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Frank’s International N.V. Announces Fourth Quarter And Full Year 2013 Results

Stocks in this article: FI

Frank’s International N.V. (NYSE: FI) (the “Company” or “FI”) today reported revenues of $282.1 million and net income of $76.4 million for the three months ended December 31, 2013. Diluted earnings per share were $0.36, with weighted average shares outstanding of 207.3 million. Adjusted EBITDA was $110.2 million.

Full year 2013 revenues were $1,077.7 million and net income was $350.8 million. Diluted earnings per share were $1.85 per share with weighted average shares outstanding of 185.5 million. Adjusted EBITDA was $438.7 million including $12.5 million in bad debt expenses.

D. Keith Mosing, Frank’s International’s Chairman, Chief Executive Officer and President said, “2013 was an exciting year for Frank’s International. In August we took the company public after 75 years as a family company, and then we finished the year growing revenue by four percent on top of record revenue in 2012. Our fourth quarter results exceeded our own expectations, primarily due to higher than expected offshore work in the Gulf of Mexico and internationally. For 2014, we believe we are well positioned to meet the continued increasing exploration and development activity, specifically offshore.”

Fourth Quarter 2013 Results

  • Revenue was $282.1 million, up 4.4% compared to the third quarter of 2013 and up 2.6% compared to the fourth quarter of 2012
    • International Services revenue was $122.3 million, up 0.5% compared to the third quarter of 2013 and down 4.3% year-over-year
    • U.S. Services revenue was $113.6 million, up 5.1% compared to the third quarter of 2013 and up 6.3% year-over-year
    • Tubular Sales revenue was $46.2 million, up 14.6% compared to the third quarter of 2013 and up 14.9% year-over-year
  • Adjusted EBITDA totaled $110.2 million with Adjusted EBITDA margin of 39.1%
  • Net Income was $76.4 million with $55.1 million, or $0.36 per share, attributed to common shareholders
  • Effective tax rate for the fourth quarter was 7.5%, impacted by full year international operations weighted more to lower rate jurisdictions

Full Year 2013 Results

  • Revenue was $1,077.7 million, up 3.7% year-over-year
    • International Services revenue was $475.3 million, up 1.7% year-over-year
    • US Services revenue was $434.9 million, up 2.9% year-over-year
    • Tubular Sales revenue was $167.5 million, up 12.1% year-over-year
  • Adjusted EBITDA totaled $438.7 million with Adjusted EBITDA margin of 40.7%
  • Net Income was $350.8 million

Adjusted EBITDA, Adjusted EBITDA margin and segment Adjusted EBITDA, 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, segment Adjusted EBITDA and the other segment data discussed below do not include income from discontinued operations.

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