Parker Drilling Reports $0.02 Per Share Profit for First Quarter

Apr 24, 2001, 01:00 ET from Parker Drilling Company

    TULSA, Okla., April 24 /PRNewswire Interactive News Release/ -- Parker
 Drilling Company (NYSE:   PKD) today reported revenues for the first quarter of
 2001 of $114.9 million and net income of $1.5 million or $0.02 per share.
 This compares with revenues of $73.9 million and a net loss of $14.9 million
 or ($0.19) per share reported in the first quarter of 2000.
     The improved earnings resulted from higher dayrates and utilization rates
 for the company's rigs operating in the Gulf of Mexico and record revenues and
 cash flows produced by its rental tool company, Quail Tools.
     "We are pleased to announce another profitable quarter which resulted
 mostly from the continued strong drilling market in the Gulf of Mexico," said
 Robert L. Parker Jr., president and chief executive officer.  "For the first
 quarter, our jack-up rigs, drilling barges and Quail Tools, provided
 impressive gains in revenues and cash flows.  International land continued to
 lag the U.S. markets and did not improve as we expected.  We do anticipate
 better results for international land in the second half of the year as
 operators increase spending."
     Two newly constructed land rigs for Kazakhstan recently arrived in the
 country and are preparing to commence long-term contracts.  A third new-build
 rig for Kazakhstan is currently under construction and is scheduled to begin
 mobilizing in July for commencement of its contract in September.
 
                  Parker Drilling Company Financial Highlights
                     (In thousands, except per share data)
 
                                                     Quarter Ended March 31
                                                        2001          2000
 
     Revenues                                        $114,874        $73,953
     Net income (loss)                                 $1,524       $(14,876)
     Income (loss) per share-diluted                     $.02        $ (0.19)
     Total assets                                  $1,106,171     $1,078,239
     Stockholders' equity                            $401,532       $317,326
 
     Parker Drilling Company is a Tulsa-based global energy company
 specializing in offshore drilling and workover services in the Gulf of Mexico
 and international land and offshore drilling.  Parker also operates Quail
 Tools, a provider of premium rental tools for oil and gas drilling.  Parker
 Drilling has 79 marketed rigs and employs more than 3,500 people worldwide.
 For more information go to the company's Web site at www.parkerdrilling.com.
     This release contains certain statements that may be deemed to be
 "forward-looking statements" within the meaning of the Securities Acts.  All
 statements, other than statements of historical facts, that address
 activities, events or developments that the Company expects, projects,
 believes or anticipates will or may occur in the future, the outlook for rig
 utilization and dayrates, future operating results of the Company's rigs and
 rental tool operations, and other such matters, are forward-looking
 statements.  Although the Company believes that its expectations stated in
 this release are based on reasonable assumptions, actual results may differ
 from those expressed or implied in the forward-looking statements.  For a more
 detailed discussion of risk factors, please refer to the Company's reports
 filed with the SEC, and in particular, the report on Form 10-K for the year
 ended December 31, 2000.  Each forward-looking statement speaks only as of the
 date of this release, and the Company undertakes no obligation to publicly
 update or revise any forward-looking statement.
 
 
                               PARKER DRILLING COMPANY
                  Quarterly Statement of Income, Margins & EBITDA
                       (In Millions Except Per Share Amounts)
 
        (UNAUDITED)                            2000               2000    2001
                                     1Q      2Q      3Q     4Q   Annual    1Q
                                   Actual  Actual  Actual Actual Actual  Actual
     REVENUES
        Domestic Land Drilling       0.3     0.5     0.6    0.3     1.7    0.0
        Domestic Offshore Drilling  27.1    34.4    39.3   45.9   146.7   49.8
        International Land
         Drilling                   22.2    27.4    31.0   32.3   112.9   33.4
        International Offshore
         Drilling                   16.5    15.2    18.9   21.6    72.2   18.0
        Rental Tools                 7.8     9.5    12.1   13.4    42.8   13.7
        Non Drilling                 0.0     0.0     0.0    0.0     0.0    0.0
          Total Revenues            73.9    87.0   101.9  113.5   376.3  114.9
 
     OPERATING EXPENSES
        Domestic Land Drilling       0.2     0.4     0.5    0.3     1.4    0.1
        Domestic Offshore Drilling  22.6    23.6    24.9   26.7    97.8   27.5
        International Land
         Drilling                   17.0    20.8    23.0   22.6    83.4   25.1
        International Offshore
         Drilling                   13.4    11.3    13.0   11.7    49.4   12.1
        Rental Tools                 3.6     3.5     4.0    4.9    16.0    4.7
        Non Drilling                 0.0     0.0     0.0    0.0     0.0    0.0
          Total Operating Expenses  56.8    59.6    65.4   66.2   248.0   69.5
 
