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HYDL Hydril (MM)

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Share Name Share Symbol Market Type
Hydril (MM) NASDAQ:HYDL NASDAQ Common Stock
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Hydril Announces First Quarter 2007 Earnings

25/04/2007 12:35am

Business Wire


Hydril (NASDAQ:HYDL)
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Hydril (Nasdaq:HYDL) reported earnings for the first quarter ended March 31, 2007 of $1.09 per diluted share, up 2% sequentially from $1.07 reported in the fourth quarter of 2006, and up 16% from $0.94 reported for the first quarter of 2006. The first quarter 2007 results include $0.06 per diluted share of after-tax merger related expense. On a sequential basis, first quarter revenue of $135 million was up 4%, while operating income of $35.2 million was down slightly, and net income of $23.3 million was down 3%. Net income, excluding after-tax merger related expenses of $1.4 million, was $24.7 million and up 3% from the fourth quarter 2006. Compared to the first quarter of 2006, revenue and operating income increased 18% and 7%, respectively, and net income increased 3%. Chris Seaver, Chairman, President and CEO, commented, “The outlook remains strong for both of our segments, with international premium connection demand continuing to grow and increasing demand for deepwater pressure control equipment which we expect to mature into purchase orders over the coming months. We remain focused on our commitment to meeting the increasing demands of our customers.” Merger Update On February 12, 2007, Hydril announced an agreement and plan of merger with Tenaris S.A. (NYSE:TS). On March 8, the United States Department of Justice granted early termination of the antitrust notification waiting period. The stockholder meeting to vote on the merger is scheduled for May 2, 2007. Premium Connection Segment Sequentially, first quarter revenue for Hydril’s premium connection segment was down slightly, while operating income increased 3% to $25.9 million due to a favorable product mix. As a result, operating margin improved to 37% from 36% in the prior quarter. Pressure Control Segment Sequentially, first quarter revenue for the pressure control segment increased 10% to $65 million and operating income increased 7% to $17.2 million. Capital equipment revenue increased 23% to $43.4 million due to progress made on offshore blowout prevention system projects and aftermarket revenue decreased 9% to $21.9 million. Operating margin for the first quarter was 26%, down from 27% for the fourth quarter 2006 due to product mix. The capital equipment backlog was $489 million at March 31, 2007, down slightly from $508 million at December 31, 2006, and up from $233 million at March 31, 2006. Deliveries for this backlog are scheduled into the second half of 2009. Share Repurchase Program During the first quarter the company repurchased approximately 512,000 shares of stock for $42 million and, since the beginning of the share repurchase program in June 2006, the company has repurchased 3.1 million shares of stock for $215 million. Market Indicators As more fully described on our website at www.hydril.com in the “Investor Info” tab under “Market Indicators”, our principal indicators are: (1) the U.S. rig count for rigs drilling at targets deeper than 15,000 feet, (2) Gulf of Mexico rigs under contract, (3) the international rig count, (4) worldwide offshore rigs under contract, and (5) the total U.S. land rig count. Hydril, headquartered in Houston, Texas, is engaged worldwide in designing, manufacturing and marketing premium connection and pressure control products used for oil and gas drilling and production. Forward-Looking Statements This press release contains forward-looking statements concerning expected future results. These statements relate to future events and the company’s future financial performance, including the company’s business strategy and product development plans, and involve known and unknown risks, uncertainties and assumptions. These risks, uncertainties and assumptions, many of which are more fully described in Hydril Company’s Annual Report on Form 10-K for the year-ended December 31, 2006 filed with the Securities and Exchange Commission include but are not limited to the impact of changes in oil and natural gas prices and worldwide and domestic economic conditions on drilling activity and demand for and pricing of Hydril’s products, the risks associated with fixed-price contracts, the loss of distribution or change to distribution methods or inventory practices for premium connections in the U.S. and Canada, competition from steel mills, limitations on the availability of pipe for threading, the impact of imports of tubular goods and of international and domestic trade laws, factors that could cause our results to vary significantly from quarter to quarter, the consolidation of end-users, intense competition in our industry, the risks associated with international operations, the ability to attract and retain skilled labor, and Hydril’s ability to successfully develop new technologies and products and maintain and increase its market share. These factors may cause Hydril’s or the industry’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. HYDRIL COMPANY   CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts)             Three Months Ended (unaudited) March 31, December 31, March 31, 2007  2006  2006  Revenue Premium Connection $ 69,688  $ 70,226  $ 73,549  Pressure Control Capital Equipment 43,402  35,201  19,722  Aftermarket 21,927  24,135  20,789  Subtotal Pressure Control 65,329  59,336  40,511    Total Revenue 135,017  129,562  114,060    Total Gross Profit 58,704  53,094  49,879  Gross Margin 43% 41% 44%   Selling, General, and Admin. Expenses 23,458  17,728  17,028    Operating Income (Loss) Premium Connection 25,897  25,252  27,526  Pressure Control 17,240  16,098  10,373  Corporate (7,891) (5,984) (5,048) Total Operating Income 35,246  35,366  32,851  Operating Margin 26% 27% 29%   Income (loss) from Unconsolidated Entities (39) 176  (45)   Interest Income 1,290  2,184  1,470  Other Income/(Expense) 213  9  (99)   Income Before Income Taxes 36,710  37,735  34,177  Provision for Income Taxes 13,395  13,793  11,508  Net Income $ 23,315  $ 23,942  $ 22,669    Net Income Per Share: Basic $ 1.11  $ 1.08  $ 0.96  Diluted $ 1.09  $ 1.07  $ 0.94    Weighted Average Shares Outstanding: Basic 21,069  22,081  23,697  Diluted 21,426  22,406  24,121    Depreciation Premium Connection $ 2,498  $ 2,437  $ 2,257  Pressure Control $ 978  935  810  Corporate $ 403  414  506  Total Depreciation 3,879  3,786  3,573      Capital Expenditures 5,255  10,042  5,005    Pressure Control Backlog Capital Equipment $ 488,515  $ 508,418  $ 232,614  HYDRIL COMPANY CONSOLIDATED BALANCE SHEETS   (In Thousands)   March 31, December 31, 2007  2006  (unaudited)   CURRENT ASSETS: Cash and cash equivalents $ 121,063  $ 105,473  Investments 4,674  8,209  Total receivables 110,544  128,295  Total inventories 124,757  96,786  Deferred tax asset 9,833  9,715  Other current assets 5,964  22,559  Total current assets 376,835  371,037    LONG-TERM ASSETS: Property, net 124,840  123,235  Other long-term assets 18,396  15,759  Total long-term assets 143,236  138,994  TOTAL $ 520,071  $ 510,031      CURRENT LIABILITIES: Accounts payable $ 55,488  $ 40,695  Accrued liabilities and other current liabilities 154,358  146,860  Total current liabilities 209,846  187,555    LONG-TERM LIABILITIES: Deferred tax liability and other tax obligations 16,651  15,797  Post retirement, pension benefits and other 17,476  16,071  Total long-term liabilities 34,127  31,868    STOCKHOLDERS' EQUITY: Total stockholders' equity 276,098  290,608  TOTAL $ 520,071  $ 510,031 

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