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Frank’s International N.V. Announces Record Second Quarter 2013 Results

Stocks in this article: FI

Frank’s International N.V. (NYSE: FI) (“FI” or the “Company”) today reported record quarterly total revenues from continuing operations of $293.0 million and record quarterly net income of $141.9 million or $1.19 per share for the quarter ended June 30, 2013, based on 119,024,000 shares outstanding. For information regarding the calculation of net income per share, please see “Initial Public Offering” below. Net income of $141.9 million includes $40.9 million from discontinued operations.

The Company raised $759.0 million of gross proceeds in its initial public offering (“IPO”) of common stock, par value €0.01, which closed August 14, 2013. In connection with the IPO, the Company listed its common stock on the New York Stock Exchange and trading commenced on August 9, 2013.

Second Quarter 2013 Highlights

  • Revenue grew by 26.0% compared to the first quarter of 2013 and 11.5% compared to the second quarter of 2012
    • Services revenue was $234.6 million, up 14.0% compared to the first quarter of 2013 and up 7.8% compared to the second quarter of 2012
    • Products revenue was $58.3 million, up 118.4% compared to the first quarter of 2013 and up 29.5% compared to the second quarter of 2012
  • Adjusted EBITDA totaled $128.1 million, also a record quarterly high, up 29.3% compared to the first quarter of 2013 and up 10.9% compared to the second quarter 2012
  • Adjusted EBITDA margin increased to 43.7% compared with 42.6% in the first quarter of 2013 and decreased from 44.0% in the second quarter of 2012
  • Net Income from continuing operations of $101.0 million was up 41.6% compared to the first quarter of 2013 and up 13.2% compared to the second quarter of 2012
  • On June 14, 2013, FI sold a component of its Pipe and Products segment that manufactured centralizers for sales to third parties and recognized a gain on sale of $39.6 million which is included in income from discontinued operations for the three and six months ended June 30, 2013

Adjusted EBITDA and Adjusted EBITDA margin, which are financial measures not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), are defined and reconciled to their most directly comparable GAAP financial measures below. Adjusted EBITDA and segment data discussed below do not include income from discontinued operations.

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