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Oil States International's CEO Discusses Q4 2011 Results - Earnings Call Transcript

I will now turn the call over to Cindy.

Cindy Taylor

Thank you, Patricia. And thanks to all of you for joining our call this morning.

I am pleased to report that Oil States generated record revenues and EBITDA in the fourth quarter both on a quarterly and full year basis. Current commodity prices were conducive to continued customer investment driving strong activity across all of our business lines. The strong demand coupled with the results of our strategic growth initiatives over the last two years led to our record earnings.

In 2011, we successfully grew the room count in accommodations segment by over 4500 rooms representing a 36% growth from year end 2010 level. Opportunity for investment remains strong and we look forward to continued organic room count expansions in Australia, Canada and in the U.S. shale plays.

Our offshore products segment also generated record quarterly revenues, EBITDA, EBITDA margin percentage and backlog. We entered the year with 535 -- we ended the year with $535 million of backlog in our offshore products segment, and we expect a strong pipeline of bidding opportunities to continue in 2012. Our well site services and tubular services business saw a minimal impact related to holiday downtime during the fourth quarter at complex completions and the active shale plays generated increased demand and pricing for our equipment and services.

During the fourth quarter of 2011, Oil States generated earnings of $1.72 per diluted share on $94 million of net income, $206 million of EBITDA, and $996 million in revenues. Consolidated operating income more than doubled to $153 million in the current quarter, up from $68 million in the fourth quarter of 2010. In addition, our gross margins improved to 25% from 21% a year ago.

At this time, Bradley will take you through details of our consolidated results and financial position. And then I will conclude our prepared remarks with a discussion of each of our segment and will give you our thoughts as to the current market outlook.

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