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SECURITY: BJS (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
BJ Services Company is
a leading provider of pressure pumping and other oilfield services serving
the petroleum industry worldwide. The Company's pressure pumping services
consist of well stimulation, cementing, sand control, coiled tubing and
downhole tools services used in the completion of new oil and natural gas
wells and in remedial work on existing wells, both onshore and offshore.
These services are provided through domestic and international locations
to customers in most of the major oil and natural gas producing regions
of the United States, Canada, Latin America, Europe, Asia, Africa and the
Middle East.
http://www.bjservices.com
BJ
Services Reports Fourth Fiscal Quarter Earnings of $0.57 per Diluted Share
Date:
10/30/2008 7:00:00 AM
HOUSTON,
Oct. 30 /PRNewswire-FirstCall/ -- BJ Services Company
(NYSE:
BJS; CBOE; PCX) today reported net income of $168.1 million, or $0.57 per
diluted share, for the fourth quarter of fiscal 2008, which ended September
30, 2008. The quarter's diluted earnings per share increased 19%
compared to the $0.48 per diluted share reported in the previous quarter
and decreased 11% compared to the $0.64 per diluted share for the fourth
quarter of fiscal 2007.
Revenue in the fourth quarter of fiscal 2008 was a record $1.53 billion,
a 15% increase from the $1.33 billion reported in the previous quarter
and a 20% increase from the $1.28 billion reported in the prior year's
September quarter, marking the second consecutive quarter of record revenue
achievement for the Company. Operating income for the quarter was
$261.1 million, a 26%
increase
compared to $206.9 million for the previous quarter and a 9% decrease compared
to $286.2 million reported in the fourth quarter of fiscal 2007.
Operating
income as a percentage of revenue was 17.1% in the fourth quarter of fiscal
2008, compared to 15.6% in the previous quarter and 22.4% in the comparable
quarter of the prior year. The improvement from the prior quarter
reflects revenue and profit growth in all reportable segments and the return
to normal activity levels in the Canadian market following Spring break-up,
while the decline in operating income from the prior year is primarily
the result of price declines in the Company's North American pressure pumping
operations.
Commenting on the results, Chairman and CEO Bill Stewart said, "Led by
strong drilling activity and recent pricing stability, our U.S. pressure
pumping operations reported strong quarterly results, despite disruptions
caused by Hurricanes Gustav and Ike along the Gulf Coast. Our Canadian
pressure pumping operations recovered nicely from Spring break-up, and
we also experienced solid sequential revenue growth with operating margin
improvement in our International Pressure Pumping business and our Oilfield
Services
Group.
In the U.S., we suffered property damage and repair costs of approximately
one million dollars as a result of the storms, and scheduled projects that
would have resulted in roughly $18 - 20 million of revenue during the quarter
were delayed or canceled due to the storms. We estimate that the
storms negatively impacted our quarterly operating results by $0.02 per
diluted share.
"The recent drop in commodity prices coupled with uncertainty in the credit
markets will likely result in lower drilling activity during fiscal 2009.
We expect drilling activity in North America to begin to decline during
our first fiscal quarter and anticipate moderate reductions in certain
international markets. As a result, we project that our earnings
per share for the first fiscal quarter will be $0.48 to $0.51."
During the quarter, debt decreased $44.9 million to $556.3 million and
cash and cash equivalents increased $67.8 million to $150.3 million.
Uses of cash during the quarter included capital expenditures of $180.9
million and the payment of $14.7 million in dividends. Subsequent
to September 30, 2008, the Company purchased 3.5 million shares of its
common stock for $44.2 million in open market transactions, at an average
price of $12.75 per share. The Company has remaining authorization
from its Board of Directors to purchase up to an additional $348 million
in treasury stock.
BJ
Services Announces Declaration of Dividend Date:
7/28/2008 3:33:00 PM
HOUSTON,
July 28 /PRNewswire-FirstCall/ -- BJ Services Company (NYSE: BJS; CBOE;
PCX) announced today that its Board of Directors has
approved
a quarterly cash dividend in the amount of $.05 per share, payable October
14, 2008 to shareholders of record at the close of business on September
15, 2008.
BJ
Services Reports Third Fiscal Quarter Earnings of $0.48 per Diluted Share
Date: 7/22/2008 7:00:00 AM
HOUSTON,
July 22 /PRNewswire-FirstCall/ -- BJ Services Company
(NYSE:
BJS; CBOE; PCX) today reported net income of $141.8 million, or $0.48 per
diluted share, for the third quarter of fiscal 2008, which ended June 30,
2008. These results represent a 12% increase from the $0.43 per diluted
share
reported
in the previous quarter and a 16% decrease compared to the $0.57 per diluted
share reported in the third quarter of fiscal 2007.
Revenue in the third quarter of fiscal 2008 was a record $1.33 billion,
a 4% increase from the $1.28 billion reported in the previous quarter and
a 15% increase from the $1.15 billion reported in the prior year's June
quarter.
