Newpark Resources Reports First Quarter Net Up 1380% on 74% Revenue Gain

Apr 30, 2001, 01:00 ET from Newpark Resources, Inc.

    METAIRIE, La., April 30 /PRNewswire/ -- Newpark Resources, Inc. (NYSE:   NP)
 today announced earnings for the first quarter ended March 31, 2001 of
 $7.0 million, equal to $.10 per basic and diluted share, on revenues of
 $99.4 million.  This compares to net income of $474,000, or $.01 per share, on
 revenues of $57.3 million in the first quarter of last year.  Net income
 increased 1,380% on a 74% revenue gain.
     Earnings before interest, taxes, depreciation and amortization totaled
 $23.1 million, or 23% of revenue for the quarter, compared to $11.5 million,
 or 20% of revenue, reported in the first quarter of 2000.
     James D. Cole, Chairman and CEO, attributed the first quarter improvement
 to several factors, including: the sale during the period of 5,700 of the
 Company's new composite mats compared to total sales of 1,500 in all of last
 year; increased drilling activity along the U.S. onshore Gulf Coast which
 favorably impacted pricing and volume of the Company's rental mat systems; and
 the 72% increase in drilling fluid sales and the continuing improvement in
 operating margin in that segment of the Company's business.
 
     Mat and Integrated Services
     Revenues in this segment during the recent quarter amounted to
 $34.3 million or 122% above the level of a year ago.  Operating profit was
 $9.0 million, up 268% year-over-year.  As noted above, most of the momentum
 came from sales of the new composite mat systems and from both pricing and
 volume of rental of mat systems used to support drilling site construction in
 the land and coastal marshes of South Louisiana and Texas.  Evidencing the
 gathering strength of this market, rental pricing for mats in the first
 quarter averaged $1.39 per square foot on 4.9 million square feet of mats
 installed compared with $.78 and 4.1 million in the year-ago quarter.
 Reflecting the trend toward deeper, more complex drilling which has begun in
 this area, rerental revenue, the extended rentals earned after the initial
 installation period, rose 362% to $3.7 million from the $.8 million reported
 in the first quarter of 2000.
 
     Drilling Fluids
     Benefiting from the increase in rig activity as well as market share
 gains, Drilling Fluids operations produced revenues of $50.4 million, a 72%
 improvement over the corresponding quarter of last year, while operating
 income rose 244% to $6 million compared to $1.8 million for the earlier
 period.  With a high proportion of fixed costs, the increase in revenues has
 resulted in noteworthy gains in operating profit margins in this segment.
 Drilling Fluids' operating margin doubled from 6% in the first quarter of
 2000, to 12% in the first quarter of 2001.  Two key factors produced those
 gains.  First, the number of rigs serviced by Newpark Drilling Fluids grew 46%
 from 134 in the first quarter of 2000 to 196 in the most recent quarter.
 Further, the number of offshore rigs we serviced in the Gulf of Mexico, the
 largest consumers of drilling fluids, averaged 14 in the recent quarter
 compared to only 3 rigs in the first quarter of 2000.  A leading contributor
 to that success is our Deep Drill (TM) family of associated fluid products
 that are targeted at deeper, more difficult drilling operations.  Because
 these products are environmentally friendly, the pending limitation of
 offshore discharges of cuttings drilled with synthetic fluids may have a
 further positive effect on the segment when implemented in a few months.
 
