(Logo: http://www.newscom.com/cgi-bin/prnh/19990308/WEATHERFORDLOGO)
First quarter revenues were
Sequentially, the company's first quarter diluted earnings per share from
continuing operations, before non-recurring items, were
Revenues for the quarter were
Operating income of
First quarter revenues of
The current quarter's operating income of
First quarter revenues of
The current quarter's operating income of
Latin America
First quarter revenues of
The current quarter's operating income of
Reclassifications and Non-GAAP
Non-GAAP performance measures and corresponding reconciliations to GAAP financial measures have been provided for meaningful comparisons between current results and results in prior operating periods.
Conference Call
The company will host a conference call with financial analysts to discuss
the 2009 first quarter results on
Weatherford is a Swiss-based, multi-national oilfield service company. It is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 100 countries and employs over 45,000 people worldwide.
Contact: Andrew P. Becnel (713) 693-4136
Chief Financial Officer
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 concerning, among
other things, Weatherford's prospects for its operations which are subject to
certain risks, uncertainties and assumptions. These risks and uncertainties,
which are more fully described in
Weatherford International Ltd.
Consolidated Condensed Statements of Income
(Unaudited)
(In 000's, Except Per Share Amounts)
Three Months
Ended March 31,
---------------------
2009 2008
--------- ---------
Net Revenues:
North America $837,353 $1,090,362
Middle East/North Africa/Asia 581,946 521,884
Europe/West Africa/CIS 368,843 347,629
Latin America 467,999 236,017
--------- ---------
2,256,141 2,195,892
--------- ---------
Operating Income (Expense):
North America 123,036 291,653
Middle East/North Africa/Asia 134,026 120,674
Europe/West Africa/CIS 74,943 93,213
Latin America 92,217 60,498
Research and Development (49,021) (42,639)
Corporate Expenses (39,599) (33,632)
Exit and Restructuring (24,877) (74,233)
--------- ---------
310,725 415,534
Other Income (Expense):
Interest Expense, Net (91,063) (52,803)
Other, Net (13,539) 499
--------- ---------
Income from Continuing Operations
Before Income Taxes 206,123 363,230
Provision for Income Taxes:
Provision for Operations (35,804) (80,931)
Benefit From Exit and
Restructuring 3,341 7,306
--------- ---------
(32,463) (73,625)
Income from Continuing Operations,
Net of Taxes 173,660 289,605
Loss from Discontinued Operation,
Net of Taxes - (19,868)
--------- ---------
Net Income 173,660 269,737
Net Income Attributable to
Noncontrolling Interests (8,858) (5,536)
--------- ---------
Net Income Attributable to
Weatherford $164,802 $264,201
========= =========
Basic Earnings Per Share
Attributable to Weatherford:
Income from Continuing Operations $0.24 $0.42
Loss from Discontinued Operation - (0.03)
--------- ---------
Net Income $0.24 $0.39
========= =========
Diluted Earnings Per Share
Attributable to Weatherford:
Income from Continuing Operations $0.23 $0.41
Loss from Discontinued Operation - (0.03)
--------- ---------
Net Income $0.23 $0.38
========= =========
Amounts Attributable to
Weatherford Common Shareholders:
Income from Continuing
Operations, Net of Taxes $164,802 $284,069
Loss from Discontinued Operation,
Net of Taxes - (19,868)
--------- ---------
Net Income $164,802 $264,201
========= =========
Weighted Average Shares Outstanding:
Basic 698,327 680,190
Diluted 702,636 697,086
Weatherford International Ltd.
