-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L/24bml0sRI7fI1YMsprio48+gQKh4ULOjNwuIBtmN5n5rVZ4LFDisk8DQTV7ZxE nZNVgnfFbwmioNG8Tol+7A== 0000950134-97-006427.txt : 19970828 0000950134-97-006427.hdr.sgml : 19970828 ACCESSION NUMBER: 0000950134-97-006427 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970724 ITEM INFORMATION: Other events FILED AS OF DATE: 19970827 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PATTERSON ENERGY INC CENTRAL INDEX KEY: 0000889900 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 752504748 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22664 FILM NUMBER: 97670142 BUSINESS ADDRESS: STREET 1: 4510 LAMESA HWY STREET 2: P O DRAWER 1416 CITY: SNYDER STATE: TX ZIP: 79550 BUSINESS PHONE: 9155731104 MAIL ADDRESS: STREET 1: P O DRAWER 1416 CITY: SNYDER STATE: TX ZIP: 79550 8-K 1 FORM 8-K 1 - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 24, 1997 PATTERSON ENERGY, INC. (Exact name of registrant as specified in its charter) DELAWARE 0-22664 75-2504748 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) P.O. BOX 1416, 4510 LAMESA HIGHWAY, SNYDER, TEXAS 79549 (Address of principal executive offices) (Zip Code) (915) 573-1104 (Registrant's telephone number, including area code) No Change (Former name or former address, if changed since last report.) - -------------------------------------------------------------------------------- 2 ITEM 5. OTHER EVENTS. On July 24, 1997 the Registrant issued the following press release: PATTERSON ENERGY REPORTS RECORD NET INCOME, EARNINGS PER SHARE AND CASH FLOW IN SECOND QUARTER SNYDER, TEXAS, JULY 24, 1997-PATTERSON ENERGY, INC. (NASDAQ/NM:PTEN) today reported net income for the second quarter ended June 30, 1997 of $4,278,000 or $0.58 per share (fully diluted) on revenues of $40,692,000, compared with net income of $255,000 or $0.04 per share (fully diluted) on revenues of $18,547,000 during the second quarter of 1996. Results are reported prior to the effect of a 2-for-1 stock split announced on July 1, 1997. Earnings before interest expense, taxes, depreciation, depletion and amortization (EBITDA) rose 241% in the second quarter of 1997 to a record of $10,611,000 from $3,111,000 in the second quarter of 1996. Results for the second quarter of 1996 were restated to reflect the July 1996 merger of the Company with Tucker Drilling Company, Inc. under the pooling of interests accounting method. For the six months ended June 30, 1997, Patterson reported net income of $5,918,000 or $0.84 per share (fully diluted) on revenues of $71,333,000 versus net income of $2,742,000 or $0.56 per share (fully diluted) on revenues of $34,793,000 during the first six months ended June 30, 1996. Results in 1996 included a deferred income tax benefit of $2,402,000 or $0.48 per fully diluted share. EBITDA for the period ending June 30, 1997 rose 189% to $16,984,000 from $5,880,000 in 1996. There were 7,428,000 fully diluted shares outstanding during the second quarter of 1997 compared to 5,480,000 fully diluted shares outstanding a year ago. This 36% increase in outstanding shares reflects primarily the successful completion of a public offering of 2,063,000 shares of Patterson common stock in January 1997. In addition, Patterson issued 283,000 shares of common stock in June 1997 as partial consideration in the acquisition of the drilling assets of Wes-Tex Drilling Company. On July 1, 1997, the Company declared a 2-for-1 stock split for holders of record on July 11, 1997, to be distributed July 25, 1997. Contract drilling revenues rose 133% during the second quarter of 1997 to $37,592,000 from $16,112,000 in 1996, reflecting the increase in the Company's contract drilling rig fleet and increases in the dayrate charged on drilling contracts. In April 1997, Patterson acquired five additional rigs and, in June 1997, Patterson acquired the drilling assets of Wes-Tex Drilling Company, which increased the rig fleet by an additional 21 drilling rigs, bringing the total number of rigs in the fleet to 87, 81 of which are currently operable. Rig utilization in the second quarter of 1997 was 90% compared to 71% in the year earlier period. Direct operating costs were 75% of contract drilling revenues in the second quarter of 1997 as compared to 83% in 1996. Second quarter income from contract drilling operations was approximately $6.0 million versus $0.4 million in the second quarter of 1996. 3 Oil and Gas sales rose 38% during the second quarter of 1997 to $2,702,000 from $1,954,000 in 1996. Oil production increased 77%, while natural gas production deceased 9%. Oil prices decreased to $19.75 per barrel in this year's quarter from $20.22 per barrel a year ago, while natural gas prices decreased to $1.96 per thousand cubic feet from $2.07 per thousand cubic feet in the second quarter of 1996. Income from the oil and gas segment was $303,000 in the second quarter of 1997 compared to $54,000 in the same period of 1996. Patterson Energy, Inc., a Snyder, Texas based energy company, is one of the leading providers of domestic land drilling services to major independent oil and gas companies and, to a lesser extent, is engaged in the development, exploration, acquisition and production of oil and natural gas. Patterson now has 87 land-based drilling rigs (81 of which are currently operable) and focuses its operations primarily in Texas and southeast New Mexico. For further information, contact: Patterson Energy, Inc. Cloyce A. Talbott, Chairman and Chief Executive Officer James C. Brown, Vice President-Finance and Chief Financial Officer 915-573-1104 Shimmerlik Corporate Communications, Inc. Warren M. Shimmerlik 212-247-5200 (financial tables follow) 4 PATTERSON ENERGY, INC. Condensed Consolidated Statements Of Operations (in thousands, except per share data)
Three Months Ended Six Months Ended June 30 June 30 1997 1996 1997 1996 Revenues Drilling $ 37,592 $ 16,112 $ 65,156 $ 30,208 Oil and Gas Sales 2,702 1,954 5,335 3,644 Other 398 481 842 941 Total Revenues 40,692 18,547 71,333 34,793 Operating Income 6,046 127 8,686 372 Net Income $ 4,278 $ 255 $ 5,918 $ 2,742 Net Income per Share: Primary $ 0.58 $ 0.04 $ 0.84 $ 0.56 Full Diluted $ 0.58 $ 0.04 $ 0.84 $ 0.56 Average Shares Outstanding: Primary 7,364 5,480 6,971 4,933 Fully Diluted 7,428 5,480 7,061 4,957
Condensed Consolidated Balance Sheets (in thousands) June 30, 1997 December 31, 1996 Current Assets $ 51,161 $ 35,481 Property & Equipment 81,663 51,308 Total Assets 153,480 87,913 Current Liabilities 25,584 17,889 Notes Payable, less Current Maturities 5,677 25,732 Total Stockholders' Equity 120,623 43,482 Total Liabilities and Stockholders' Equity $ 153,480 $ 87,913
5 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PATTERSON ENERGY, INC. Date: August 20, 1997 By: /s/ James C. Brown ------------------------------- James C. Brown Vice President-Finance -----END PRIVACY-ENHANCED MESSAGE-----