     E&P Waste Disposal
     Newpark received 1.1 million barrels of waste at an average price of
 $11.70 per barrel during the quarter, bringing revenue in this segment to
 $14.7 million.  Total volume increased 14% from the 942,000 barrels received
 in the year-ago quarter.  The increase in average revenue per barrel from
 $11.54 in the corresponding period of last year resulted from changes in the
 mix of waste received.  Operating profit contribution from Waste Disposal in
 the first quarter totaled $4.2 million compared to $3.7 million in the
 year-ago period.
     Thus far in 2001, the level of barge mounted drilling rigs active in the
 inland waters market has averaged 21, versus an average of 17 during all of
 fiscal 2000 and 24 during the recent peak year of 1997.  "Although results in
 our E&P waste disposal operations improved from last year's first quarter,
 volume in the current quarter was flat sequentially.  We expect both volume
 and pricing to improve during the second half of the year as more drilling
 barges move into the inland waters along the Gulf Coast where waste discharges
 are prohibited, and as new regulatory limitations on the discharge of
 synthetic fluids, widely used on offshore rigs, are implemented.  Despite
 recent fluctuations in commodity pricing for oil and natural gas, the outlook
 for continued improvement in all three segments of our business remains quite
 favorable," Mr. Cole said.
 
     Newpark Resources, Inc. provides integrated fluids management,
 environmental and oilfield services to the exploration and production
 industry.
 
      For further information contact:
      Company                       New York
      Matthew W. Hardey             Ron Hengen
      Vice President of Finance     R. F. Hengen, Inc.
      Newpark Resources, Inc.       253 Southgate Road
      3850 N. Causeway, Suite 1770  Murray Hill, New Jersey 07974
      Metairie, Louisiana 70002     (908) 508-9000
      (504) 838-8222
 
     The foregoing discussion contains 'forward-looking statements' within the
 meaning of Section 27A of the Securities Act of 1933, as amended, and Section
 21E of the Securities Act of 1934, as amended.  There are risks and
 uncertainties that could cause future events and results to differ materially
 from those anticipated by management in the forward-looking statements
 included in this press release.  For further information regarding these and
 other factors, risks and uncertainties affecting Newpark, reference is made to
 the risk factors set forth in the Prospectus dated March 27, 2001, included in
 Newpark's Registration Statement on Form S-3 (File No. 333-53824), and to the
 section entitled "Forward Looking Statements" on page 17 of that Prospectus.
 In particular, as described on page 9 of that Prospectus, any material decline
 in the level of oil and gas exploration and production activity could result
 in fewer opportunities being available for the service industry in general and
 Newpark in particular, and may adversely affect the demand for our services.
 In addition, as described on page 13 of that Prospectus, and rescission or
 relaxation of governmental regulations, including any delays in implementing
 the new discharge regulations, could reduce the demand for Newpark's services
 and reduce Newpark's revenues and income.  You are strongly urged to review
 these sections for a more detailed discussion of these risks and
 uncertainties.  Newpark's SEC filings can be obtained at no charge at
 http://www.sec.gov, as well as through our Website, http://www.newpark.com.
 
     Newpark Resources, Inc.
     Sequential Quarter Comparison
 
     (Unaudited, Dollars in Thousands)      1Q00     1Q01    Change      %
 
     Revenue
     Mat & Integrated Services              15,468   34,324   18,856    121.9%
     Drilling Fluids                        29,346   50,401   21,055     71.7%
     E&P Waste Disposal                     12,462   14,672    2,210     17.7%
                                   Total    57,276  $99,397  $42,121     73.5%
 
     Operating Income
     Mat & Integrated Services               2,447    9,008    6,561    268.1%
     Drilling Fluids                         1,751    6,025    4,274    244.1%
     E&P Waste Disposal                      3,685    4,228      543     14.7%
                                             7,883   19,261   11,378    144.3%
 
     Corporate G&A                            (955)  (1,070)     115
     Goodwill Amortization                  (1,248)  (1,234)
     Foreign currency exchange loss            --      (490)
     Interest Income                           222      233
     Interest Expense                       (4,593)  (4,215)    (378)    -8.2%
     Pre-Tax                                 1,309   12,485
     Income tax                               (535)  (4,495)
     Net income                                774    7,990
     Preferred Dividends                      (300)    (975)
     Net income to common                      474    7,015    6,541     1380%
 
     Common share equiv's. (dil.)           69,702   70,467
     EPS                                     $0.01    $0.10
 
