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: April 19, 1995
READING & BATES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-5587 73-0642271
-------- ------ ----------
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
901 Threadneedle, Suite 200, Houston, TX 77079
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 496-5000
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 - Press release dated April 19, 1995 -
first quarter 1995 earnings release.
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 of the undersigned thereunto duly authorized.
READING & BATES CORPORATION
By /s/T. W. Nagle
-----------------------
T. W. Nagle
Vice President & Chief Financial Officer
Dated: April 19, 1995
EXHIBIT 99
For additional information, please contact: Mr. Charles R. Ofner
(713) 496-5000
April 19, 1995, Houston, Texas ........ Reading & Bates
Corporation (RB-NYSE) reported a net loss of $.4 million ($.03
loss per share after preferred stock dividends of $1.2 million)
for the quarter ended March 31, 1995, compared with a net loss
for the quarter ended March 31, 1994 of $1.5 million ($.05 loss
per share after preferred stock dividends of $1.2 million).
Operating income for the quarter ended March 31, 1995 was $4.6
million on revenues of $48 million, compared to operating income
for the quarter ended March 31, 1994 of $2.4 million on revenues
of $42.4 million. The $2.2 million increase in operating income
is primarily attributable to increased revenues as a result of
increased utilization of the drilling fleet. Utilization for the
quarter ended March 31, 1995 was 86% compared to 77% for the
quarter ended March 31, 1994.
Paul B. Loyd, Jr., the Company's President, Chairman and
CEO, said, "As anticipated, first quarter 1995 financial results
show marked improvement over 1994 results, mainly attributable to
an improved contract status for the fleet. We anticipate
continued recovery in the utilization rates and dayrates in both
our jackup and semi fleets during 1995. This improved contract
status coupled with our continued focus on the deepwater/high
specification semi market should have a positive impact to our
1995 bottom line results. We certainly expect the trend to
continue and the improvement in our financial performance to
intensify during 1995."
Reading & Bates is a New York Stock Exchange listed company,
engaging in offshore drilling services throughout the world. Its
wholly owned subsidiary, Reading & Bates Development Co., provides
technical, construction and project management services, and
floating production systems to the upstream offshore oil and gas
industry worldwide.
(financial highlights to follow)
# # #
READING & BATES CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands except per share amounts)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
1995 1994
--------- ---------
(unaudited)
<S> <C> <C>
OPERATING REVENUES $ 47,975 $ 42,357
--------- ---------
COSTS AND EXPENSES:
Operating expenses 31,911 28,625
Depreciation and amortization 7,433 6,920
General and administrative 4,081 4,415
--------- ---------
Total costs and expenses 43,425 39,960
--------- ---------
OPERATING INCOME 4,550 2,397
--------- ---------
OTHER INCOME (EXPENSE):
Interest expense (3,814) (3,113)
Interest income 425 751
Other, net (210) (392)
--------- ---------
Total other income (expense) (3,599) (2,754)
--------- ---------
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME
TAX EXPENSE AND MINORITY INTEREST 951 (357)
INCOME TAX EXPENSE 1,163 908
MINORITY INTEREST (157) (226)
--------- ---------
NET LOSS (369) (1,491)
DIVIDEND ON PREFERRED STOCK 1,215 1,215
--------- ---------
NET LOSS APPLICABLE TO COMMON STOCKHOLDERS $ (1,584) $ (2,706)
========= =========
NET LOSS PER COMMON SHARE $ (.03) $ (.05)
========= =========
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING 59,713 55,489
========= =========
</TABLE>
READING & BATES CORPORATION
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
(unaudited)
<TABLE>
<CAPTION>
3/31/95 12/31/94
----------- -----------
<S> <C> <C>
ASSETS:
Cash and cash equivalents $ 23,057 $ 42,319
Other current assets 59,014 49,841
Net property and equipment 487,393 490,319
Other assets 4,051 3,584
----------- -----------
TOTAL ASSETS $ 573,515 $ 586,063
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities $ 85,531 $ 92,062
Long-term obligations 76,553 81,937
Other noncurrent liabilities 46,639 46,033
Minority interest 43,958 43,871
Stockholders' equity 320,834 322,160
----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 573,515 $ 586,063
=========== ===========
</TABLE>