Selected Income Statement Information
(Unaudited)
(In 000's)
Three Months Ended
--------------------------------------------------------
3/31/2009 12/31/2008 9/30/2008 6/30/2008 3/31/2008
---------- ---------- ---------- ---------- ----------
Net
Revenues:
North
America $837,353 $1,177,936 $1,179,605 $1,012,244 $1,090,362
Middle
East /
North
Africa /
Asia 581,946 675,513 637,872 556,251 521,884
Europe /West
Africa/CIS 368,843 393,005 408,993 389,563 347,629
Latin
America 467,999 388,172 314,326 271,192 236,017
---------- ---------- ---------- ---------- ----------
$2,256,141 $2,634,626 $2,540,796 $2,229,250 $2,195,892
========== ========== ========== ========== ==========
Operating
Income
(Expense):
North
America $123,036 $296,407 $312,887 $224,252 $291,653
Middle
East /
North
Africa /
Asia 134,026 163,238 146,450 130,650 120,674
Europe /West
Africa/CIS 74,943 88,158 102,385 99,016 93,213
Latin
America 92,217 88,720 69,521 58,355 60,498
Research and
Development (49,021) (53,564) (52,026) (44,430) (42,639)
Corporate
Expenses (39,599) (35,355) (30,750) (35,275) (33,632)
Exit and
Restructuring (24,877) (16,253) (13,727) 64,356 (74,233)
---------- ---------- ---------- ---------- ----------
$310,725 $531,351 $534,740 $496,924 $415,534
========== ========== ========== ========== ==========
Supplemental Information
(Unaudited)
(In 000's)
Three Months Ended
--------------------------------------------------
3/31/2009 12/31/2008 9/30/2008 6/30/2008 3/31/2008
--------- ---------- --------- --------- ---------
Depreciation and
Amortization:
North America $75,098 $80,555 $79,619 $75,093 $74,787
Middle East /
North Africa /
Asia 57,634 55,587 49,138 45,982 45,736
Europe /West
Africa/CIS 34,678 33,825 31,911 27,600 26,621
Latin America 30,442 30,331 23,561 20,368 19,682
Research and
Development 1,933 1,931 1,902 1,867 1,694
Corporate 1,609 1,449 1,000 800 768
--------- ---------- --------- --------- ---------
$201,394 $203,678 $187,131 $171,710 $169,288
========= ========== ========= ========= =========
We report our financial results in accordance with generally accepted
accounting principles (GAAP). However, Weatherford's management believes
that certain non-GAAP performance measures and ratios may provide users
of this financial information additional meaningful comparisons between
current results and results in prior operating periods. One such
non-GAAP financial measure we may present from time to time is operating
income or income from continuing operations excluding certain charges or
amounts. This adjusted income amount is not a measure of financial
performance under GAAP. Accordingly, it should not be considered as a
substitute for operating income, net income or other income data prepared
in accordance with GAAP. See the table below for supplemental financial
data and corresponding reconciliations to GAAP financial measures for the
three months ended March 31, 2009 , December 31, 2008 and March 31, 2008 .
Non-GAAP financial measures should be viewed in addition to, and not as an
alternative for, the Company's reported results prepared in accordance
with GAAP.
Weatherford International Ltd.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(In thousands, except per share data)
Three Months Ended
-----------------------------------------------
March 31, December 31, March 31,
2009 2008 2008
-------- -------- --------
Operating Income:
GAAP Operating
Income $310,725 $531,351 $415,534
Exit and
Restructuring 24,877 (a) 16,253 (b) 74,233 (c)
-------- -------- --------
Non-GAAP
Operating
Income $335,602 $547,604 $489,767
======== ======== ========
Provision for Income
Taxes:
GAAP Provision
for Income
Taxes $(32,463) $(74,321) $(73,625)
Tax impact of
Exit and
Restructuring (3,341) (a) - (7,306) (c)
-------- -------- --------
Non-GAAP
Provision for
Income Taxes $(35,804) $(74,321) $(80,931)
======== ======== ========
Income from Continuing
Operations
Attributable to
Weatherford:
GAAP Income from
Continuing
Operations $164,802 $348,118 $284,069
Total Exit and
Restructuring,
net of tax 21,536 (a) 16,253 (b) 66,927 (c)
-------- -------- --------
Non-GAAP Income
from Continuing
Operations $186,338 $364,371 $350,996
======== ======== ========
Diluted Earnings Per
Share From Continuing
Operations
Attributable
to Weatherford:
GAAP Diluted
Earnings per
Share From $0.23 $0.50 $0.41
Continuing
Operations
Total Exit and
Restructuring,
net of tax 0.04 (a) 0.03 (b) 0.09 (c)
-------- -------- --------
Non-GAAP
Diluted
Earnings per
Share
From Continuing
Operations $0.27 $0.53 $0.50
======== ======== ========
Note (a): This amount represents investigation costs incurred in
connection with on-going investigations by the U.S. government.
Also included are severance charges associated with the
Company's reorganization activities.
Note (b): This amount represents investigation costs incurred in
connection with on-going investigations by the U.S. government
and costs related to the Company's withdrawal from sanctioned
countries.
Note (c): This amount represents investigation costs incurred in
connection with on-going investigations by the U.S. government
and costs related to the Company's withdrawal from sanctioned
countries. Also included are severance charges associated with
the Company's reorganization activities.
SOURCE
CONTACT:
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Web Site: http://www.weatherford.com
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