     Supplementary Statistical Data
     EBITDA
     Pre-tax                                 1,309   12,485
     Interest                                4,593    4,215
     Depreciation & Amortization             5,590    6,413
     Total                                  11,492   23,113   11,621     50.3%
     % of Revenue                            20.1%    23.3%
     Memo: Depreciation Expense              4,342    4,286
     Waste Data
     E&P Waste Volume (000 barrels)            942    1,078    14.4%
     Average Revenue per Barrel             $11.54   $11.70     1.4%
 
     E&P Revenue                            11,397   13,345    17.1%
     NORM                                      665      882    32.6%
     Industrial                                400      445    11.3%
                                           $12,462  $14,672    17.7%
 
     Mat Rental Data
     Installation                              3.2      6.8   112.1%
     Re-rental                                 0.8      3.7   358.1%
     Total                                     4.0     10.5   161.3%
 
     Average price per square foot           $0.78    $1.39    78.2%
     Square feet installed (MM)                4.1      4.9    18.9%
 
     Drilling Fluids Data
     Average Rigs Serviced                     134      196    46.3%
     Quarter Revenue (000's)                29,346   50,401    71.7%
     Quarter Revenue per rig (000's)         219.0    257.1    17.4%
     Annualized Rev. per Rig (000's)          $876   $1,029    17.4%
 
 
     Newpark Resources, Inc.
     Sequential Quarter Comparison
 
     (Unaudited, Dollars in Thousands)      4Q00     1Q01    Change    %
     Revenue
     Mat & Integrated Services              25,035   34,324   9,289   37.1%
     Drilling Fluids                        40,563   50,401   9,838   24.3%
     E&P Waste Disposal                     14,530   14,672     142    1.0%
                                   Total   $80,128  $99,397  19,269   24.0%
 
     Operating Income
     Mat & Integrated Services               6,318    9,008   2,690   42.6%
     Drilling Fluids                         3,306    6,025   2,719   82.2%
     E&P Waste Disposal                      3,847    4,228     381    9.9%
                                            13,471   19,261   5,790   43.0%
 
     Corporate G&A                            (804)  (1,070)    266   33.1%
     Goodwill Amortization                  (1,232)  (1,234)
     Foreign currency exchange loss            --      (490)
     Interest Income                           186      233
     Interest Expense                       (5,151)  (4,215)   (936) -18.2%
     Pre-Tax                                 6,470   12,485
     Income tax                             (1,785)  (4,495)
     Net income                              4,685    7,990
     Preferred Dividends                      (637)    (975)
     Net income to common                    4,048    7,015   2,967     73%
 
     Common share equiv's. (dil.)           70,238   70,467
     EPS                                     $0.06    $0.10
 
     Supplementary Statistical Data
     EBITDA
     Pre-tax                                 6,470   12,485
     Interest                                5,151    4,215
     Depreciation & Amortization             6,491    6,413
     Total                                 $18,112  $23,113   5,001   21.6%
     % of Revenue                            22.6%    23.3%
     Memo: Depreciation Expense              4,314    4,286
     Waste Data
     E&P Waste Volume (000 barrels)          1,076    1,078    0.2%
     Average Revenue per Barrel             $11.40   $11.70    2.6%
 
     E&P Revenue                           $12,996  $13,345    2.7%
     NORM                                    1,028      882  -14.2%
     Industrial                                506      445  -12.1%
                                           $14,530  $14,672    1.0%
 
     Mat Rental Data
     Installation                              6.1      6.8   11.2%
     Re-rental                                 2.1      3.7   74.5%
     Total                                     8.2     10.5   27.5%
 
     Average price per square foot           $1.05    $1.39   32.4%
     Square feet installed (MM)                5.8      4.9  -16.1%
 
     Drilling Fluids Data
     Average Rigs Serviced                     168      196   16.7%
     Quarter Revenue (000's)               $40,563  $50,401   24.3%
     Quarter Revenue per rig (000's)         241.4    257.1    6.5%
     Annualized Rev. per Rig (000's)          $984   $1,029    4.5%
 
