HOUSTON, Aug. 1, 2014
/CNW/ -- Tesco Corporation (NASDAQ: TESO) ("TESCO" or the
"Company") today reported net income of $12.7 million, or $0.31 per diluted share, for the second quarter
ended June 30, 2014. Adjusted net income for the quarter was
$11.9 million, or $0.29 per diluted share, which excludes the
after-tax impact of foreign currency gains in Argentina and Venezuela, totaling $0.8 million, or $0.02 per diluted share. This compares to net
income of $3.0 million, or
$0.07 per diluted share, in the first
quarter of 2014, and net income of $10.2
million, or $0.26 per diluted
share, for the second quarter of 2013. Adjusted net income in the
first quarter of 2014 was $8.4
million, or $0.21 per diluted
share. Second quarter 2014 revenue was $145.1 million, compared to $121.4 million for the first quarter of 2014 and
to $129.0 million for the second
quarter of 2013.
Julio Quintana, TESCO's Chief
Executive Officer, commented, "We are pleased with the overall
results of the quarter. We delivered 33 new top drives, a
sequential increase of 74%, and reported another quarter of record
revenues for tubular services of $58.8
million.
"We continue to see positive trends for top drive sales and
bookings in 2014, and we believe expected new top drive shipments
in 2014 could approach 2012 levels, primarily from stronger demand
from North American and Asian customers. This is supported by a
current backlog of 55 units valued at $65
million. Top drive rental utilization and revenue also
improved sequentially as activity levels in Mexico increased.
"We generated a record revenue quarter for our After Market
Sales and Service business; a key part of our go forward strategy.
After-market sales and service revenue increased 29% sequentially
from stronger North America
demand, higher third-party top drive repairs and the benefit of the
Tech Field Services, LLC asset acquisition that closed in
May 2014.
"Our Tubular Services business continues its steady climb to yet
another record quarter. The increased activity was generated
primarily from Latin America and
higher CDS sales. Our investments in offshore expansion negatively
impacted operating margins during the quarter. However, our
strategic investments in offshore equipment and personnel are
expected to generate increased offshore revenue and profitability
in the second half of 2014 and future years.
"We ended the quarter with almost $100
million in cash, paid our first dividend of $0.05 per share, or $2.0
million, and activated the share repurchase program. No
shares were repurchased in the second quarter of 2014 as we
established the program. However, approximately 238,000 shares
worth approximately $4.9 million have
been repurchased to date in the third quarter of 2014.
"We remain focused on the strategy announced in May, focused on
growth with improving profitability which will allow us to make
future additional investments while returning cash to
shareholders," he said.
TESCO
CORPORATION
|
Summary of
Results
|
(in millions,
