Drive was
$1.0 million.
Other Segments and Expenses
- Research and engineering costs for Q4 2013 were $1.9 million, compared to $2.1 million in Q3 2013 and $2.7 million in Q4 2012. We continue to
invest in the development, commercialization, and enhancements of
our proprietary technologies relating to our Top Drive and Tubular
Services segments.
- Corporate costs for Q4 2013 were $10.4
million, compared to $9.1
million for Q3 2013 and $8.0
million in Q4 2012. The increase from Q3 2013 was
primarily due to increased legal fees of $0.6 million and severance expense of
$0.7 million.
- Foreign exchange losses for Q4 2013 were $2.3 million, compared to $0.5 million in Q3 2013 and $0.8 million in Q4 2012. The foreign exchange
losses increase is primarily driven by Latin American currency
devaluations during the final quarter of 2013. In January 2014, the Argentina peso devalued from approximately 6.5
to 8.0 and could potentially negatively impact Q1 2014 by
$0.04 to $0.05 per diluted
share.
- Our effective tax rate for Q4 2013 was 39% compared to 32% in
Q3 2013 and 26% in Q4 2012. Our effective tax rate, which is income
tax expense as a percentage of pre-tax earnings, increased from Q3
due to the fluctuating mix of pre-tax earnings in the various tax
jurisdictions in which we operate around the world. In addition, no
tax benefits are derived DJDJfrom foreign exchange losses which
alone caused an 8% increase in our tax rate for Q4 2013.
- Total capital expenditures were $12.8
million in Q4 2013, compared to $8.4
million in Q3 2013 and $13.6
million in Q4 2012.
Full Year 2013 Financial and Operating
Highlights
Top Drives Segment
- Revenue from the Top Drive segment for 2013 was $311.6 million, a decrease of 13% from revenue of
$357.8 million for 2012, primarily
due to a decrease in the number of new top drive units sold during
2013, coupled with lower market demand for after-market sales and
services primarily due to a decrease in drilling activity in
North America.
- Top Drive sales for 2013 were 100 units (88 new and 12 used),
compared to 131 units (121 new and 10 used) sold in 2012.
- Operating days for the Top Drive rental fleet were 24,561 for
2013 compared to 25,420 in 2012. The decrease from 2012
was due primarily to a decrease in operating days in the
North America and Asia-Pacific regions, partially offset by an
increase in Latin America.
- Operating income before adjustments from the Top Drive segment
for 2013 of $67.5 million was a
decrease from operating income of $87.7
million for 2012, due primarily to a decrease in top drive
sales and revenue from after-market sales and services.
Tubular Services Segment
- Revenue from the Tubular Services segment for 2013 was a record
$213.1 million, an increase of 17%
from revenue of $182.4 million for
2012, due primarily to increased customer demand in all of our
international business units. The Tubular Services automated
revenue during 2013 and 2012 also included $16.1 million and $6.7
million, respectively, of revenue from CDS equipment
sales.
- We performed a record total of 4,008 automated casing running
jobs in 2013, compared to 3,525 in 2012; a new record and a 14%
annual growth.
Operating income before adjustments from the Tubular Services
segment for 2013 of $37.0 million
increased 71% from operating income of $21.7
million in 2012. The increase from prior period is due
to improved margins for automated and conventional offerings, in
addition to increased sales of CDS™ equipment.
Other Segments and Expenses
- Research and engineering costs for 2013 were $8.6 million a decrease of 18% compared to 2012
of $10.5 million. The
decrease from prior year was primarily due to the presence of
Casing Drilling research and engineering in 2012 until the sale of
this business on June 4, 2012.
- Corporate costs for 2013 were $42.4
million, an increase of 40% from Corporate costs of
$30.3 million for 2012, primarily due
to increased long-term and short-term incentive compensation of
$4.2 million, increased legal fees of
$2.9 million, and increased
depreciation of $0.5 million related
to the implementation of our ERP system. In addition, 2012 included
a $3.1 million credit to penalties
and other income due to a favorable tax judgment in 2012.
- Foreign exchange losses for 2013 were $4.8 million, compared to $3.1 million in 2012. The foreign exchange losses
increase is primarily driven by Latin American currency
devaluations during 2013.