 
     Newpark Resources, Inc.
     Consolidated Balance Sheets
     (Unaudited)                                  March 31,        December 31,
     (In thousands, except share data)                 2001              2000
 
     ASSETS
 
     Current assets:
        Cash and cash equivalents                    $2,574           $31,245
        Accounts and notes receivable,
         less allowance of $2,463 in 2001 and
          $2,482 in 2000                             97,108            75,776
        Inventories                                  24,858            24,998
        Deferred tax asset                           16,673            15,715
        Other current assets                         11,280             4,530
           Total current assets                     152,493           152,264
 
     Property, plant and equipment, at cost,
      net of accumulated depreciation               186,801           184,755
     Cost in excess of net assets of purchased
      businesses, net of accumulated amortization   109,532           111,487
     Deferred tax asset                              17,552            22,965
     Other assets                                    36,024            35,972
                                                   $502,402          $507,443
 
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Current liabilities:
        Current maturities of long-term debt           $321              $329
        Accounts payable                             30,808            25,816
        Accrued liabilities                          19,766            13,621
        Arbitration settlement payable                1,236             2,448
           Total current liabilities                 52,131            42,214
 
     Long-term debt                                 182,076           203,520
     Other non-current liabilities                      969             1,654
     Commitments and contingencies                       --                --
 
     Stockholders' equity:
        Preferred Stock, $.01 par value,
         1,000,000 shares authorized,
          390,000 shares outstanding                 73,633            73,521
        Common Stock, $.01 par value, 100,000,000
         shares authorized, 69,778,710 shares
          outstanding in 2001 and
           69,587,725 in 2000                           698               696
        Paid-in capital                             330,649           329,650
        Unearned restricted stock compensation       (1,980)           (2,339)
        Accumulated other comprehensive income       (1,911)             (607)
        Retained deficit                           (133,863)         (140,866)
           Total stockholders' equity               267,226           260,055
                                                   $502,402          $507,443
 
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SOURCE Newpark Resources, Inc.
    METAIRIE, La., April 30 /PRNewswire/ -- Newpark Resources, Inc. (NYSE:   NP)
 today announced earnings for the first quarter ended March 31, 2001 of
 $7.0 million, equal to $.10 per basic and diluted share, on revenues of
 $99.4 million.  This compares to net income of $474,000, or $.01 per share, on
 revenues of $57.3 million in the first quarter of last year.  Net income
 increased 1,380% on a 74% revenue gain.
     Earnings before interest, taxes, depreciation and amortization totaled
 $23.1 million, or 23% of revenue for the quarter, compared to $11.5 million,
 or 20% of revenue, reported in the first quarter of 2000.
     James D. Cole, Chairman and CEO, attributed the first quarter improvement
 to several factors, including: the sale during the period of 5,700 of the
 Company's new composite mats compared to total sales of 1,500 in all of last
 year; increased drilling activity along the U.S. onshore Gulf Coast which
 favorably impacted pricing and volume of the Company's rental mat systems; and
 the 72% increase in drilling fluid sales and the continuing improvement in
 operating margin in that segment of the Company's business.
 
     Mat and Integrated Services
     Revenues in this segment during the recent quarter amounted to
 $34.3 million or 122% above the level of a year ago.  Operating profit was
 $9.0 million, up 268% year-over-year.  As noted above, most of the momentum
 came from sales of the new composite mat systems and from both pricing and
 volume of rental of mat systems used to support drilling site construction in
 the land and coastal marshes of South Louisiana and Texas.  Evidencing the
 gathering strength of this market, rental pricing for mats in the first
 quarter averaged $1.39 per square foot on 4.9 million square feet of mats
 installed compared with $.78 and 4.1 million in the year-ago quarter.
 Reflecting the trend toward deeper, more complex drilling which has begun in
 this area, rerental revenue, the extended rentals earned after the initial
 installation period, rose 362% to $3.7 million from the $.8 million reported
 in the first quarter of 2000.
 
