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Previous: MAVERICK TUBE CORPORATION, 8-K/A, 2000-10-25 |
Next: CHASE MANHATTAN BANK USA, 8-K, 2000-10-25 |
<TABLE>
<CAPTION>
Maverick Tube Corporation
Certain Historical Financial Information
Energy: 3/31/00 6/30/00 9/30/00 Total
----------------------------------------------------
<S> <C> <C> <C> <C>
Assumptions:
U.S. Domestic:
Rig Count 771 845 981
Import Market Share (Estimate) 28.0% 30.7% 30.3%
Inventory Change (Estimate) 101,000 120,000 81,000 302,000
Energy Net Selling Price $ 612.40 $ 631.17 $ 673.20
Total Cost/Ton $ 561.12 $ 554.01 $ 570.81
Canadian:
Rig Count 507 241 313
Total OCTG Shipments (Estimate) 196,542 156,638 -
OCTG Import Market Share (Estimate) 35.0% 39.0% 0.0%
OCTG Inventory Change (Estimate) 47,654 (840) -
Energy Net Selling Price $ 747.34 $ 710.55 $ 703.97
Total Cost/Ton $ 570.97 $ 565.74 $ 597.70
U.S. Domestic Shipments 79,948 84,935 92,268 257,151
Revenues $ 48,960 $ 53,608 $ 62,115 $ 164,683
Costs 44,860 47,055 52,668 144,583
----------------------------------------------------
Gross Profit $ 4,100 $ 6,553 $ 9,447 $ 20,100
Gross Profit Margin 8.4% 12.2% 15.2% 12.2%
Canadian Shipments 81,994 67,253 70,181 219,428
Revenues $ 58,868 $ 47,787 $ 49,405 $ 156,060
Costs 46,816 38,047 41,947 126,811
----------------------------------------------------
Gross Profit $ 12,051 $ 9,739 $ 7,458 $ 29,249
Gross Profit Margin 20.5% 20.4% 15.1% 18.7%
Total Energy Revenues $ 107,828 $ 101,395 $ 111,520 $ 320,743
Total Energy Costs 91,677 85,102 94,615 271,394
----------------------------------------------------
Total Energy Gross Profit $ 16,152 $ 16,293 $ 16,906 $ 49,350
Total Energy Gross Profit Margin 15.0% 16.1% 15.2% 15.4%
Industrial Products:
Assumptions:
U.S. Domestic:
Industrial Products Net Selling Price $ 448.52 $ 462.26 $ 467.29
Total Cost Per Ton $ 419.83 $ 437.92 $ 445.79
DOM Net Selling Price $ 1,081.09 $1,143.23 $ 990.35
Total Cost Per Ton $ 1,249.45 $1,203.21 $1,255.19
Canadian:
Industrial Products Net Selling Price $ 467.62 $ 499.22 $ 445.74
Total Cost Per Ton $ 459.37 $ 399.97 $ 449.54
U.S. Domestic Shipments 40,199 35,778 36,115 112,092
Revenues $ 18,030 $ 16,539 $ 16,876 $ 51,445
Costs 16,877 15,668 16,100 48,645
----------------------------------------------------
Gross Profit $ 1,153 $ 871 $ 776 $ 2,800
Gross Profit Margin 6.4% 5.3% 4.6% 5.4%
DOM:
Volume 3,617 4,115 3,652 11,384
Revenues $ 3,910 $ 4,704 $ 3,698 $ 12,313
Costs 4,519 4,951 4,584 14,054
----------------------------------------------------
Gross Profit $ (609) $ (247) $ (885) $ (1,741)
Gross Profit Margin -15.6% -5.2% -23.9% -14.1%
Canadian Shipments 11,760 10,231 9,869 31,860
Revenues $ 5,499 $ 5,107 $ 4,399 $ 15,006
Costs 5,402 4,092 4,436 13,931
----------------------------------------------------
Gross Profit $ 97 $ 1,015 $ (37) $ 1,075
Gross Profit Margin 1.8% 19.9% -0.8% 7.2%
Total Industrial Products Tons 55,576 50,124 49,636 155,336
Revenues $ 27,439 $ 26,350 $ 24,974 $ 78,764
Costs 26,798 24,711 25,120 76,630
----------------------------------------------------
