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Helmerich & Payne Inc. Reports Operating Results (10-Q)

May 05, 2010 | About:
10qk

10qk

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Helmerich & Payne Inc. (HP) filed Quarterly Report for the period ended 2010-03-31.

Helmerich & Payne Inc. has a market cap of $4.21 billion; its shares were traded at around $39.74 with a P/E ratio of 18.6 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 Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, Ron Baron of Baron Funds, Chuck Royce of Royce& Associates, Kenneth Fisher of Fisher Asset Management, LLC, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors.
This is the annual revenues and earnings per share of HP over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of HP.


Highlight of Business Operations:

We reported net income of $46.7 million ($0.43 per diluted share) from operating revenues of $439.7 million for the second quarter ended March 31, 2010, compared with net income of $103.7 million ($0.98 per diluted share) from operating revenues of $520.3 million for the second quarter of fiscal year 2009. Net income for the second quarter of fiscal 2010 includes approximately $0.8 million ($0.01 per diluted share) of after-tax gains from the sale of assets. Net income for the second quarter of fiscal 2009 includes approximately $1.2 million ($0.01 per diluted share) of after-tax gains from the sale of assets.

U.S. LAND segment operating income decreased to $90.7 million for the second quarter of fiscal 2010 compared to $192.9 million in the same period of fiscal 2009. Revenues were $324.4 million and $414.5 million in the second quarter of fiscal 2010 and 2009, respectively. Included in U.S. land revenues for the three months ended March 31, 2010 and 2009 are reimbursements for “out-of-pocket” expenses of $17.8 million and $21.3 million, respectively. Also included in U.S. land revenues for the second quarter of fiscal 2010 and 2009 is approximately $10.4 million and $81.5 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 $20.8 million in the second quarter of fiscal 2010 from $16.4 million in the second quarter of fiscal 2009. The $4.4 million increase is primarily due to employee bonus accruals of $2.7 million, additional stock-based compensation expense of $0.9 million and additional pension expense in fiscal 2010 of $0.5 million.

Interest expense was $4.2 million and $2.6 million in the second quarter of fiscal 2010 and 2009, respectively. Capitalized interest, all attributable to our rig construction, was $1.8 million and $1.7 million for the comparable quarters. Interest expense before capitalized interest increased $1.7 million during the second quarter of fiscal 2010 compared to the second quarter of fiscal 2009 primarily due to additional borrowings under a fixed-rate credit facility obtained in July 2009.

We reported net income of $110.0 million ($1.02 per diluted share) from operating revenues of $839.6 million for the six months ended March 31, 2010, compared with net income of $249.0 million ($2.34 per diluted share) from operating revenues of $1,144.1 million for the first six months of fiscal year 2009. Included in net income are after-tax gains from the sale of assets of approximately $1.3 million ($0.01 per diluted share) for the six months ended March 31, 2010, compared to approximately $1.7 million ($0.02 per diluted share) for the six months ended March 31, 2009. Also included in net income for fiscal 2009 is approximately $0.2 million of after-tax gains from involuntary conversion of long-lived assets.

U.S. LAND segment operating income in the first six months of fiscal 2010 decreased to $182.2 million from $387.0 million in the first six months of fiscal 2009. Revenues were $609.5 million in the first six months of fiscal 2010, compared with $889.7 million in the same period of fiscal 2009. Included in U.S. land revenues for the six months ended March 31, 2010 and 2009 are reimbursements for “out-of-pocket” expenses of $31.4 million and $54.7 million, respectively. Also included in U.S. land revenues for fiscal 2010 and 2009 is approximately $26.1 million and $100.0 million, respectively, attributable to early termination related revenue and customer requested delivery delay revenue for new FlexRigs.

Read the The complete Report

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