     GROSS MARGIN
        Domestic Land Drilling       0.1     0.1     0.1    0.0     0.3   (0.1)
        Domestic Offshore Drilling   4.5    10.8    14.4   19.2    48.9   22.3
        International Land
         Drilling                    5.2     6.6     8.0    9.7    29.5    8.3
        International Offshore
         Drilling                    3.1     3.9     5.9    9.9    22.8    5.9
        Rental Tools                 4.2     6.0     8.1    8.5    26.8    9.0
        Non Drilling                 0.0     0.0     0.0    0.0     0.0   (0.0)
          Total Gross Margin        17.1    27.4    36.5   47.3   128.3   45.4
          General & Administrative  (5.0)   (4.4)   (5.5)  (5.5)  (20.4)  (4.9)
          Restructuring Charges      0.0     0.0     0.0    0.0     0.0    0.0
     EBITDA                         12.1    23.0    31.0   41.8   107.9   40.5
          Depreciation & Amort.    (21.0)  (21.0)  (21.1) (22.0)  (85.1) (22.9)
          Prov. f/ Carrying Value    0.0     0.0     0.0   (8.3)   (8.3)   0.0
     OPERATING INCOME (LOSS)        (8.9)    2.0     9.9   11.5    14.5   17.6
        Interest Expense           (14.5)  (14.5)  (14.6) (13.4)  (57.0) (13.5)
        Interest Income              0.9     0.7     0.6    1.5     3.7    0.9
        Gain on Disposition of
         Assets                      1.0     0.9     8.0    8.0    17.9    1.1
        Other - Net                  1.8     0.0     0.8   (0.4)    2.2    0.4
 
     PRETAX INCOME (LOSS)          (19.7)  (10.9)    4.7    7.2   (18.7)   6.5
        Income Taxes - Current      (2.6)   (2.4)   (5.0)  (5.6)  (15.6)  (2.7)
        Income Taxes - Deferred      7.4     3.8    (0.7)   0.8    11.3   (2.3)
     INCOME(LOSS) before
      ExtraOrd. Item               (14.9)   (9.5)   (1.0)   2.4   (23.0)   1.5
        Extraordinary Gain           0.0     0.0     0.0    3.9     3.9    0.0
     NET INCOME (LOSS)             (14.9)   (9.5)   (1.0)   6.3   (19.1)   1.5
        Shares Outstanding:
            Diluted for EPS calc.   77.5    77.6    80.3   92.6    81.8   92.8
            Total # of Shares O/S   77.5    77.6    91.6   91.7    91.7   91.9
     EPS before Extraordinary
      Item                        ($0.19) ($0.12) ($0.01) $0.03  ($0.28) $0.02
 
     CASH FLOW *                    (1.3)    7.7    20.8   31.9    59.1   26.7
     CASH FLOW PER SHARE *        ($0.02)  $0.10   $0.26  $0.34   $0.72  $0.29
     GROSS MARGINS %
        Domestic Land Drilling     33.3%   20.0%   16.7%   0.0%   17.6%   0.0%
        Domestic Offshore Drilling 16.6%   31.4%   36.6%  41.8%   33.3%  44.8%
        International Land
         Drilling                  23.4%   24.1%   25.8%  30.0%   26.1%  24.9%
        International Offshore
         Drilling                  18.8%   25.7%   31.2%  45.8%   31.6%  32.8%
        Rental                     53.8%   63.2%   66.9%  63.4%   62.6%  65.7%
     EBITDA MARGIN %               16.4%   26.4%   30.4%  36.8%   28.7%  35.2%
 
      *  Cash Flow is calculated by adding Income before Extraordinary Item
         plus Depreciation & Amortization plus Provision for Reduction in
         Carrying Value plus/minus Deferred Tax Charge/Benefit
 
 
                            PARKER DRILLING COMPANY
                                 Balance Sheet
                                 (in Millions)
                                  (Unaudited)
 
                          12/31/99  3/31/00  6/30/00  9/30/00 12/31/00  3/31/01
                           Actual   Actual   Actual   Actual   Actual   Actual
 
