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Oil States Announces Fourth Quarter Earnings

Stocks in this article: OIS

HOUSTON, Feb. 19, 2013 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) reported net income for the quarter ended December 31, 2012 of $98.5 million, or $1.78 per diluted share. These results compare to net income of $94.3 million, or $1.72 per diluted share, in the fourth quarter of 2011.

The Company generated revenues of $1.1 billion and EBITDA of $222.7 million during the fourth quarter of 2012, compared to revenues of $995.8 million and EBITDA of $205.7 million in the fourth quarter of 2011 (EBITDA (A) is defined as net income plus interest, taxes, depreciation and amortization). Consolidated operating income and EBITDA increased by 2% and 8% year-over-year, respectively, due to organic growth investments made in the accommodations segment, increased sales of deepwater capital equipment and increased shipments of OCTG in the tubular services segment.

Cindy B. Taylor, Oil States' President and Chief Executive Officer, stated, "Despite a softening global macroeconomic environment and reduced U.S. drilling and completion activity, our results for the fourth quarter of 2012 reflected solid revenue and earnings growth on a year-over-year basis."

"Occupancy levels and RevPAR in our major Canadian lodges and Australian villages remained strong during the fourth quarter of 2012. We organically expanded our lodges and villages by over 2,400 rooms during 2012, a 14% growth rate. A significant portion of our lodge and village rooms are contracted on a multi-year, take-or-pay basis, affording us considerable revenue visibility."

"Our offshore products segment reported record quarterly revenues and EBITDA in the fourth quarter of 2012. Backlog in our offshore products segment improved 5% year-over-year to $561 million at December 31, 2012, but declined $36 million from September 30, 2012 due to strong fourth quarter sales and a reduction in award activity in the fourth quarter of 2012. However, bidding and quoting activity remains strong, and the outlook for global offshore capital equipment demand is robust."

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