     Drilling Fluids
     Benefiting from the increase in rig activity as well as market share
 gains, Drilling Fluids operations produced revenues of $50.4 million, a 72%
 improvement over the corresponding quarter of last year, while operating
 income rose 244% to $6 million compared to $1.8 million for the earlier
 period.  With a high proportion of fixed costs, the increase in revenues has
 resulted in noteworthy gains in operating profit margins in this segment.
 Drilling Fluids' operating margin doubled from 6% in the first quarter of
 2000, to 12% in the first quarter of 2001.  Two key factors produced those
 gains.  First, the number of rigs serviced by Newpark Drilling Fluids grew 46%
 from 134 in the first quarter of 2000 to 196 in the most recent quarter.
 Further, the number of offshore rigs we serviced in the Gulf of Mexico, the
 largest consumers of drilling fluids, averaged 14 in the recent quarter
 compared to only 3 rigs in the first quarter of 2000.  A leading contributor
 to that success is our Deep Drill (TM) family of associated fluid products
 that are targeted at deeper, more difficult drilling operations.  Because
 these products are environmentally friendly, the pending limitation of
 offshore discharges of cuttings drilled with synthetic fluids may have a
 further positive effect on the segment when implemented in a few months.
 
     E&P Waste Disposal
     Newpark received 1.1 million barrels of waste at an average price of
 $11.70 per barrel during the quarter, bringing revenue in this segment to
 $14.7 million.  Total volume increased 14% from the 942,000 barrels received
 in the year-ago quarter.  The increase in average revenue per barrel from
 $11.54 in the corresponding period of last year resulted from changes in the
 mix of waste received.  Operating profit contribution from Waste Disposal in
 the first quarter totaled $4.2 million compared to $3.7 million in the
 year-ago period.
     Thus far in 2001, the level of barge mounted drilling rigs active in the
 inland waters market has averaged 21, versus an average of 17 during all of
 fiscal 2000 and 24 during the recent peak year of 1997.  "Although results in
 our E&P waste disposal operations improved from last year's first quarter,
 volume in the current quarter was flat sequentially.  We expect both volume
 and pricing to improve during the second half of the year as more drilling
 barges move into the inland waters along the Gulf Coast where waste discharges
 are prohibited, and as new regulatory limitations on the discharge of
 synthetic fluids, widely used on offshore rigs, are implemented.  Despite
 recent fluctuations in commodity pricing for oil and natural gas, the outlook
 for continued improvement in all three segments of our business remains quite
 favorable," Mr. Cole said.
 
     Newpark Resources, Inc. provides integrated fluids management,
 environmental and oilfield services to the exploration and production
 industry.
 
      For further information contact:
      Company                       New York
      Matthew W. Hardey             Ron Hengen
      Vice President of Finance     R. F. Hengen, Inc.
      Newpark Resources, Inc.       253 Southgate Road
      3850 N. Causeway, Suite 1770  Murray Hill, New Jersey 07974
      Metairie, Louisiana 70002     (908) 508-9000
      (504) 838-8222
 
     The foregoing discussion contains 'forward-looking statements' within the
 meaning of Section 27A of the Securities Act of 1933, as amended, and Section
 21E of the Securities Act of 1934, as amended.  There are risks and
 uncertainties that could cause future events and results to differ materially
 from those anticipated by management in the forward-looking statements
 included in this press release.  For further information regarding these and
 other factors, risks and uncertainties affecting Newpark, reference is made to
 the risk factors set forth in the Prospectus dated March 27, 2001, included in
 Newpark's Registration Statement on Form S-3 (File No. 333-53824), and to the
 section entitled "Forward Looking Statements" on page 17 of that Prospectus.
 In particular, as described on page 9 of that Prospectus, any material decline
 in the level of oil and gas exploration and production activity could result
 in fewer opportunities being available for the service industry in general and
 Newpark in particular, and may adversely affect the demand for our services.
 In addition, as described on page 13 of that Prospectus, and rescission or
 relaxation of governmental regulations, including any delays in implementing
 the new discharge regulations, could reduce the demand for Newpark's services
 and reduce Newpark's revenues and income.  You are strongly urged to review
 these sections for a more detailed discussion of these risks and
 uncertainties.  Newpark's SEC filings can be obtained at no charge at
 http://www.sec.gov, as well as through our Website, http://www.newpark.com.
 