     Cash and Short-
      Term Investments       46.3     56.0     25.7    118.8     63.3     54.8
     Rec., Inv., and
      Oth. Cur. Assets      105.1    111.1    116.9    130.9    144.6    140.6
     TOTAL CURRENT ASSETS   151.4    167.1    142.6    249.7    207.9    195.4
     Net P.P.& E.           661.4    640.8    646.6    658.6    663.5    676.9
     Goodwill               204.1    202.2    200.4    198.5    196.6    194.7
     Other Assets            65.8     68.1     67.0     51.3     39.4     39.2
     TOTAL ASSETS         1,082.7  1,078.2  1,056.6  1,158.1  1,107.4  1,106.2
 
     Current Portion of
      Long-Term Debt          5.1      5.1      5.2      5.1      5.0      4.7
     Other Current Liab.     67.0     81.0     71.1     92.1     86.7     81.6
     TOTAL CURRENT LIAB.     72.1     86.1     76.3     97.2     91.7     86.3
     Long-Term Debt         648.6    647.3    645.9    644.6    592.6    591.7
     Deferred Taxes          28.3     22.1     18.9     17.4     18.4     20.8
     Oth. Long-Term Liab.     4.3      5.4      6.0      6.3      5.5      5.9
     Stockholder's Equity   329.4    317.3    309.5    392.6    399.2    401.5
     TOTAL LIAB. & EQUITY 1,082.7  1,078.2  1,056.6  1,158.1  1,107.4  1,106.2
 
 
     Current Ratio           2.10     1.94     1.87     2.57     2.27     2.26
     Total Debt as a % of
      Capitalization        66.5%    67.3%    67.8%    62.3%    60.0%    59.8%
     Book Value per
      Common Share          $4.26    $4.09    $3.99    $4.29    $4.36    $4.37
 
 
                                Marketable Rig Count
                                As Of March 31, 2001
 
     U.S. Barge Rigs
       Workover                                                              8
       Intermediate                                                          5
       Deep Drilling                                                         9
         Total                                                              22
 
     U.S. Platform Rigs                                                      4
 
     U.S. Jackup Rigs                                                        7
 
          Total U.S. Rigs                                                   33
 
     International Land Rigs
       Core Rigs
          Latin America                                                     18
          Asia Pacific/Middle East/Africa                                   10
          Former Soviet Union                                                9
       Total Core                                                           37
 
       Indonesia                                                             4
         Total                                                              41
 
     International Barge Rigs
       Nigeria                                                               4
       Caspian Sea                                                           1
         Total                                                               5
 
         Total International Rigs                                           46
 
         Total                                                              79
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X62341214
 
 

SOURCE Parker Drilling Company
    TULSA, Okla., April 24 /PRNewswire Interactive News Release/ -- Parker
 Drilling Company (NYSE:   PKD) today reported revenues for the first quarter of
 2001 of $114.9 million and net income of $1.5 million or $0.02 per share.
 This compares with revenues of $73.9 million and a net loss of $14.9 million
 or ($0.19) per share reported in the first quarter of 2000.
     The improved earnings resulted from higher dayrates and utilization rates
 for the company's rigs operating in the Gulf of Mexico and record revenues and
 cash flows produced by its rental tool company, Quail Tools.
     "We are pleased to announce another profitable quarter which resulted
 mostly from the continued strong drilling market in the Gulf of Mexico," said
 Robert L. Parker Jr., president and chief executive officer.  "For the first
 quarter, our jack-up rigs, drilling barges and Quail Tools, provided
 impressive gains in revenues and cash flows.  International land continued to
 lag the U.S. markets and did not improve as we expected.  We do anticipate
 better results for international land in the second half of the year as
 operators increase spending."
     Two newly constructed land rigs for Kazakhstan recently arrived in the
 country and are preparing to commence long-term contracts.  A third new-build
 rig for Kazakhstan is currently under construction and is scheduled to begin
 mobilizing in July for commencement of its contract in September.
 
                  Parker Drilling Company Financial Highlights
                     (In thousands, except per share data)
 
                                                     Quarter Ended March 31
                                                        2001          2000
 
     Revenues                                        $114,874        $73,953
     Net income (loss)                                 $1,524       $(14,876)
     Income (loss) per share-diluted                     $.02        $ (0.19)
     Total assets                                  $1,106,171     $1,078,239
     Stockholders' equity                            $401,532       $317,326
 
