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| 1996 ANNUAL REPORT |
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| 1996 ANNUAL REPORT |
| Years
Ended December 31, (In thousands except per share, ratio and market price data) |
1996 | 1995 | 1994 | 1993 | 1992 | |
| STATEMENT OF OPERATIONS DATA | ||||||
| Revenues: | ||||||
| M-I Drilling Fluids L.L.C. | $ 752,326 | $ 556,394 | $ 382,597 | $ --------- | $ --------- | |
| Smith Tool | 196,691 | 167,116 | 154,912 | 142,402 | 125,844 | |
| Smith Drilling & Completions | 148,722 | 115,245 | 92,095 | 58,500 | 65,143 | |
| Smith Diamond Technology | 58,919 | 35,789 | 24,297 | 19,810 | 19,682 | |
| Total Revenues | 1,156,658 | 874,544 | 653,901 | 220,712 | 210,669 | |
| Gross Profit | 392,062 | 292,540 | 221,274 | 79,963 | 71,535 | |
| Income From Continuing Operations Before Litigation Settlement, Interest and Taxes | 132,520 | 86,248 | 60,104 | 18,575 | 10,260 | |
| Non-operating (income) expense (a) | --- | --- | --- | (52,423) | 2,975 | |
| Interest expense, net | 16,445 | 12,238 | 8,572 | 2,202 | 10,103 | |
| Income tax provision (benefit) | 26,798 | 12,609 | 6,815 | 468 | (1,007) | |
| Minority interests | 24,833 | 15,809 | 8,838 | --- | --- | |
| Net Income (Loss) | 64,444 | 45,592 | 35,879 | 68,328 | (1,811) | |
| Preferred stock dividends | --- | --- | --- | 868 | 1,740 | |
| Net income (loss) applicable to common stock | $ 64,444 | $ 45,592 | $ 35,879 | $ 67,460 | $ (3,551) | |
| Common shares outstanding: | ||||||
| Actual at Year-End | 40,157 | 39,807 | 39,433 | 39,311 | 36,773 | |
| Weighted Average for Period | 39,880 | 39,383 | 39,065 | 37,775 | 36,295 | |
| Earnings (Loss) Per Share: | ||||||
| From Continuing Operations | $ 1.62 | $ 1.16 | $ 0.92 | $ (0.13) | $ (0.02) | |
| Net Income | $ 1.62 | $ 1.16 | $ 0.92 | $ 1.79 | $ (0.10) | |
| BALANCE SHEET DATA | ||||||
| Current Assets | $ 665,277 | $ 485,291 | $ 421,596 | $ 255,847 | $ 296,224 | |
| Current Ratio | 2.21 | 2.62 | 2.57 | 3.20 | 1.77 | |
| Total Assets | $1,074,582 | $ 702,844 | $ 619,780 | $ 348,386 | $ 370,482 | |
| Current Liabilities | $ 300,501 | $ 185,289 | $ 164,247 | $ 79,970 | $ 167,752 | |
| Total Debt | $ 303,426 | $ 142,385 | $ 130,852 | $ 46,702 | $ 149,343 | |
| Shareholders' Equity: | ||||||
| Total | $ 368,536 | $300,886 | $ 253,121 | $ 214,466 | $ 149,785 | |
| Per share | $ 9.24 | $ 7.64 | $ 6.48 | $ 5.68 | $ 4.13 | |
| OTHER DATA | ||||||
| Depreciation and Amortization | $ 31,601 | $ 25,540 | $ 21,802 | $ 11,600 | $ 22,737 | |
| Operating Cash Flow (b) | $ 128,747 | $ 87,619 | $ 67,312 | $ 30,175 | $ 32,997 | |
| Capital Expenditures, Net | $ 61,247 | $ 25,084 | $ 13,705 | $ 8,100 | $ 14,912 | |
| Return on Shareholders' Equity (c) | 19.5% | 16.5% | 15.3% | 10.2% | 0.8% | |
| Debt-to-Total Capitalization | 36.7% | 27.0% | 28.8% | 17.9% | 49.9% | |
| Market price range: | ||||||
| High | $ 48---- | $ 23 7/8 | $ 17 5/8 | $ 11 1/2 | $ 10 5/8 | |
| Low | $ 197/8 | $11----- | $ 8 3/8 | $ 7 3/4 | $ 6 1/8 | |
| (a)
Non-operating (income) expense for 1993 includes a
litigation settlement charge of $19.9 million, a $1.3
million charge related to the effect of a change in
accounting principle and a $73.6 million gain associated
with the sale of discontinued operations. The 1992 amount
relates to losses from discontinued operations. (b) Operating cash flow is computed as earnings before interest, taxes, depreciation and amortization after reduction for the portion of the respective amounts allocable to the minority interest partner in M-I Drilling Fluids L.L.C. (c) Excludes the effect of non-operating (income) expense amounts described above. |
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