Rowan Reports Record Revenues and Profits
02/28 8:45 am (BW)
Story 1504 Rowan Reports Record Revenues and Profits -2 -
2007 2006
CASH PROVIDED BY (USED IN):
Operations:
Net income $ 483.8 $ 318.2
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation and amortization 118.8 90.0
Deferred income taxes 51.2 94.3
Gain on sale of assets (40.5) (30.5)
Other - net 33.0 47.3
Net changes in current assets and
liabilities (225.4) (221.6)
Net changes in other noncurrent assets and
liabilities 11.7 (5.6)
Net cash provided by operations 432.6 292.1
Investing activities:
Property, plant and equipment additions (462.6) (479.1)
(Increase) decrease in Restricted cash
balance 106.1 (156.1)
Proceeds from disposals of assets 45.8 39.1
Net cash used in investing activities (310.7) (596.1)
Financing activities:
Repayments of borrowings (64.9) (64.9)
Payment of cash dividends (44.4) (60.5)
Net proceeds from equity compensation plans
and other 13.9 11.5
Net cash used in financing activities (95.4) (113.9)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 26.5 (417.9)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 258.0 675.9
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 284.5 $ 258.0
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ROWAN COMPANIES, INC.
SUPPLEMENTAL DRILLING INFORMATION
Unaudited (dollars in millions, except where otherwise indicated )
THREE MONTHS ENDED
Dec. 31, 2007 Sept. 30, 2007 Dec. 31, 2006
% % %
$ Revenues $ Revenues $ Revenues
DRILLING OPERATIONS (a):
Revenues $ 372.4 100 $ 368.8 100 $ 280.6 100
Operating costs (154.6) (42) (145.4) (39) (146.9) (52)
Depreciation
and
amortization
expense (27.1) (7) (25.3) (7) (21.3) (8)
Selling,
general and
administrative
expenses (b) (20.8) (6) (15.8) (4) (14.0) (5)
Gain on sale of
property and
equipment 0.7 0 1.2 0 0.1 0
Charge for
environmental
fine - - - - (9.0) (3)
Income from
operations $ 170.6 46 $ 183.5 50 $ 89.5 32
================= ================= =================
OFFSHORE RIG DAYS:
Operating 1,868 1,907 1,514
Available 1,932 1,932 1,860
Utilization 97% 99% 81%
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LAND RIG DAYS:
Operating 2,444 2,391 2,036
Available 2,596 2,484 2,148
Utilization 94% 96% 95%
======== ======== ========
AVERAGE DAY RATES (in thousands):
Gulf of Mexico
rigs $ 133.3 $ 132.1 $ 140.1
Middle East
rigs 152.7 151.8 114.3
North Sea rigs 257.9 238.4 195.6
All offshore
rigs 164.3 158.2 144.4
Land rigs 23.0 23.3 22.7
(a) Amounts exclude effects of intercompany transactions. (b) Amounts include corporate SG&A costs that are allocated between operating segments.
ROWAN COMPANIES, INC.
SUPPLEMENTAL MANUFACTURING INFORMATION
Unaudited (dollars in millions)
THREE MONTHS ENDED
Dec. 31, 2007 Sept. 30, 2007 Dec. 31, 2006
% % %
$ Revenues $ Revenues $ Revenues
MANUFACTURING OPERATIONS (a):
Revenues $ 251.2 100 $ 133.4 100 $ 130.3 100
Operating costs (201.2) (80) (107.5) (81) (111.3) (85)
Depreciation
and
amortization
expense (5.4) (2) (4.5) (3) (3.3) (3)
Selling,
general and
administrative
expenses (b) (6.3) (3) (6.7) (5) (6.3) (5)
Gain (loss) on
sale of
property and
equipment - - (0.1) (0) (0.1) (0)
Income from
operations $ 38.3 15 $ 14.6 11 $ 9.3 7
================= ================= =================
REVENUES (a):
Drilling
Products and
Systems $ 182.3 73 $ 83.7 63 $ 80.9 62
Mining,
Forestry and
Steel Products 68.9 27 49.7 37 49.4 38
Total $ 251.2 100 $ 133.4 100 $ 130.3 100
================= ================= =================
(a) Amounts exclude effects of intercompany transactions. (b) Amounts include corporate SG&A costs that are allocated between operating segments.
CONTACT: Rowan Companies, Inc., Houston
Vice-President - Investor Relations
William C. Provine, 713 -960 -7575
www.rowancompanies.com
SOURCE: Rowan Companies, Inc. Copyright Business Wire 2008
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