     Parker Drilling Company is a Tulsa-based global energy company
 specializing in offshore drilling and workover services in the Gulf of Mexico
 and international land and offshore drilling.  Parker also operates Quail
 Tools, a provider of premium rental tools for oil and gas drilling.  Parker
 Drilling has 79 marketed rigs and employs more than 3,500 people worldwide.
 For more information go to the company's Web site at www.parkerdrilling.com.
     This release contains certain statements that may be deemed to be
 "forward-looking statements" within the meaning of the Securities Acts.  All
 statements, other than statements of historical facts, that address
 activities, events or developments that the Company expects, projects,
 believes or anticipates will or may occur in the future, the outlook for rig
 utilization and dayrates, future operating results of the Company's rigs and
 rental tool operations, and other such matters, are forward-looking
 statements.  Although the Company believes that its expectations stated in
 this release are based on reasonable assumptions, actual results may differ
 from those expressed or implied in the forward-looking statements.  For a more
 detailed discussion of risk factors, please refer to the Company's reports
 filed with the SEC, and in particular, the report on Form 10-K for the year
 ended December 31, 2000.  Each forward-looking statement speaks only as of the
 date of this release, and the Company undertakes no obligation to publicly
 update or revise any forward-looking statement.
 
 
                               PARKER DRILLING COMPANY
                  Quarterly Statement of Income, Margins & EBITDA
                       (In Millions Except Per Share Amounts)
 
        (UNAUDITED)                            2000               2000    2001
                                     1Q      2Q      3Q     4Q   Annual    1Q
                                   Actual  Actual  Actual Actual Actual  Actual
     REVENUES
        Domestic Land Drilling       0.3     0.5     0.6    0.3     1.7    0.0
        Domestic Offshore Drilling  27.1    34.4    39.3   45.9   146.7   49.8
        International Land
         Drilling                   22.2    27.4    31.0   32.3   112.9   33.4
        International Offshore
         Drilling                   16.5    15.2    18.9   21.6    72.2   18.0
        Rental Tools                 7.8     9.5    12.1   13.4    42.8   13.7
        Non Drilling                 0.0     0.0     0.0    0.0     0.0    0.0
          Total Revenues            73.9    87.0   101.9  113.5   376.3  114.9
 
     OPERATING EXPENSES
        Domestic Land Drilling       0.2     0.4     0.5    0.3     1.4    0.1
        Domestic Offshore Drilling  22.6    23.6    24.9   26.7    97.8   27.5
        International Land
         Drilling                   17.0    20.8    23.0   22.6    83.4   25.1
        International Offshore
         Drilling                   13.4    11.3    13.0   11.7    49.4   12.1
        Rental Tools                 3.6     3.5     4.0    4.9    16.0    4.7
        Non Drilling                 0.0     0.0     0.0    0.0     0.0    0.0
          Total Operating Expenses  56.8    59.6    65.4   66.2   248.0   69.5
 
     GROSS MARGIN
        Domestic Land Drilling       0.1     0.1     0.1    0.0     0.3   (0.1)
        Domestic Offshore Drilling   4.5    10.8    14.4   19.2    48.9   22.3
        International Land
         Drilling                    5.2     6.6     8.0    9.7    29.5    8.3
        International Offshore
         Drilling                    3.1     3.9     5.9    9.9    22.8    5.9
        Rental Tools                 4.2     6.0     8.1    8.5    26.8    9.0
        Non Drilling                 0.0     0.0     0.0    0.0     0.0   (0.0)
          Total Gross Margin        17.1    27.4    36.5   47.3   128.3   45.4
          General & Administrative  (5.0)   (4.4)   (5.5)  (5.5)  (20.4)  (4.9)
          Restructuring Charges      0.0     0.0     0.0    0.0     0.0    0.0
     EBITDA                         12.1    23.0    31.0   41.8   107.9   40.5
          Depreciation & Amort.    (21.0)  (21.0)  (21.1) (22.0)  (85.1) (22.9)
          Prov. f/ Carrying Value    0.0     0.0     0.0   (8.3)   (8.3)   0.0
     OPERATING INCOME (LOSS)        (8.9)    2.0     9.9   11.5    14.5   17.6
        Interest Expense           (14.5)  (14.5)  (14.6) (13.4)  (57.0) (13.5)
        Interest Income              0.9     0.7     0.6    1.5     3.7    0.9
        Gain on Disposition of
         Assets                      1.0     0.9     8.0    8.0    17.9    1.1
        Other - Net                  1.8     0.0     0.8   (0.4)    2.2    0.4
 
