Parker Drilling Q2 Profit Declines Despite Higher Revenues - Quick Facts

(RTTNews) - Parker Drilling Co. (PKD) on Tuesday issued a correction to its previously announced earnings report for the second quarter ended June 30, 2013.

The corrected report reflects additional non-routine expense of $2.5 million for the latest quarter related to the company's April 2013 acquisition of International Tubular Services Limited (ITS) and certain affiliates.

The company noted that the effect of the expense, net of the related income tax benefit, reduced its previously reported net income by $1.7 million or $0.01 per share.

Accordingly, the company's second-quarter net income attributable to controlling interest was $8.28 million or $0.07 per share, down from $20.08 million or $0.17 per share in the same period last year.

Excluding the effects of these non-routine expenses, adjusted net income for the quarter attributable to controlling interest remained at $17.3 million or $0.14 per share. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose 26 percent to $226.00 million from $178.93 million in the same period last year.