Oil States International, Inc. (OIS)

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Oil States Announces First Quarter Earnings of $1.31 per Share



HOUSTON, April 29 /PRNewswire-FirstCall/ -- Oil States International, Inc. (NYSE: OIS) today reported net income for the quarter ended March 31, 2008 of $66.5 million, or $1.31 per diluted share, compared to $52.5 million, or $1.05 per diluted share, reported in the first quarter of 2007. Oil States recognized year-over-year growth in revenues and EBITDA (defined as net income plus interest, taxes, depreciation and amortization) of 25% and 28%, respectively, in the first quarter of 2008.(A)

Significant year-over-year improvements in our oil sands accommodations business, increased profitability in our Offshore Products segment and contributions from two rental tool acquisitions completed during the third quarter of 2007 along with increased activity in Tubular Services led to revenue and EBITDA growth in the first quarter of 2008. During the quarter, the Company generated $601.2 million of revenues and $125.8 million of EBITDA compared to $480.5 million and $98.0 million, respectively, in the first quarter of 2007. Consolidated operating income in the first quarter of 2008 was $101.3 million compared to $82.9 million for the corresponding quarter of 2007.

The Company recognized an effective tax rate of 32.7% in the first quarter of 2008 compared to 34.1% in the first quarter of 2007. The lower effective tax rate in the first quarter of 2008 was primarily due to lower tax rates applicable to foreign income. The Company spent $60.8 million in capital expenditures during the first quarter of 2008 primarily related to expansions to our rental tool operations and on-going construction of the recently announced Conklin Lodge as well as continued expansion at Wapasu Lodge, both of which serve customers in the oil sands region of Canada.