Parker Drilling Reports Corrected 2013 Second Quarter Results
HOUSTON, Aug. 6, 2013 /PRNewswire/ -- Parker Drilling Company (NYSE:PKD), an international drilling services and rental tools provider, today issued a correction to its previously announced earnings report for the quarter ended June 30, 2013. This corrected report reflects additional non-routine expense of $2.5 million for the second quarter related to the April 2013 acquisition of International Tubular Services Limited (ITS) and certain affiliates. The effect of this expense, net of the related income tax benefit, reduced the company's net income as previously reported by $1.7 million, or $0.01 per diluted share, for the quarter ended June 30, 2013.
As a result of this change, Parker Drilling reported $8.3 million in net income and $0.07 per diluted share on revenues of $226.0 million for the quarter. This change is associated with non-routine expenses associated with the ITS acquisition. Net income and earnings per share, when adjusted for these non-routine expenses, remained at $17.3 million and $0.14 per diluted share. Adjusted EBITDA, excluding non-routine expenses, remained at $71.4 million.