Gross Profit $ 641 $ 1,639 $ (146) $ 2,134
Gross Profit Margin 2.3% 6.2% -0.6% 2.7%
Other:
Assumptions:
Tolling Selling Volume 7,907 1,842 5,437 15,186
Tolling Net Selling Price $ 149.55 $ 170.20 $ 217.76
Tolling Other Cost/Ton $ 113.26 $ 149.03 $ 143.51
Revenues $ 1,183 $ 314 $ 1,184 $ 2,680
Costs 896 275 780 1,950
----------------------------------------------------
Gross Profit $ 287 $ 39 $ 404 $ 730
Gross Profit Margin 24.3% 12.4% 34.1% 27.2%
Consolidated Gross Profit $ 17,080 $ 17,971 $ 17,163 $ 52,213
Consolidated Gross Profit Margin 12.5% 14.0% 12.5% 13.0%
Start-Up - - 615 615
Canadian Depreciation 1,159 1,145 1,249 3,552
Selling, General & Administrative 5,999 6,453 6,085 18,537
Interest Expense (Net) 584 790 728 2,102
Taxes 3,765 3,382 2,757 9,905
Tax Effected Transaction Costs - - 9,436 9,436
Tax Effected Inventory Reserve Adjustments - - 1,391 1,391
----------------------------------------------------
Net Income $ 5,572 $ 6,201 $ (5,098) $ 6,676
====================================================
EPS $ 0.17 $ 0.18 $ (0.15) $ 0.19
====================================================
Fully Diluted Shares Outstanding 33,687,211 34,577,582 33,674,011
</TABLE>
<TABLE>
<CAPTION>
Energy: 3/31/99 6/30/99 9/30/99 12/31/99 Total
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assumptions:
U.S. Domestic:
Rig Count 554 524 649 775
Import Market Share (Estimate) 9.2% 8.6% 7.1% 17.0%
Inventory Change (Estimate) (66,000) (79,377) (24,000) 15,000 (154,377)
Energy Net Selling Price $ 552.36 $ 529.37 $ 526.07 $ 554.64
Total Cost/Ton $ 623.42 $ 548.36 $ 512.60 $ 528.45
Canadian:
Rig Count 332 110 256 391 273
Total OCTG Shipments (Estimate) 80,358 62,611 135,694 184,968 463,632
OCTG Import Market Share (Estimate) 26.0% 37.0% 30.0% 40.0% 35.0%
OCTG Inventory Change (Estimate) (24,548) (25,945) 1,432 54,574 5,512
Energy Net Selling Price $ 682.16 $ 655.71 $ 639.01 $ 653.20
Total Cost/Ton $ 578.61 $ 559.15 $ 550.99 $ 538.77
U.S. Domestic Shipments 30,243 47,413 66,662 89,450 233,768
Revenues $ 16,705 $ 25,099 $ 35,069 $ 49,612 $126,485
Costs 18,854 25,999 34,171 47,270 126,294
--------------------------------------------------------------
Gross Profit $ (2,149) $ (900) $ 898 $ 2,342 $ 191
Gross Profit Margin -12.9% -3.6% 2.6% 4.7% 0.2%
Canadian Shipments 35,751 22,891 47,022 82,425 188,089
Revenues $ 24,388 $ 15,010 $ 30,048 $ 53,840 $123,285
Costs 20,686 12,800 25,909 44,408 103,802
--------------------------------------------------------------
Gross Profit $ 3,702 $ 2,210 $ 4,139 $ 9,432 $ 19,483
Gross Profit Margin 15.2% 14.7% 13.8% 17.5% 15.8%
Total Energy Revenues $ 41,093 $ 40,109 $ 65,116 $ 103,452 $249,770
Total Energy Costs 39,540 38,799 60,080 91,678 230,097
--------------------------------------------------------------
Total Energy Gross Profit $ 1,553 $ 1,310 $ 5,037 $ 11,774 $ 19,673
Total Energy Gross Profit Margin 3.8% 3.3% 7.7% 11.4% 7.9%
Industrial Products:
Assumptions:
U.S. Domestic:
Industrial Products Net Selling Price $ 433.35 $ 418.92 $ 437.57 $ 436.67
Total Cost Per Ton $ 399.11 $ 381.93 $ 395.42 $ 414.07