except per share information)
|
|
|
Three Months Ended
June 30,
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
June 30,
|
|
2014
|
|
|
2013
|
|
2014
|
|
2014
|
|
|
2013
|
Segment
revenue
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Top Drives
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
$
|
40.5
|
|
|
$
|
29.2
|
|
$
|
25.3
|
|
$
|
65.9
|
|
|
$
|
62.0
|
Rental
services
|
26.8
|
|
|
30.8
|
|
24.7
|
|
51.4
|
|
|
60.5
|
After-market sales and
service
|
19.0
|
|
|
16.1
|
|
14.7
|
|
33.7
|
|
|
29.1
|
|
86.3
|
|
|
76.1
|
|
64.7
|
|
151.0
|
|
|
151.6
|
Tubular
Services
|
|
|
|
|
|
|
|
|
|
|
|
Automated
|
48.6
|
|
|
43.1
|
|
45.0
|
|
93.6
|
|
|
83.3
|
Conventional
|
10.2
|
|
|
9.6
|
|
11.7
|
|
21.9
|
|
|
20.6
|
|
58.8
|
|
|
52.7
|
|
56.7
|
|
115.5
|
|
|
103.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Casing
Drilling
|
—
|
|
|
0.2
|
|
—
|
|
—
|
|
|
0.6
|
Consolidated
revenue
|
$
|
145.1
|
|
|
$
|
129.0
|
|
$
|
121.4
|
|
$
|
266.5
|
|
|
$
|
256.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
Top Drives
|
$
|
19.4
|
|
|
$
|
17.3
|
|
$
|
10.7
|
|
$
|
30.1
|
|
|
$
|
32.2
|
Tubular
Services
|
10.9
|
|
|
11.3
|
|
10.9
|
|
21.7
|
|
|
18.8
|
Casing
Drilling
|
—
|
|
|
0.2
|
|
(0.3)
|
|
(0.3)
|
|
|
2.1
|
Research and
Engineering
|
(2.5)
|
|
|
(2.5)
|
|
(2.5)
|
|
(5.0)
|
|
|
(4.5)
|
Corporate and
other
|
(9.3)
|
|
|
(12.5)
|
|
(9.7)
|
|
(18.9)
|
|
|
(23.0)
|
Consolidated operating
income
|
$
|
18.5
|
|
|
$
|
13.8
|
|
$
|
9.1
|
|
$
|
27.6
|
|
|
$
|
25.6
|
Net income
|
$
|
12.7
|
|
|
$
|
10.2
|
|
$
|
3.0
|
|
$
|
15.8
|
|
|
$
|
19.1
|
Earnings per share
(diluted)
|
$
|
0.31
|
|
|
$
|
0.26
|
|
$
|
0.07
|
|
$
|
0.39
|
|
|
$
|
0.48
|
Adjusted
EBITDA(a) (as defined)
|
$
|
30.0
|
|
|
$
|
25.0
|
|
$
|
22.0
|
|
$
|
52.2
|
|
|
$
|
47.3
|
________________________
|
(a)
|
See
explanation of Non-GAAP measure below
|
TESCO
CORPORATION
|
Operating
Metrics
|
|
|
Three Months Ended
June 30,
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
June 30,
|
|
2014
|
|
2013
|
|
2014
|
|
2014
|
|
2013
|
Number of Top Drive
Sales:
|
|
|
|
|
|
|
|
|
|
New
|
33
|
|
21
|
|
19
|
|
52
|
|
43
|
Used or
consignment
|
2
|
|
3
|
|
1
|
|
3
|
|
5
|
|
35
|
|
24
|
|
20
|
|
55
|
|
48
|
End of period number
of top drives in rental fleet
|
135
|
|
133
|
|
127
|
|
135
|
|
133
|
Rental operating
days(a)
|
5,389
|
|
6,164
|
|
5,084
|
|
10,473
|
|
11,991
|
Average daily
operating rate
|
$
|
4,959
|
|
$
|
4,988
|
|
$
|
4,858
|
|
$
|
4,910
|
|
$
|
5,044
|
|
|
|
|
|
|
|
|
|
|
Tubular
Services:
|
|
|
|
|
|
|
|
|
|
Number
of automated jobs
|
1,075
|
|
975
|
|
1,008
|
|
2,083
|
|
1,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
________________________
|
(a)
|
Defined as a day that
a unit in our rental fleet is under contract and operating; does
not include stand-by days.
|
TESCO
CORPORATION
|
Non-GAAP Measure -
Adjusted EBITDA (1)
|
(in
millions)
|
|
|
Three Months Ended
June 30,
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
June 30,
|
|
2014
|
|
2013
|
|
2014
|
|
2014
|
|
2013
|
Net income under U.S.
