Helmerich & Payne Inc. (HP, Financial) filed Quarterly Report for the period ended 2010-06-30.
Helmerich & Payne Inc. has a market cap of $4.38 billion; its shares were traded at around $41.4 with a P/E ratio of 18.3 and P/S ratio of 2.3. The dividend yield of Helmerich & Payne Inc. stocks is 0.5%. Helmerich & Payne Inc. had an annual average earning growth of 19.3% over the past 10 years.HP is in the portfolios of Ron Baron of Baron Funds, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Chuck Royce of Royce& Associates, Kenneth Fisher of Fisher Asset Management, LLC, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC, Jeremy Grantham of GMO LLC.
As a result of the seizing of our assets in the third quarter of fiscal 2010, we have derecognized our Venezuela property and equipment, $65.0 million, and warehouse inventory, $5.1 million, resulting in a loss of approximately $70.1 million. Accounts receivable, payables and other deferred charges and credits, netting to approximately $10.7 million, were also written off because the related future cash inflows and outflows associated with them are no longer expected to occur. At June 30, 2010, we had approximately $31.3 million (U.S. currency equivalent) cash balances in Venezuela. We have, since July 22, 2008, had an outstanding application with the Venezuelan government requesting approval to convert bolivar fuerte (Bsf) cash balances to U.S. dollars. If approval is ever received, our Venezuelan subsidiary would remit approximately $14.2 million as a dividend to its U.S. based parent. Because of the seizure of our assets by the Venezuelan government and our inability to obtain approval of the dividend, we also impaired approximately $21.8 million cash as of June 30, 2010. The remaining cash was classified as restricted cash, a current asset from discontinued operations, to meet remaining current obligations.
U.S. Land segment operating income increased to $103.1 million for the third quarter of fiscal 2010 compared to $96.6 million in the same period of fiscal 2009. Revenues were $367.0 million and $282.4 million in the third quarter of fiscal 2010 and 2009, respectively. Included in U.S. land revenues for the three months ended June 30, 2010 and 2009 are reimbursements for out-of-pocket expenses of $26.5 million and $18.9 million, respectively. Also included in U.S. land revenues for the third quarter of fiscal 2010 and 2009 is approximately $9.9 million and $40.9 million, respectively, attributable to early termination related revenue and customer requested delivery delay revenue for new FlexRigs® (hereinafter FlexRig).
General and administrative expenses increased to $20.1 million in the third quarter of fiscal 2010 from $14.2 million in the third quarter of fiscal 2009. The $5.9 million increase is primarily due to increases in employee salaries and bonus accruals of $3.2 million, additional stock-based compensation expense of $0.9 million and additional pension expense in fiscal 2010 of $0.6 million.
Interest expense was $4.0 million and $2.9 million in the third quarter of fiscal 2010 and 2009, respectively. Capitalized interest, all attributable to our rig construction, was $1.6 million for both comparable quarters. Interest expense before capitalized interest increased $1.1 million during the third quarter of fiscal 2010 compared to the third quarter of fiscal 2009 primarily due to additional borrowings under a fixed-rate credit facility obtained in July 2009.