DOM Net Selling Price $ - $ - $ - $1,156.92
Total Cost Per Ton $ - $ - $ - $1,610.65
Canadian:
Industrial Products Net Selling Price $ 477.55 $ 462.48 $ 450.11 $ 456.95
Total Cost Per Ton $ 475.03 $ 455.28 $ 472.03 $ 438.02
U.S. Domestic Shipments 37,829 37,131 37,804 40,351 153,115
Revenues $ 16,393 $ 15,555 $ 16,542 $ 17,620 $ 66,110
Costs 15,098 14,181 14,948 16,708 60,936
--------------------------------------------------------------
Gross Profit $ 1,295 $ 1,373 $ 1,593 $ 912 $ 5,175
Gross Profit Margin 7.9% 8.8% 9.6% 5.2% 7.8%
DOM:
Volume - - - 2,365 2,365
Revenues $ - $ - $ - $ 2,736 $ 2,736
Costs - - - 3,809 3,809
--------------------------------------------------------------
Gross Profit $ - $ - $ - $ (1,073) $(1,073)
Gross Profit Margin 0.0% 0.0% 0.0% -39.2% -39.2%
Canadian Shipments 5,723 8,624 12,329 11,457 38,133
Revenues $ 2,733 $ 3,989 $ 5,550 $ 5,235 $ 17,507
Costs 2,719 3,926 5,820 5,018 17,483
--------------------------------------------------------------
Gross Profit $ 15 $ 63 $ (270) $ 217 $ 24
Gross Profit Margin 0.5% 1.6% -4.9% 4.1% 0.1%
Total Industrial Products Tons 43,552 45,755 50,133 54,173 193,613
Revenues $ 19,127 $ 19,544 $ 22,092 $ 25,592 $ 86,353
Costs 17,816 18,108 20,768 25,536 82,228
--------------------------------------------------------------
Gross Profit $ 1,310 $ 1,436 $ 1,323 $ 56 $ 4,126
Gross Profit Margin 6.9% 7.3% 6.0% 0.2% 4.8%
Other:
Assumptions:
Tolling Selling Volume - - 3,642 5,984 9,626
Tolling Net Selling Price $ - $ - $ 148.65 $ 144.44
Tolling Other Cost/Ton $ - $ - $ 115.74 $ 114.83
Revenues $ (2) $ - $ 541 $ 864 $ 1,403
Costs (189) - 422 687 920
--------------------------------------------------------------
Gross Profit $ 186 $ - $ 120 $ 177 $ 484
Gross Profit Margin -7616.8% 0.0% 22.1% 20.5% 34.5%
Consolidated Gross Profit $ 3,049 $ 2,746 $ 6,480 $ 12,007 $ 24,282
Consolidated Gross Profit Margin 5.1% 4.6% 7.4% 9.2% 7.2%
Start-Up 1,231 826 967 1 3,024
Canadian Depreciation 629 1,108 1,124 1,211 4,072
Selling, General & Administrative 5,322 4,995 5,127 7,232 22,676
Interest Expense (Net) 433 447 601 257 1,738
Taxes (1,497) (1,309) 103 1,743 (960)
Tax Effected Transaction Costs - - - - -
Tax Effected Inventory Reserve Adjustments - - - - -
--------------------------------------------------------------
Net Income $ (3,068) $ (3,320) $ (1,443) $ 1,562 $(6,269)
==============================================================
EPS $ (0.10) $ (0.11) $ (0.05) $ 0.05 $ (0.20)
==============================================================
Fully Diluted Shares Outstanding 31,281,400 31,159,971 31,542,717 33,658,357
</TABLE>
<TABLE>
<CAPTION>
Energy: 3/31/98 6/30/98 9/30/98 12/31/98 Total
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assumptions:
U.S. Domestic:
Rig Count 968 864 796 692
Import Market Share (Estimate) 19.9% 17.5% 21.3% 11.3%
Inventory Change (Estimate) 65,000 83,343 (70,000) (153,000) (74,657)
Energy Net Selling Price $ 719.97 $ 708.42 $ 662.05 $ 614.95
Total Cost/Ton $ 617.11 $ 636.79 $ 632.95 $ 637.22
Canadian:
Rig Count 488 195 233 230 284