GAAP
|
$
|
12.7
|
|
$
|
10.2
|
|
$
|
3.0
|
|
$
|
15.8
|
|
$
|
19.1
|
Income tax
expense
|
6.6
|
|
2.6
|
|
2.1
|
|
8.7
|
|
6.3
|
Depreciation and
amortization
|
10.4
|
|
10.2
|
|
9.7
|
|
20.1
|
|
20.2
|
Net interest
expense
|
0.2
|
|
0.4
|
|
0.6
|
|
0.8
|
|
(0.1)
|
Stock compensation
expense—non-cash
|
1.1
|
|
1.6
|
|
1.7
|
|
2.8
|
|
3.3
|
Bad debt from certain
accounts
|
—
|
|
—
|
|
1.6
|
|
1.6
|
|
—
|
Foreign exchange
(gain) loss
|
(1.0)
|
|
—
|
|
3.3
|
|
2.4
|
|
—
|
Gain on sale of
Casing Drilling
|
—
|
|
—
|
|
—
|
|
—
|
|
(1.5)
|
Adjusted
EBITDA
|
$
|
30.0
|
|
$
|
25.0
|
|
$
|
22.0
|
|
$
|
52.2
|
|
$
|
47.3
|
|
|
(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, foreign
exchange gains or losses, noted income or charges from certain
accounts, 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.
|
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.
TESCO
CORPORATION
|
Reconciliation of
GAAP Net Income to Adjusted Net Income (2)
|
(in millions.
except earnings per share data)
|
|
|
Three Months Ended
June 30,
|
|
Three Months Ended
March 31,
|
|
Six Months Ended
June 30,
|
|
2014
|
|
2013
|
|
2014
|
|
2014
|
|
2013
|
Net income under U.S.
GAAP
|
$
|
12.7
|
|
$
|
10.2
|
|
$
|
3.0
|
|
$
|
15.8
|
|
$
|
19.1
|
Certain foreign
exchange (gains) losses
|
(0.8)
|
|
—
|
|
2.9
|
|
2.1
|
|
—
|
Bad debt on certain
accounts
|
—
|
|
—
|
|
1.6
|
|
1.6
|
|
—
|
Certain tax-related
charges
|
—
|
|
—
|
|
0.9
|
|
0.9
|
|
(1.6)
|
(Gain)/Loss on sale
of Casing Drilling
|
—
|
|
—
|
|
—
|
|
—
|
|
(1.0)
|
Adjusted Net
Income
|
$
|
11.9
|
|
$
|
10.2
|
|
$
|
8.4
|
|
$
|
20.4
|
|
$
|
16.5
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
Net income under U.S.
GAAP
|
$
|
0.31
|
|
$
|
0.26
|
|
$
|
0.07
|
|
$
|
0.39
|
|
$
|
0.48
|
Certain foreign
exchange (gains) losses
|
(0.02)
|
|
—
|
|
0.08
|
|
0.06
|
|
—
|
Bad debt on certain
accounts
|
—
|
|
—
|
|
0.04
|
|
0.04
|
|
—
|
Certain tax-related
charges
|
—
|
|
—
|
|
0.02
|
|
0.02
|
|
(0.04)
|
(Gain)/Loss on sale
of Casing Drilling
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.02)
|
Adjusted Net
Income
|
$
|
0.29
|
|
$
|
0.26
|
|
$
|
0.21
|
|
$
|
0.51
|
|
$
|
0.42
|
|
|
(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.
|
Second Quarter 2014 Financial and
Operating Highlights
Top Drives Segment
- Revenue from the Top Drive segment for Q2 2014 was $86.3 million, an increase from revenue of
$64.7 million in Q1
2014. Revenue for Q2 2013 was $76.1 million.
- Top Drive sales for Q2 2014 included 35 units (33 new and 2
used), compared to 20 units (19 new and 1 used) sold in Q1 2014 and
24 units (21 new and 3 used) sold in Q2 2013. In addition, we sold
2 catwalk units (2 new and 0 used), compared to no sales in both Q1
2014 and Q2 2013.
- Revenue from after-market sales and service for Q2 2014 was a
record $19.0 million, an increase of
29% from revenue of $14.7 million in
Q1 2014. Revenue was $16.1
million in Q2 2013.