We reported income from continuing operations of $202.8 million ($1.89 per diluted share) from operating revenues of $1.3 billion for the nine months ended June 30, 2010, compared with income from continuing operations of $325.6 million ($3.05 per diluted share) from operating revenues of $1.5 billion for the first nine months of fiscal year 2009. In both comparative periods, we had a loss from discontinued operations of $129.5 million ($1.21 loss per diluted share) and $23.5 million ($0.22 loss per diluted share), respectively. Including discontinued operations, we recorded net income of $73.3 million ($0.68 per diluted share) for the nine months ended June 30, 2010, compared with net income of $302.1 million ($2.83 per diluted share) for the nine months ended June 30, 2009. Included in income from continuing operations are after-tax gains from the sale of assets of approximately $2.8 million ($0.03 per diluted share) for the nine m
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Helmerich & Payne Inc. has a market cap of $4.38 billion; its shares were traded at around $41.4 with a P/E ratio of 18.3 and P/S ratio of 2.3. The dividend yield of Helmerich & Payne Inc. stocks is 0.5%. Helmerich & Payne Inc. had an annual average earning growth of 19.3% over the past 10 years.HP is in the portfolios of Ron Baron of Baron Funds, Jean-Marie Eveillard of First Eagle Investment Management, LLC, Chuck Royce of Royce& Associates, Kenneth Fisher of Fisher Asset Management, LLC, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
We reported income from continuing operations of $64.9 million ($0.61 per diluted share) from operating revenues of $483.4 million for the third quarter ended June 30, 2010, compared with income from continuing operations of $68.0 million ($0.64 per diluted share) from operating revenues of $384.4 million for the third quarter of fiscal year 2009. In both comparative periods, we had a loss from discontinued operations of $101.6 million ($0.95 loss per diluted share) and $15.0 million ($0.14 loss per diluted share), respectively. Including discontinued operations, we recorded a net loss of $36.7 million ($0.34 loss per diluted share) for the third quarter ended June 30, 2010, compared with net income of $53.0 million ($0.50 per diluted share) for the third quarter ended June 30, 2009. Income from continued operations for the third quarter of fiscal 2010 includes approximately $1.5 million ($0.01 per diluted share) of after-tax gains from the sale of assets. Income from continued operations for the third quarter of fiscal 2009 includes approximately $1.1 million ($0.01 per diluted share) of after-tax gains from the sale of assets.As a result of the seizing of our assets in the third quarter of fiscal 2010, we have derecognized our Venezuela property and equipment, $65.0 million, and warehouse inventory, $5.1 million, resulting in a loss of approximately $70.1 million. Accounts receivable, payables and other deferred charges and credits, netting to approximately $10.7 million, were also written off because the related future cash inflows and outflows associated with them are no longer expected to occur. At June 30, 2010, we had approximately $31.3 million (U.S. currency equivalent) cash balances in Venezuela. We have, since July 22, 2008, had an outstanding application with the Venezuelan government requesting approval to convert bolivar fuerte (Bsf) cash balances to U.S. dollars. If approval is ever received, our Venezuelan subsidiary would remit approximately $14.2 million as a dividend to its U.S. based parent. Because of the seizure of our assets by the Venezuelan government and our inability to obtain approval of the dividend, we also impaired approximately $21.8 million cash as of June 30, 2010. The remaining cash was classified as restricted cash, a current asset from discontinued operations, to meet remaining current obligations.
U.S. Land segment operating income increased to $103.1 million for the third quarter of fiscal 2010 compared to $96.6 million in the same period of fiscal 2009. Revenues were $367.0 million and $282.4 million in the third quarter of fiscal 2010 and 2009, respectively. Included in U.S. land revenues for the three months ended June 30, 2010 and 2009 are reimbursements for out-of-pocket expenses of $26.5 million and $18.9 million, respectively. Also included in U.S. land revenues for the third quarter of fiscal 2010 and 2009 is approximately $9.9 million and $40.9 million, respectively, attributable to early termination related revenue and customer requested delivery delay revenue for new FlexRigs® (hereinafter FlexRig).
General and administrative expenses increased to $20.1 million in the third quarter of fiscal 2010 from $14.2 million in the third quarter of fiscal 2009. The $5.9 million increase is primarily due to increases in employee salaries and bonus accruals of $3.2 million, additional stock-based compensation expense of $0.9 million and additional pension expense in fiscal 2010 of $0.6 million.
Interest expense was $4.0 million and $2.9 million in the third quarter of fiscal 2010 and 2009, respectively. Capitalized interest, all attributable to our rig construction, was $1.6 million for both comparable quarters. Interest expense before capitalized interest increased $1.1 million during the third quarter of fiscal 2010 compared to the third quarter of fiscal 2009 primarily due to additional borrowings under a fixed-rate credit facility obtained in July 2009.
We reported income from continuing operations of $202.8 million ($1.89 per diluted share) from operating revenues of $1.3 billion for the nine months ended June 30, 2010, compared with income from continuing operations of $325.6 million ($3.05 per diluted share) from operating revenues of $1.5 billion for the first nine months of fiscal year 2009. In both comparative periods, we had a loss from discontinued operations of $129.5 million ($1.21 loss per diluted share) and $23.5 million ($0.22 loss per diluted share), respectively. Including discontinued operations, we recorded net income of $73.3 million ($0.68 per diluted share) for the nine months ended June 30, 2010, compared with net income of $302.1 million ($2.83 per diluted share) for the nine months ended June 30, 2009. Included in income from continuing operations are after-tax gains from the sale of assets of approximately $2.8 million ($0.03 per diluted share) for the nine m
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