Tmbr/Sharp Drilling (NASDAQ:TBDI)
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TMBR/Sharp Reports Results for Second Quarter, Six Months
MIDLAND, Texas, Nov. 14 /PRNewswire-FirstCall/ -- TMBR/Sharp Drilling, Inc.
today reported net income for the fiscal second quarter ended September 30, 2003
of $608,000, or 11 cents per basic and diluted share, on revenues of $10.7
million, compared to net income of $1.3 million, or 25 cents per basic share (24
cents diluted), on revenues of $9.7 million for the comparable quarter of last
fiscal year.
For the six months ended September 30, 2003, TMBR/Sharp reported net income of
$1.9 million, or 34 cents per share (32 cents diluted), vs. $2.4 million, or 45
cents per basic share (43 cents diluted), in the year-earlier period. Revenues
were $22.8 million compared to $19.2 million.
Thomas C. Brown, Chairman of the Board, commented that the earnings for the six
months ended September 30, 2003 were negatively affected by merger costs of
approximately $900,000, deferred taxes of approximately $874,000 and increased
depreciation, depletion and amortization expenses.
Oil and gas sales volumes were relatively flat over the same quarter a year ago,
but oil and gas revenues increased by 46% due to higher product prices-$29.45
per barrel for oil vs. $22.82, and $4.84 per mcf of natural gas vs. $2.40 a year
ago.
(Table follows)
(In thousands, except per share amounts)
Three months ended Six months ended
September 30: September 30:
2003 2002 2003 2002
Revenues $10,671 $9,747 $22,804 $19,175
Net income before cumulative
effect of change in
accounting principle $608 $1,343 $1,803 $2,414
Cumulative effect of change,
net of related tax benefit
of approximately $33 $--- $--- $64 $---
Net income $608 $1,343 $1,867 $2,414
Per share:
Basic
Before cumulative effect
of change $.11 $.25 $.33 $.45
Cumulative effect of change $--- $--- $.01 $---
Net income $.11 $.25 $.34 $.45
Diluted
Before cumulative effect
of change $.11 $.24 $.31 $.43
Cumulative effect of change $--- $--- $.01 $---
Net income $.11 $.24 $.32 $.43
Weighted average shares
outstanding
Basic 5,500 5,420 5,494 5,412
Diluted 5,769 5,642 5,750 5,637
DATASOURCE: TMBR/Sharp Drilling, Inc.
CONTACT: Patricia R. Elledge, Chief Financial Officer of TMBR-Sharp
Drilling, Inc., +1-214-368-1592, or ; or Larry Howell of The
Howell Group, +1-432-699-5050, or , for TMBR-Sharp
Drilling, Inc.