Total OCTG Shipments (Estimate) 222,997 102,515 97,003 84,106 506,622
OCTG Import Market Share (Estimate) 34.0% 32.0% 31.0% 23.0% 31.0%
OCTG Inventory Change (Estimate) 64,454 2,197 (26,636) (16,140) 22,993
Energy Net Selling Price $ 774.31 $ 762.86 $ 716.06 $ 684.78
Total Cost/Ton $ 617.46 $ 591.29 $ 568.46 $ 561.67
U.S. Domestic Shipments 69,045 51,849 47,587 40,640 209,121
Revenues $ 49,710 $ 36,731 $ 31,505 $ 24,992 $142,937
Costs 42,609 33,017 30,120 25,897 131,643
--------------------------------------------------------------
Gross Profit $ 7,102 $ 3,714 $ 1,384 $ (905) $ 11,295
Gross Profit Margin 14.3% 10.1% 4.4% -3.6% 7.9%
Canadian Shipments 52,139 25,784 28,100 36,255 142,278
Revenues $ 40,372 $ 19,670 $ 20,121 $ 24,827 $104,989
Costs 32,194 15,246 15,974 20,363 83,777
--------------------------------------------------------------
Gross Profit $ 8,178 $ 4,424 $ 4,148 $ 4,464 $ 21,213
Gross Profit Margin 20.3% 22.5% 20.6% 18.0% 20.2%
Total Energy Revenues $ 90,082 $ 56,400 $ 51,626 $ 49,818 $247,927
Total Energy Costs 74,802 48,263 46,094 46,260 215,419
--------------------------------------------------------------
Total Energy Gross Profit $ 15,280 $ 8,138 $ 5,532 $ 3,558 $ 32,508
Total Energy Gross Profit Margin 17.0% 14.4% 10.7% 7.1% 13.1%
Industrial Products:
Assumptions:
U.S. Domestic:
Industrial Products Net Selling Price $ 494.04 $ 482.79 $ 477.98 $ 458.79
Total Cost Per Ton $ 417.55 $ 435.21 $ 427.11 $ 413.43
DOM Net Selling Price $ - $ - $ - $ -
Total Cost Per Ton $ - $ - $ - $ -
Canadian:
Industrial Products Net Selling Price $ 599.99 $ 556.56 $ 502.30 $ 487.07
Total Cost Per Ton $ 591.15 $ 559.21 $ 540.40 $ 497.64
U.S. Domestic Shipments 42,178 41,134 42,319 35,511 161,142
Revenues $ 20,838 $ 19,859 $ 20,268 $ 16,332 $ 77,297
Costs 17,612 17,902 18,075 14,681 68,269
--------------------------------------------------------------
Gross Profit $ 3,227 $ 1,957 $ 2,193 $ 1,651 $ 9,028
Gross Profit Margin 15.5% 9.9% 10.8% 10.1% 11.7%
DOM:
Volume - - - - -
Revenues $ - $ - $ - $ - $ -
Costs - - - - -
--------------------------------------------------------------
Gross Profit $ - $ - $ - $ - $ -
Gross Profit Margin 0.0% 0.0% 0.0% 0.0% 0.0%
Canadian Shipments 5,409 5,333 4,814 5,735 21,291
Revenues $ 3,245 $ 2,968 $ 2,418 $ 2,794 $ 11,425
Costs 3,198 2,982 2,601 2,854 11,635
--------------------------------------------------------------
Gross Profit $ 48 $ (14) $ (183) $ (60) $ (210)
Gross Profit Margin 1.5% -0.5% -7.6% -2.2% -1.8%
Total Industrial Products Tons 47,587 46,467 47,133 41,246 182,433
Revenues $ 24,083 $ 22,827 $ 22,686 $ 19,126 $ 88,722
Costs 20,809 20,884 20,676 17,535 79,905
--------------------------------------------------------------
Gross Profit $ 3,274 $ 1,943 $ 2,010 $ 1,590 $ 8,818
Gross Profit Margin 13.6% 8.5% 8.9% 8.3% 9.9%
Other:
Assumptions:
Tolling Selling Volume 8,892 3,516 2,804 2,339 17,551
Tolling Net Selling Price $ 149.01 $ 157.11 $ 146.11 $ 154.35
Tolling Other Cost/Ton $ 109.99 $ 131.03 $ 120.95 $ 114.97
Revenues $ 1,325 $ 552 $ 410 $ 361 $ 2,648