Operating
income for the quarter was $206.9 million, an 11% increase compared to
$186.5 million for the previous quarter and a 20% decrease compared to
$257.8 million reported in the third quarter of fiscal 2007. Operating
income as a percentage of revenue was 15.6% in the third quarter of fiscal
2008, compared to 14.5% in the previous quarter and 22.4% in the comparable
quarter
of
the prior year. The lower operating margin compared to the prior
year is primarily attributable to lower pricing in our U.S. Pressure Pumping
operations.
Commenting on the results, Chairman and CEO Bill Stewart said, "We are
greatly encouraged by our operating results for the quarter. The
significant milestone of achieving price and margin stabilization in U.S.
Pressure Pumping operations appears to have occurred during the quarter.
Improved margins in ur International Pressure Pumping operations
were also achieved and we expect
these
two events to be positive turning points for the Company in today's market
environment.
"In North America, U.S. drilling activity exceeded expectations, while
Canada activity was hindered by the seasonal spring break-up period. Importantly,
as stated above, prices in the U.S. for our services appear to be stabilizing.
The U.S./Mexico Pressure Pumping, International Pressure Pumping and Oilfield
Services segments all experienced sequentially improved revenues
and
operating margins for the quarter.
"Looking at our fourth fiscal quarter, we expect drilling activity in the
U.S. to be up 3%-4% compared to the third fiscal quarter. In Canada,
the spring break-up period is over, and we expect meaningful positive contribution
sequentially from our operations there. We anticipate modest sequential
revenue and margin improvement from our International Pressur Pumping and
Oilfield Services operations. Based on these assumptions, we are
currently projecting diluted earnings for the fourth fiscal quarter to
be in the range of $0.54 to $0.57 per share."
Debt decreased $14.7 million during the quarter to $601.2 million and cash
and cash equivalents increased $38.9 million to $82.5 million during the
quarter. Uses of cash during the quarter included capital expenditures
of $106.5 million, payment of $14.7 million in dividends and $53.4 million
for the May 2008 purchase of Innicor Subsurface Technologies Inc., an important
complement to the Company's completion tool product line. Innicor
is a Calgary-based designer, manufacturer and provider of tools and equipment
used in the completion and production phases of oil and gas well development
in Canada and select international markets.
BJ
Services Reports Second Fiscal Quarter Earnings of $0.43 Per Diluted Share
HOUSTON, April 22 /PRNewswire-FirstCall/ -- BJ Services Company (NYSE:
BJS; PCX; CBOE) today reported net income of $127.3 million for the fiscal
2008 second quarter ended March 31, 2008, or $0.43 per diluted share, a
26% decrease from the $0.58 per diluted share reported in the previous
quarter and a 33% decrease compared to the $0.64 per diluted share reported
in the fiscal 2007 second quarter.
Revenue in the second quarter of fiscal 2008 was $1,283.2 million, slightly
below the $1,285.1 million reported in the previous quarter and up 8% compared
to $1,186.6 million reported in the prior year's March quarter.
Operating
income for the quarter was $186.5 million, a 26% decrease compared to $252.6
million for the previous quarter and a 36% decrease compared to $290.2
million reported in the second quarter of fiscal 2007.
Debt decreased $8.4 million during the quarter to $615.9 million and cash
and cash equivalents decreased $10.0 million to $43.6 million during the
quarter. Uses of cash during the quarter included capital expenditures
of $150.0 million and payment of $14.6 million in dividends.
Commenting on the results, Chairman and CEO Bill Stewart said, "During
the quarter, the Company experienced significant pricing pressure in North
America. Most of the price loss occurred in January as we completed a number
of pricing agreements with our customers. I am, however, encouraged that
pricing was relatively stable in February and March. The fundamental
outlook is quite positive in the U.S. with natural gas prices at levels
that should lay the foundation for higher drilling levels. This is supported
by a number
of
our customers announcing budget increases for the second half of the calendar
year.
"Looking at our third fiscal quarter, we expect drilling activity in the
U.S. to be up modestly compared to the second fiscal quarter. Pricing is
expected to continue to be under pressure; however, we are forecasting
the rate of price declines experienced in previous quarters to moderate
in the third fiscal quarter. Canada is in full Spring break-up and
drilling activity for the quarter is not expected to be significantly different
than the same quarter last year. In the International Pressure Pumping
segment, we are anticipating modest revenue improvement with slightly improved
margins in the third fiscal quarter. The largest sequential improvement
is expected to be in
the
Asia Pacific region, as business is expected to improve after experiencing
weather disruptions and project delays in the second fiscal quarter.
"We anticipate sequential revenue and margin improvement for our Oilfield
Services group. We are projecting our Tubular Services business to recover
from delays experienced during the second fiscal quarter. We are also
expecting
seasonal improvement from our Process & Pipeline Services business.
Based on these assumptions, we are currently projecting diluted earnings
for the third fiscal quarter to be in the range of $0.39 to $0.43 per share."
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