Parker Drilling Company Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Capex Outlook for Second Quarter of 2017; Revised Capex Outlook for Full Year of 2017
Parker Drilling Company announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company's revenues were $98,271,000 against $130,503,000 a year ago. Total operating loss was $27,137,000 against $23,269,000 a year ago. Loss before income taxes was $37,467,000 against $32,339,000 a year ago. Net loss available to common stockholders was $39,809,000 against $95,835,000 a year ago. Basic and diluted loss per share was $0.31 against $0.78 a year ago. EBITDA was $5,605,000 against $15,037,000 a year ago. Adjusted EBITDA was $5,417,000 against $12,605,000 a year ago. Adjusted net loss available to common shareholders was $39,809,000 against $22,710,000 a year ago. Adjusted diluted loss per share was $0.31 against $0.18 a year ago. Capital expenditures in the first quarter were $14.5 million. Net debt position was $435 million or 54% of net capitalization.
For the second quarter of 2017, the company expects CapEx to range between $15 million and $20 million.
The company expects 2017 CapEx will be at the high end of previous guidance, which was between $40 million and $50 million. For the remainder of 2017, the company expects effective tax rate to range between negative 5% and negative 15%.