Costs 978 461 339 269 2,047
--------------------------------------------------------------
Gross Profit $ 347 $ 92 $ 71 $ 92 $ 601
Gross Profit Margin 26.2% 16.6% 17.2% 25.5% 22.7%
Consolidated Gross Profit $ 18,901 $ 10,172 $ 7,613 $ 5,241 $ 41,927
Consolidated Gross Profit Margin 16.4% 12.8% 10.2% 7.6% 12.4%
Start-Up - - - 1,465 1,465
Canadian Depreciation 621 601 546 614 2,383
Selling, General & Administrative 4,287 4,675 6,847 4,672 20,482
Interest Expense (Net) 153 459 515 411 1,537
Taxes 4,892 1,529 (394) (331) 5,696
Tax Effected Transaction Costs - - - - -
Tax Effected Inventory Reserve Adjustments - - - - -
--------------------------------------------------------------
Net Income $ 8,947 $ 2,907 $ 99 $ (1,590) $10,364
==============================================================
EPS $ 0.28 $ 0.09 $ 0.00 $ (0.05) $ 0.33
==============================================================
Fully Diluted Shares Outstanding 31,778,982 31,542,884 31,294,292 31,227,922
</TABLE>
<TABLE>
<CAPTION>
Energy: 3/31/97 6/30/97 9/30/97 12/31/97 Total
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assumptions:
U.S. Domestic:
Rig Count 853 933 992 997
Import Market Share (Estimate) 19.4% 17.4% 19.5% 18.9%
Inventory Change (Estimate) 72,000 173,000 35,000 69,000 349,000
Energy Net Selling Price $ 658.14 $ 670.46 $ 691.03 $ 705.75
Total Cost/Ton $ 582.52 $ 579.68 $ 564.37 $ 590.42
Canadian:
Rig Count 454 299 441 483 419
Total OCTG Shipments (Estimate) 196,211 148,812 212,746 251,327 809,096
OCTG Import Market Share (Estimate) 31.0% 24.0% 23.0% 32.0% 28.0%
OCTG Inventory Change (Estimate) 2,315 21,495 3,638 37,148 62,281
Energy Net Selling Price $ 775.53 $ 760.00 $ 763.17 $ 755.87
Total Cost/Ton $ 596.52 $ 591.61 $ 594.74 $ 580.53
U.S. Domestic Shipments 75,090 85,569 96,918 94,767 352,344
Revenues $ 49,418 $ 57,370 $ 66,973 $ 66,882 $240,644
Costs 43,741 49,603 54,698 55,952 203,994
--------------------------------------------------------------
Gross Profit $ 5,677 $ 7,768 $ 12,275 $ 10,930 $ 36,650
Gross Profit Margin 11.5% 13.5% 18.3% 16.3% 15.2%
Canadian Shipments 78,017 63,949 72,687 86,271 300,924
Revenues $ 60,505 $ 48,601 $ 55,473 $ 65,210 $229,788
Costs 46,539 37,833 43,230 50,083 177,685
--------------------------------------------------------------
Gross Profit $ 13,966 $ 10,768 $ 12,243 $ 15,127 $ 52,104
Gross Profit Margin 23.1% 22.2% 22.1% 23.2% 22.7%
Total Energy Revenues $ 109,923 $ 105,971 $ 122,446 $ 132,092 $470,432
Total Energy Costs 90,280 87,436 97,927 106,035 381,678
--------------------------------------------------------------
Total Energy Gross Profit $ 19,642 $ 18,536 $ 24,518 $ 26,057 $ 88,754
Total Energy Gross Profit Margin 17.9% 17.5% 20.0% 19.7% 18.9%
Industrial Products:
Assumptions:
U.S. Domestic:
Industrial Products Net Selling Price $ 496.67 $ 500.52 $ 497.34 $ 498.19
Total Cost Per Ton $ 439.04 $ 441.89 $ 447.56 $ 425.91
DOM Net Selling Price $ - $ - $ - $ -
Total Cost Per Ton $ - $ - $ - $ -
Canadian:
Industrial Products Net Selling Price $ 659.27 $ 643.69 $ 639.00 $ 586.65