- Operating days for the Top Drive rental fleet were 5,389 for Q2
2014 compared to 5,084 in Q1 2014 and 6,164 for Q2 2013.
- Operating income before adjustments in the Top Drive segment
for Q2 2014 was $19.4 million,
compared to $10.7 million in Q1 2014
and $17.3 million in Q2 2013.
Our Top Drive operating margins before adjustments were 22% in Q2
2014, an increase from 17% in Q1 2014 and a decrease from 23% in Q2
2013. Adjusted operating income in the first quarter of 2014
was $11.6 million, or 18% of
revenue.
- At June 30, 2014, Top Drive backlog was 51 units, with a
total potential value of $56.7
million, compared to 45 units at March 31, 2014, with a
potential value of $54.7
million. This compares to a backlog of 10 units
at June 30, 2013, with a potential value of $12.9 million. Today, our backlog
stands at 55 units valued at $65.0
million.
Tubular Services Segment
- Revenue from the Tubular Services segment for Q2 2014 set
another record at $58.8 million, an
increase from revenue of $56.7
million in Q1 2014. Revenue was $52.7 million in Q2 2013. Revenue
increased from Q1 2014 levels due to increased demand
internationally for our automated offerings.
- We performed a record 1,075 automated casing running jobs in Q2
2014 compared to 1,008 in Q1 2014 and 975 in Q2
2013.
- Operating income before adjustments in the Tubular Services
segment for Q2 2014 was $10.9
million, compared to $10.9
million in Q1 2014 and $11.3
million in Q2 2013. Our Tubular Services operating
margins were 18% for Q2 2014, down from 19% in Q1 2014 and 22% in
Q2 2013. Adjusted operating income in the first quarter of
2014 was $12.3 million, or 22% of
revenue. This sequential decline in operating income is primarily
related to start-up costs for offshore expansion efforts and
activity interruptions in The Middle
East.
Other Segments and Expenses
- Research and engineering costs for Q2 2014 were $2.5 million, compared to $2.5 million in Q1 2014 and Q2 2013. 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 Q2 2014 were $9.3
million, compared to $9.7
million for Q1 2014 and $12.5
million in Q2 2013.
- Net foreign exchange gains for Q2 2014 were $1.0 million, compared to foreign exchange losses
of $3.3 million in Q1 2014 and
$1.6 million in Q2 2013. Foreign
exchange gains of $1.3 million from
Argentina and Venezuela were the result of contractual
reimbursements from prior quarter devaluations and favorable
currency exchanges.
- Our effective tax rate for Q2 2014 was 34% compared to 41% in
Q1 2014 and 20% in Q2 2013. Our effective tax rate, which is income
tax expense as a percentage of pre-tax earnings, decreased from Q1
2014 due to the fluctuating mix of pre-tax earnings in the various
tax jurisdictions in which we operate around the world, the
nondeductible nature of foreign exchange losses, and a $1.4 million of favorable tax settlements in
foreign jurisdictions in the three and six months ended
June 30, 2013, compared to $0.4
million of unfavorable tax settlements in foreign
jurisdictions in the six months ended June 30, 2014.
- Total capital expenditures were $11.5
million in Q2 2014, primarily for tubular services
equipment, compared to $8.0 million
in Q1 2014 and $7.6 million in Q2
2013.
Conference Call
The Company will conduct a conference call to discuss its
results for the second quarter 2014 on August 1, 2014 at
9:00 a.m. Central Time. To
participate in the conference call, dial 1-888-510-1765 inside the
U.S. or 1-719-457-2628 outside the U.S. approximately 10 minutes
prior to the scheduled start time. The conference call and all
questions and answers will be recorded and made available until
August 15, 2014. To listen to the
replay, call 1-888-203-1112 inside the U.S. or 1-719-457-0820
outside the U.S. and enter conference ID 6167892#.
The conference call will be webcast live as well as by replay 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.