     PRETAX INCOME (LOSS)          (19.7)  (10.9)    4.7    7.2   (18.7)   6.5
        Income Taxes - Current      (2.6)   (2.4)   (5.0)  (5.6)  (15.6)  (2.7)
        Income Taxes - Deferred      7.4     3.8    (0.7)   0.8    11.3   (2.3)
     INCOME(LOSS) before
      ExtraOrd. Item               (14.9)   (9.5)   (1.0)   2.4   (23.0)   1.5
        Extraordinary Gain           0.0     0.0     0.0    3.9     3.9    0.0
     NET INCOME (LOSS)             (14.9)   (9.5)   (1.0)   6.3   (19.1)   1.5
        Shares Outstanding:
            Diluted for EPS calc.   77.5    77.6    80.3   92.6    81.8   92.8
            Total # of Shares O/S   77.5    77.6    91.6   91.7    91.7   91.9
     EPS before Extraordinary
      Item                        ($0.19) ($0.12) ($0.01) $0.03  ($0.28) $0.02
 
     CASH FLOW *                    (1.3)    7.7    20.8   31.9    59.1   26.7
     CASH FLOW PER SHARE *        ($0.02)  $0.10   $0.26  $0.34   $0.72  $0.29
     GROSS MARGINS %
        Domestic Land Drilling     33.3%   20.0%   16.7%   0.0%   17.6%   0.0%
        Domestic Offshore Drilling 16.6%   31.4%   36.6%  41.8%   33.3%  44.8%
        International Land
         Drilling                  23.4%   24.1%   25.8%  30.0%   26.1%  24.9%
        International Offshore
         Drilling                  18.8%   25.7%   31.2%  45.8%   31.6%  32.8%
        Rental                     53.8%   63.2%   66.9%  63.4%   62.6%  65.7%
     EBITDA MARGIN %               16.4%   26.4%   30.4%  36.8%   28.7%  35.2%
 
      *  Cash Flow is calculated by adding Income before Extraordinary Item
         plus Depreciation & Amortization plus Provision for Reduction in
         Carrying Value plus/minus Deferred Tax Charge/Benefit
 
 
                            PARKER DRILLING COMPANY
                                 Balance Sheet
                                 (in Millions)
                                  (Unaudited)
 
                          12/31/99  3/31/00  6/30/00  9/30/00 12/31/00  3/31/01
                           Actual   Actual   Actual   Actual   Actual   Actual
 
     Cash and Short-
      Term Investments       46.3     56.0     25.7    118.8     63.3     54.8
     Rec., Inv., and
      Oth. Cur. Assets      105.1    111.1    116.9    130.9    144.6    140.6
     TOTAL CURRENT ASSETS   151.4    167.1    142.6    249.7    207.9    195.4
     Net P.P.& E.           661.4    640.8    646.6    658.6    663.5    676.9
     Goodwill               204.1    202.2    200.4    198.5    196.6    194.7
     Other Assets            65.8     68.1     67.0     51.3     39.4     39.2
     TOTAL ASSETS         1,082.7  1,078.2  1,056.6  1,158.1  1,107.4  1,106.2
 
     Current Portion of
      Long-Term Debt          5.1      5.1      5.2      5.1      5.0      4.7
     Other Current Liab.     67.0     81.0     71.1     92.1     86.7     81.6
     TOTAL CURRENT LIAB.     72.1     86.1     76.3     97.2     91.7     86.3
     Long-Term Debt         648.6    647.3    645.9    644.6    592.6    591.7
     Deferred Taxes          28.3     22.1     18.9     17.4     18.4     20.8
     Oth. Long-Term Liab.     4.3      5.4      6.0      6.3      5.5      5.9
     Stockholder's Equity   329.4    317.3    309.5    392.6    399.2    401.5
     TOTAL LIAB. & EQUITY 1,082.7  1,078.2  1,056.6  1,158.1  1,107.4  1,106.2
 
 
     Current Ratio           2.10     1.94     1.87     2.57     2.27     2.26
     Total Debt as a % of
      Capitalization        66.5%    67.3%    67.8%    62.3%    60.0%    59.8%
     Book Value per
      Common Share          $4.26    $4.09    $3.99    $4.29    $4.36    $4.37
 
 
                                Marketable Rig Count
                                As Of March 31, 2001
 
     U.S. Barge Rigs
       Workover                                                              8
       Intermediate                                                          5
       Deep Drilling                                                         9
         Total                                                              22
 
     U.S. Platform Rigs                                                      4
 
     U.S. Jackup Rigs                                                        7
 
          Total U.S. Rigs                                                   33
 
     International Land Rigs
       Core Rigs
          Latin America                                                     18
          Asia Pacific/Middle East/Africa                                   10
          Former Soviet Union                                                9
       Total Core                                                           37
 
       Indonesia                                                             4
         Total                                                              41
 
     International Barge Rigs
       Nigeria                                                               4
       Caspian Sea                                                           1
         Total                                                               5
 
         Total International Rigs                                           46
 
         Total                                                              79
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X62341214
 
 SOURCE  Parker Drilling Company