Total Cost Per Ton $ 564.99 $ 596.69 $ 550.81 $ 504.02
U.S. Domestic Shipments 34,972 34,561 36,813 39,342 145,688
Revenues $ 17,370 $ 17,298 $ 18,308 $ 19,600 $ 72,577
Costs 15,354 15,272 16,476 16,756 63,858
--------------------------------------------------------------
Gross Profit $ 2,016 $ 2,026 $ 1,833 $ 2,844 $ 8,718
Gross Profit Margin 11.6% 11.7% 10.0% 14.5% 12.0%
DOM:
Volume - - - - -
Revenues $ - $ - $ - $ - $ -
Costs - - - - -
--------------------------------------------------------------
Gross Profit $ - $ - $ - $ - $ -
Gross Profit Margin 0.0% 0.0% 0.0% 0.0% 0.0%
Canadian Shipments 7,636 7,648 6,826 6,038 28,148
Revenues $ 5,034 $ 4,923 $ 4,362 $ 3,542 $ 17,861
Costs 4,314 4,563 3,760 3,043 15,681
--------------------------------------------------------------
Gross Profit $ 720 $ 359 $ 602 $ 499 $ 2,180
Gross Profit Margin 14.3% 7.3% 13.8% 14.1% 12.2%
Total Industrial Products Tons 42,608 42,209 43,639 45,380 173,836
Revenues $ 22,404 $ 22,221 $ 22,670 $ 23,142 $ 90,437
Costs 19,668 19,836 20,236 19,799 79,539
--------------------------------------------------------------
Gross Profit $ 2,735 $ 2,386 $ 2,435 $ 3,343 $ 10,898
Gross Profit Margin 12.2% 10.7% 10.7% 14.4% 12.1%
Other:
Assumptions:
Tolling Selling Volume 11,546 5,358 12,024 14,029 42,957
Tolling Net Selling Price $ 161.00 $ 163.18 $ 152.95 $ 144.07
Tolling Other Cost/Ton $ 96.10 $ 103.39 $ 98.21 $ 82.61
Revenues $ 1,859 $ 874 $ 1,839 $ 2,021 $ 6,594
Costs 1,110 554 1,181 1,159 4,003
--------------------------------------------------------------
Gross Profit $ 749 $ 320 $ 658 $ 862 $ 2,590
Gross Profit Margin 40.3% 36.6% 35.8% 42.7% 39.3%
Consolidated Gross Profit $ 23,127 $ 21,242 $ 27,611 $ 30,262 $102,242
Consolidated Gross Profit Margin 17.2% 16.5% 18.8% 19.2% 18.0%
Start-Up - - - - -
Canadian Depreciation 682 691 689 693 2,755
Selling, General & Administrative 4,546 4,918 6,225 4,593 20,281
Interest Expense (Net) 376 372 431 192 1,372
Taxes 6,097 5,329 7,655 8,990 28,072
Tax Effected Transaction Costs - - - - -
Tax Effected Inventory Reserve Adjustments - - - - -
--------------------------------------------------------------
Net Income $ 11,426 $ 9,931 $ 12,611 $ 15,794 $ 49,763
==============================================================
EPS $ 0.37 $ 0.32 $ 0.40 $ 0.50 $ 1.60
==============================================================
Fully Diluted Shares Outstanding 30,791,306 30,994,225 31,159,542 31,398,389
<FN>
This historical financial information is for analytical purposes only.
The historical financial information presented herein has not been prepared
in accordance with U.S. generally accepted accounting principles (GAAP)
in that:
o Transaction Costs are presented separately after tax instead of included
in Selling, General and Administrative Expense on a pre-tax basis
o Inventory Reserve Adjustments are presented separately after tax instead
of included in Gross Profit on a pre-tax basis
o Canadian depeciation is presented separately instead of included in
gross profit
</FN>
</TABLE>
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