- Our effective tax rate for 2013 was 30% compared to 33% for
2012. Our effective tax rate, which is income tax expense as
a percentage of pre-tax earnings, increased from Q3 due to the
fluctuating mix of pre-tax earnings in the various tax
jurisdictions in which we operate around the world. In addition, no
tax benefits are derived DJfrom foreign exchange losses which alone
caused a 3% increase in our tax rate for 2013.
Financial Condition
- At December 31, 2013, cash
and cash equivalents were $97.3
million, compared to $22.0
million at December 31,
2012. During 2013, we built up our cash balance
through our operating activities and improving our working capital
balances, especially inventory.
- Total capital expenditures were $37.5
million in 2013, compared to $62.7
million in 2012. We project our total capital
expenditures for 2014 to be between $35
million and $45 million, based on current market
conditions.
Conference Call
The Company will conduct a conference call to
discuss its results for the fourth quarter 2013 on February 28, 2014 at 10:00 a.m. Central Time. Individuals
who wish to participate in the conference call should dial
US/Canada (877) 312-5422 or
International (253) 237-1122 approximately five to ten minutes
prior to the scheduled start time of the call. The conference ID
for this call is 55513287. The conference call and all
questions and answers will be recorded and made available until
December 4, 2013. To listen to the
recording, call (855) 859-2056 or (404) 537-3406 and enter
conference ID 55513287. The conference call will be webcast live as
well as for on-demand listening at the Company's web site,
www.tescocorp.com. Listeners may access the call through the
"Conference Calls" link in the Investor Relations section of the
site.
TESCO Corporation is a global leader in the
design, manufacture and service of technology based solutions for
the upstream energy industry. The Company's strategy is to change
the way people drill wells by delivering safer and more efficient
solutions that add real value by reducing the costs of drilling for
and producing oil and natural gas. TESCO® is a
registered trademark in the United
States and Canada. Casing
Drive System™, CDS™, Multiple Control Line Running System™ and
MCLRS™ are trademarks in the United
States and Canada.
Caution Regarding Forward-Looking Information; Risk
Factors
This press release contains forward-looking
statements within the meaning of Canadian and United States securities laws, including the
United States Private Securities Litigation Reform Act of 1995.
From time to time, our public filings, press releases and other
communications (such as conference calls and presentations) will
contain forward-looking statements. Forward-looking information is
often, but not always identified by the use of words such as
"anticipate", "believe", "expect", "plan", "intend", "forecast",
"target", "project", "may", "will", "should", "could", "estimate",
"predict" or similar words suggesting future outcomes or language
suggesting an outlook. Forward-looking statements in this press
release include, but are not limited to, statements with respect to
expectations of our prospects, future revenue, earnings, activities
and technical results.
Forward-looking statements and information
are based on current beliefs as well as assumptions made by, and
information currently available to, us concerning anticipated
financial performance, business prospects, strategies and
regulatory developments. Although management considers these
assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect. The
forward-looking statements in this press release are made as of the
date it was issued and we do not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law.
By their very nature, forward-looking
statements involve inherent risks and uncertainties, both general
and specific, and risks that outcomes implied by forward-looking
statements will not be achieved. We caution readers not to place
undue reliance on these statements as a number of important factors
could cause the actual results to differ materially from the
beliefs, plans, objectives, expectations and anticipations,
estimates and intentions expressed in such forward-looking
statements.
These risks and uncertainties include, but
are not limited to, the impact of changes in oil and natural gas
prices and worldwide and domestic economic conditions on drilling
activity and demand for and pricing of our products and services,
other risks inherent in the drilling services industry (e.g.
operational risks, potential delays or changes in customers'
exploration or development projects or capital expenditures, the
uncertainty of estimates and projections relating to levels of
rental activities, uncertainty of estimates and projections of
costs and expenses, risks in conducting foreign operations, the
consolidation of our customers, and intense competition in our
industry), risks, including litigation, associated with
our intellectual property and with the performance of our
technology. These risks and uncertainties may cause our actual
results, levels of activity, performance or achievements to be
materially different from those expressed or implied by any
forward-looking statements. When relying on our forward-looking
statements to make decisions, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events.
Copies of our Canadian public filings are
available at www.tescocorp.com and on SEDAR at
www.sedar.com. Our U.S. public filings are available at
www.sec.gov and at www.tescocorp.com.