     Newpark Resources, Inc.
     Sequential Quarter Comparison
 
     (Unaudited, Dollars in Thousands)      1Q00     1Q01    Change      %
 
     Revenue
     Mat & Integrated Services              15,468   34,324   18,856    121.9%
     Drilling Fluids                        29,346   50,401   21,055     71.7%
     E&P Waste Disposal                     12,462   14,672    2,210     17.7%
                                   Total    57,276  $99,397  $42,121     73.5%
 
     Operating Income
     Mat & Integrated Services               2,447    9,008    6,561    268.1%
     Drilling Fluids                         1,751    6,025    4,274    244.1%
     E&P Waste Disposal                      3,685    4,228      543     14.7%
                                             7,883   19,261   11,378    144.3%
 
     Corporate G&A                            (955)  (1,070)     115
     Goodwill Amortization                  (1,248)  (1,234)
     Foreign currency exchange loss            --      (490)
     Interest Income                           222      233
     Interest Expense                       (4,593)  (4,215)    (378)    -8.2%
     Pre-Tax                                 1,309   12,485
     Income tax                               (535)  (4,495)
     Net income                                774    7,990
     Preferred Dividends                      (300)    (975)
     Net income to common                      474    7,015    6,541     1380%
 
     Common share equiv's. (dil.)           69,702   70,467
     EPS                                     $0.01    $0.10
 
     Supplementary Statistical Data
     EBITDA
     Pre-tax                                 1,309   12,485
     Interest                                4,593    4,215
     Depreciation & Amortization             5,590    6,413
     Total                                  11,492   23,113   11,621     50.3%
     % of Revenue                            20.1%    23.3%
     Memo: Depreciation Expense              4,342    4,286
     Waste Data
     E&P Waste Volume (000 barrels)            942    1,078    14.4%
     Average Revenue per Barrel             $11.54   $11.70     1.4%
 
     E&P Revenue                            11,397   13,345    17.1%
     NORM                                      665      882    32.6%
     Industrial                                400      445    11.3%
                                           $12,462  $14,672    17.7%
 
     Mat Rental Data
     Installation                              3.2      6.8   112.1%
     Re-rental                                 0.8      3.7   358.1%
     Total                                     4.0     10.5   161.3%
 
     Average price per square foot           $0.78    $1.39    78.2%
     Square feet installed (MM)                4.1      4.9    18.9%
 
     Drilling Fluids Data
     Average Rigs Serviced                     134      196    46.3%
     Quarter Revenue (000's)                29,346   50,401    71.7%
     Quarter Revenue per rig (000's)         219.0    257.1    17.4%
     Annualized Rev. per Rig (000's)          $876   $1,029    17.4%
 
 
     Newpark Resources, Inc.
     Sequential Quarter Comparison
 
     (Unaudited, Dollars in Thousands)      4Q00     1Q01    Change    %
     Revenue
     Mat & Integrated Services              25,035   34,324   9,289   37.1%
     Drilling Fluids                        40,563   50,401   9,838   24.3%
     E&P Waste Disposal                     14,530   14,672     142    1.0%
                                   Total   $80,128  $99,397  19,269   24.0%
 
     Operating Income
     Mat & Integrated Services               6,318    9,008   2,690   42.6%
     Drilling Fluids                         3,306    6,025   2,719   82.2%
     E&P Waste Disposal                      3,847    4,228     381    9.9%
                                            13,471   19,261   5,790   43.0%
 
