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RPC Inc. (RES) filed Amended Annual Report for the period ended 2010-12-31.
Rpc Inc. has a market cap of $2.53 billion; its shares were traded at around $17.08 with a P/E ratio of 8.99 and P/S ratio of 2.31. The dividend yield of Rpc Inc. stocks is 2.34%. Rpc Inc. had an annual average earning growth of 24.8% over the past 10 years. GuruFocus rated Rpc Inc. the business predictability rank of 4-star.
This is the annual revenues and earnings per share of RES over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of RES.
Highlight of Business Operations:
Income before income taxes was $237.5 million in 2010 compared to a loss before taxes of $33.5 million in the prior year. The effective tax rate for 2010 was 38.2 percent compared to 32.1 percent in the prior year. Diluted earnings per share were $1.00 in 2010 compared to a loss per share of $0.16 for the prior year. Cash flows from operating activities were $168.7 million in 2010, the same as in the prior year, and cash and cash equivalents were $9.0 million at December 31, 2010, an increase of $4.5 million compared to December 31, 2009. As of December 31, 2010, there was $121.3 million in outstanding borrowings under our credit facility.Domestic revenues increased 92 percent during 2010 compared to 2009 to $1,041.5 million due to increased customer activity levels coupled with increased capacity of equipment. The average price of natural gas increased by 12 percent and the average price of oil increased by approximately 28 percent during 2010 compared to the prior year. In conjunction with the increase in natural gas prices, the average domestic rig count during 2010 was 41 percent higher than in 2009. This increase in drilling activity had a positive impact on our financial results. We believe that our activity levels are affected more by the price of natural gas than by the price of oil, because the majority of U.S. domestic drilling activity relates to natural gas, and many of our services are more appropriate for gas wells than oil wells. International revenues, which increased from $44.8 million in 2009 to $54.9 million in 2010, were five percent of consolidated revenues. These international revenue increases were due mainly to higher customer activity levels in Canada and Qatar, compared to the prior year. Our international revenues are impacted by the timing of project initiation and their ultimate duration.
Net income (loss)and diluted earnings (loss) per share. Net income was $146.7 million in 2010, or $1.00 per diluted share, compared to net loss of $22.7 million, or $0.16 per share in 2009. This improvement was due to increased revenues and lower, as a percentage of revenues, costs of revenues, selling, general and administrative expenses and depreciation expense.
Domestic revenues decreased 36 percent to $543.0 million during 2009 compared to 2008 due to decreased customer activity and competitive pricing in our largest service lines, such as pressure pumping and rental tools. The average price of natural gas decreased by 56 percent and the average price of oil decreased by approximately 38 percent during 2009 compared to 2008. In conjunction with the decrease in natural gas prices, the average domestic rig count during 2009 was 42 percent lower than in 2008. This decrease in drilling activity had a negative impact on our financial results. We believe that our activity levels are affected more by the price of natural gas than by the price of oil, because the majority of U.S. domestic drilling activity relates to natural gas, and many of our services are more appropriate for gas wells than oil wells. Foreign revenues, which increased from $30.8 million in 2008 to $44.8 million in 2009, were eight percent of consolidated revenues. These revenue increases were due mainly to higher customer activity levels in New Zealand and Mexico compared to 2008. Our international revenues are impacted by the timing of project initiation and their ultimate duration.
Net (loss) income and diluted (loss) earnings per share. Net loss was $22.7 million in 2009, or $0.16 per share, compared to net income of $83.4 million, or $0.57 per diluted share in 2008. This decrease is due to decreased revenues and higher, as a percentage of revenues, costs of revenues, selling, general and administrative expenses and depreciation expense.
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