The risks included here are not exhaustive.
Refer to "Part I, Item 1A - Risk Factors" in our Annual Report on
Form 10-K to be filed for the year ended December 31, 2013 for further discussion
regarding our exposure to risks. Additionally, new risk factors
emerge from time to time and it is not possible for us to predict
all such factors, nor to assess the impact such factors might have
on our business or the extent to which any factor or combination of
factors may cause actual results to differ materially from those
contained in any forward looking statements. Given these risks and
uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual
results.
|
TESCO CORPORATION
Condensed Consolidated Statements of Income
(in millions, except per share information) |
|
|
Three Months Ended
December 31, |
|
Year Ended December
31, 2013 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
Revenue |
$ |
136.9 |
|
$ |
137.6 |
|
$ |
525.3 |
|
$ |
553.1 |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales and services |
|
109.5 |
|
|
107.9 |
|
|
413.0 |
|
|
433.4 |
|
Selling, general and administrative |
|
13.3 |
|
|
9.4 |
|
|
49.5 |
|
|
44.8 |
|
(Gain) Loss on sale of Casing Drilling |
|
- |
|
|
0.6 |
|
|
(1.4) |
|
|
(12.4) |
|
Research and engineering |
|
1.9 |
|
|
2.7 |
|
|
8.6 |
|
|
10.5 |
|
|
124.7 |
|
|
120.6 |
|
|
469.7 |
|
|
476.3 |
Operating income |
|
12.2 |
|
|
17.0 |
|
|
55.6 |
|
|
76.8 |
Interest expense, net |
|
0.7 |
|
|
(0.1) |
|
|
0.7 |
|
|
1.1 |
Other expense (income), net |
|
2.4 |
|
|
(0.8) |
|
|
3.2 |
|
|
1.1 |
Income before income taxes |
|
9.1 |
|
|
17.9 |
|
|
51.7 |
|
|
74.6 |
Income taxes |
|
3.6 |
|
|
4.6 |
|
|
15.4 |
|
|
24.8 |
Net income |
$ |
5.5 |
|
$ |
13.3 |
|
$ |
36.3 |
|
$ |
49.8 |
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.14 |
|
$ |
0.34 |
|
$ |
0.93 |
|
$ |
1.29 |
|
Diluted |
$ |
0.14 |
|
$ |
0.34 |
|
$ |
0.91 |
|
$ |
1.27 |
Weighted average number of
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
39.4 |
|
|
38.7 |
|
|
39.1 |
|
|
38.7 |
|
Diluted |
|
39.8 |
|
|
39.1 |
|
|
39.8 |
|
|
39.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TESCO
CORPORATION
Condensed Consolidated Balance Sheets
(in millions) |
|
|
|
|
|
|
|
|
December 31,
2013 |
|
December 31,
2012 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
97.3 |
|
$ |
22.0 |
|
Accounts receivable, net |
|
|
142.6 |
|
|
130.8 |
|
Inventories, net |
|
|
97.4 |
|
|
124.5 |
|
Other current assets |
|
|
44.1 |
|
|
45.6 |
|
|
Total current assets |
|
|
381.4 |
|
|
322.9 |
Property, plant and equipment,
net |
|
|
204.9 |
|
|
209.9 |
Goodwill |
|
|
32.7 |
|
|
32.7 |
Other assets |
|
|
18.7 |
|
|
18.3 |
|
|
Total assets |
|
$ |
637.7 |
|
$ |
583.8 |
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Current portion of long term debt |
|
$ |
0.4 |
|
$ |
0.1 |
|
Accounts payable |
|
|
45.6 |
|
|
43.6 |
|
Accrued and other current
liabilities |
|
|
59.1 |
|
|
52.6 |
|
Income taxes payable |
|
|
5.9 |
|
|
6.9 |
|
|
Total current liabilities |
|
|
111.0 |
|
|
103.2 |
Other liabilities |
|
|
0.2 |
|
|
2.5 |
Long-term debt |
|
|
— |
|
|
0.1 |
Deferred income taxes |
|
|
9.5 |
|
|
8.5 |
Shareholders' equity |
|
|
517.0 |
|
|
469.5 |
|
|
Total liabilities and shareholders' equity |
|
$ |
637.7 |
|
$ |
583.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Tesco Corporation