     Corporate G&A                            (804)  (1,070)    266   33.1%
     Goodwill Amortization                  (1,232)  (1,234)
     Foreign currency exchange loss            --      (490)
     Interest Income                           186      233
     Interest Expense                       (5,151)  (4,215)   (936) -18.2%
     Pre-Tax                                 6,470   12,485
     Income tax                             (1,785)  (4,495)
     Net income                              4,685    7,990
     Preferred Dividends                      (637)    (975)
     Net income to common                    4,048    7,015   2,967     73%
 
     Common share equiv's. (dil.)           70,238   70,467
     EPS                                     $0.06    $0.10
 
     Supplementary Statistical Data
     EBITDA
     Pre-tax                                 6,470   12,485
     Interest                                5,151    4,215
     Depreciation & Amortization             6,491    6,413
     Total                                 $18,112  $23,113   5,001   21.6%
     % of Revenue                            22.6%    23.3%
     Memo: Depreciation Expense              4,314    4,286
     Waste Data
     E&P Waste Volume (000 barrels)          1,076    1,078    0.2%
     Average Revenue per Barrel             $11.40   $11.70    2.6%
 
     E&P Revenue                           $12,996  $13,345    2.7%
     NORM                                    1,028      882  -14.2%
     Industrial                                506      445  -12.1%
                                           $14,530  $14,672    1.0%
 
     Mat Rental Data
     Installation                              6.1      6.8   11.2%
     Re-rental                                 2.1      3.7   74.5%
     Total                                     8.2     10.5   27.5%
 
     Average price per square foot           $1.05    $1.39   32.4%
     Square feet installed (MM)                5.8      4.9  -16.1%
 
     Drilling Fluids Data
     Average Rigs Serviced                     168      196   16.7%
     Quarter Revenue (000's)               $40,563  $50,401   24.3%
     Quarter Revenue per rig (000's)         241.4    257.1    6.5%
     Annualized Rev. per Rig (000's)          $984   $1,029    4.5%
 
 
     Newpark Resources, Inc.
     Consolidated Balance Sheets
     (Unaudited)                                  March 31,        December 31,
     (In thousands, except share data)                 2001              2000
 
     ASSETS
 
     Current assets:
        Cash and cash equivalents                    $2,574           $31,245
        Accounts and notes receivable,
         less allowance of $2,463 in 2001 and
          $2,482 in 2000                             97,108            75,776
        Inventories                                  24,858            24,998
        Deferred tax asset                           16,673            15,715
        Other current assets                         11,280             4,530
           Total current assets                     152,493           152,264
 
     Property, plant and equipment, at cost,
      net of accumulated depreciation               186,801           184,755
     Cost in excess of net assets of purchased
      businesses, net of accumulated amortization   109,532           111,487
     Deferred tax asset                              17,552            22,965
     Other assets                                    36,024            35,972
                                                   $502,402          $507,443
 
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Current liabilities:
        Current maturities of long-term debt           $321              $329
        Accounts payable                             30,808            25,816
        Accrued liabilities                          19,766            13,621
        Arbitration settlement payable                1,236             2,448
           Total current liabilities                 52,131            42,214
 
     Long-term debt                                 182,076           203,520
     Other non-current liabilities                      969             1,654
     Commitments and contingencies                       --                --
 
     Stockholders' equity:
        Preferred Stock, $.01 par value,
         1,000,000 shares authorized,
          390,000 shares outstanding                 73,633            73,521
        Common Stock, $.01 par value, 100,000,000
         shares authorized, 69,778,710 shares
          outstanding in 2001 and
           69,587,725 in 2000                           698               696
        Paid-in capital                             330,649           329,650
        Unearned restricted stock compensation       (1,980)           (2,339)
        Accumulated other comprehensive income       (1,911)             (607)
        Retained deficit                           (133,863)         (140,866)
           Total stockholders' equity               267,226           260,055
                                                   $502,402          $507,443
 
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 SOURCE  Newpark Resources, Inc.