In a release on
The specific charges incurred during the fourth quarter of 2013 that are excluded from adjusted net income were as follows:
-A non-cash, pre-tax charge of
-A pre-tax charge of
-A pre-tax restructuring charge of
The Company estimates that weather-related disruptions in the U.S. land market further adversely impacted adjusted earnings per diluted share by
During the fourth quarter of 2013, the Company repurchased and retired 427,000 shares of its common stock for a total purchase price of
The Company intends to pursue strategic alternatives for its
"Product-line portfolio optimization and critical evaluation of expansion strategies are ongoing efforts. We believe that this approach will produce more predictable results, enhanced returns and improved resource allocation and focus.
"We've pursued a subsea well intervention strategy for several years, which has included participation in the subsea construction business. To date, we have not advanced the strategy as expected and have decided to seek strategic alternatives with our subsea construction business.
"We believe that these two strategic decisions will not adversely impact our income from continuing operations in 2014.
"2013 certainly has been challenging. While 2013 earnings did not meet our expectations, we did achieve several notable financial goals that we outlined at the beginning of the year, including strong free cash flow generation, repayment of debt, share repurchases and announcement of a dividend. In addition, we are confident that our core strategies for growth are demonstrating good progress as we are positioned to take advantage of anticipated U.S. activity growth."
For the year ended
Excluding the specific charges described above, the Company had non-GAAP adjusted net income from continuing operations of
Drilling Products and Services Segment Drilling Products and Services segment revenue in the fourth quarter of 2013 was
The primary factor driving the higher sequential revenue in this segment was an 18 percent increase in
Onshore Completion and Workover Services Segment Onshore Completion and Workover Services segment revenue in the fourth quarter of 2013 was
On a sequential basis, lower pressure pumping and well services rig revenue in this segment was partially offset by higher revenue in fluid management due to increased volumes hauled and increased water heating-related activity. Pressure pumping revenue was lower due to weather and job mix.
Production Services Segment Production Services segment revenue in the fourth quarter of 2013 was
U.S. land revenue in this segment decreased 5 percent sequentially to
Subsea and Technical Solutions Segment Subsea and Technical Solutions segment revenue in the fourth quarter of 2013 was
International revenue in this segment decreased 21 percent sequentially to
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In a release on