For further information please contact:
Chris
Boone (713) 359-7000
Tesco Corporation
Caution Regarding Forward-Looking Information and Risk
Factors
This news 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 news 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 through
www.tescocorp.com and on SEDAR at www.sedar.com. Our U.S. public
filings are available at www.sec.gov and through
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 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
June 30,
|
|
Six Months Ended
June 30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenue
|
$
|
145.1
|
|
$
|
129.0
|
|
$
|
266.5
|
|
$
|
256.1
|
Operating
expenses
|
|
|
|
|
|
|
|
Cost of sales and
services
|
110.7
|
|
98.9
|
|
206.6
|
|
200.9
|
Selling, general and
administrative
|
13.4
|
|
13.8
|
|
27.3
|
|
26.6
|
(Gain) Loss on sale of
Casing Drilling
|
—
|
|
—
|
|
—
|
|
(1.5)
|
Research and
engineering
|
2.5
|
|
2.5
|
|
5.0
|
|
4.5
|
|
126.6
|
|
115.2
|
|
238.9
|
|
230.5
|
Operating
income
|
18.5
|
|
13.8
|
|
27.6
|
|
25.6
|
Interest expense,
net
|
0.2
|
|
0.4
|
|
0.8
|
|
(0.1)
|
Other expense
(income), net
|
(1.0)
|
|
0.6
|
|
2.3
|
|
0.3
|
Income before income
taxes
|
19.3
|
|
12.8
|
|
24.5
|
|
25.4
|
Income
taxes
|
6.6
|
|
2.6
|
|
8.7
|
|
6.3
|
Net income
|
$
|
12.7
|
|
$
|
10.2
|
|
$
|
15.8
|
|
$
|
19.1
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.32
|
|
$
|
0.26
|
|
$
|
0.39
|
|
$
|
0.49
|
Diluted
|
$
|
0.31
|
|
$
|
0.26
|
|
$
|
0.39
|
|
$
|
0.48
|
Dividends per
share:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.05
|
|
—
|
|
$
|
0.05
|
|
—
|
Weighted average
number of shares:
|
|
|
|
|
|
|
|
Basic
|
40.2
|
|
39.0
|
|
40.0
|
|
39.0
|
Diluted
|
40.8
|
|
39.5
|
|
40.6
|
|
39.5
|
TESCO
CORPORATION
|
Condensed
Consolidated Balance Sheets
|
(in
millions)
|
|
|
June 30,
2014
|
|
December 31,
2013
|
|
(unaudited)
|
|
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
|
100.0
|
|
$
|
97.3
|
Accounts receivable,
net
|
132.9
|
|
142.6
|
Inventories,
net
|
114.2
|
|
97.4
|
Other current
assets
|
41.4
|
|
44.1
|
Total current
assets
|
388.5
|
|
381.4
|
Property, plant and
equipment, net
|
205.1
|
|
204.9
|
Goodwill
|
34.4
|
|
32.7
|
Other
assets
|
18.1
|
|
18.7
|
Total
assets
|
$
|
646.1
|
|
$
|
637.7
|
Liabilities and Shareholders'
Equity
|
|
|
|
Current
liabilities
|
|
|
|
Current portion of
long term debt
|
$
|
0.1
|
|
$
|
0.4
|
Accounts
payable
|
45.6
|
|
45.6
|
Accrued and other
current liabilities
|
46.6
|
|
59.1
|
Income taxes
payable
|
4.3
|
|
5.9
|
Total current
liabilities
|
96.6
|
|
111.0
|
Other
liabilities
|
0.9
|
|
0.2
|
Long-term
debt
|
—
|
|
—
|
Deferred income
taxes
|
8.7
|
|
9.5
|
Shareholders'
equity
|
539.9
|
|
517.0
|
Total
liabilities and shareholders' equity
|
$
|
646.1
|
|
$
|
637.7
|
SOURCE Tesco Corporation