UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF EARLIEST EVENT REPORTED: April 27, 2006
HELMERICH & PAYNE, INC.
(Exact name of registrant as specified in its charter)
State of Incorporation: Delaware
COMMISSION FILE NUMBER 1-4221
Internal Revenue Service Employer Identification No. 73-0679879
1437 South Boulder Avenue, Suite 1400, Tulsa, Oklahoma 74119
(918)742-5531
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 27, 2006, Helmerich & Payne, Inc. (Registrant) issued a press release announcing its financial results for its second quarter ended March 31, 2006. A copy of the press release is attached as Exhibit 99 to this Report on Form 8-K. This information is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit No. |
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Description |
|
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99 |
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Helmerich & Payne, Inc. earnings press release dated April 27, 2006 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly authorized the undersigned to sign this report on its behalf.
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HELMERICH & PAYNE, INC. |
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(Registrant) |
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|
|
|
|
|
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/S/ Steven R. Mackey |
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Steven R. Mackey |
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Vice President |
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DATE: April 27, 2006 |
EXHIBIT INDEX
Exhibit No. |
|
Description |
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99 |
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Helmerich & Payne, Inc. earnings press release dated April 27, 2006 |
2
HELMERICH & PAYNE, INC. ANNOUNCES RECORD SECOND QUARTER RESULTS
Helmerich & Payne, Inc. reported record net income of $64,573,000 ($1.22 per diluted share) from operating revenues of $290,830,000 for its second fiscal quarter ended March 31, 2006, compared with net income of $22,350,000 ($0.43 per diluted share) from operating revenues of $185,450,000 during last years second fiscal quarter ended March 31, 2005. Included in net income were gains from the sale of portfolio securities and drilling equipment of $0.04 per share for the second fiscal quarter of 2006 and $0.01 per share for the second fiscal quarter of 2005.
For the six months ended March 31, 2006, the Company reported net income of $115,387,000 ($2.18 per diluted share) from operating revenues of $546,218,000, compared with net income of $61,660,000 ($1.20 per diluted share) from operating revenues of $360,129,000 during the six months ended March 31, 2005. Included in net income were gains from the sale of portfolio securities and drilling equipment of $0.08 per share for the first six months of fiscal 2006 and $0.44 per share for the first six months of fiscal 2005.
Worldwide demand for drilling services continued to put pressure on rig supply in each segment of the Companys operations. As a result, pre-tax operating income for all three of the Companys contract drilling segments were up sharply from both last years second quarter and this years first quarter. Operating profit for U.S. land rig operations rose to $82.9 million for this years second quarter, compared with $35.8 million for last years second quarter, and $71 million for this years first quarter. Average revenue per rig day for U.S. land rigs rose to a record high of $22,593 for this years second quarter, compared with $15,018 per rig day during last years second quarter and $20,198 per rig day during this years first quarter. Operating cost rose by 9% over the previous quarter, with increases coming from expense categories across the board, including labor, materials, supplies, insurance and rentals. In spite of higher operating costs, average margins per rig day rose to $12,567 per day for this years second quarter, compared with $6,944 during last years second quarter and $11,019 during this years first quarter. Average U.S. land rig utilization was 98% during the second quarter, compared with 94% during last years second quarter and 97% during this years first quarter. During this years second quarter, the Company sold its only idle U.S. land rig and is now operating at 100% utilization of its U.S . land rig fleet.
(over)
Page 2
News Release
April 27, 2006
As demand for U.S. land rigs continued to push activity and dayrates during the quarter, the Companys offshore operations also recorded an increase in financial results. Pre-tax operating income for U.S. offshore platform operations rose to $7.4 million for this years second quarter, from $4.2 million during last years second quarter and $5.1 million from this years first quarter. The increased income is a result of improved rig activity and increases in daily rig cash margins. Rig utilization for the U.S. offshore business improved to 71% during this years quarter, compared with 45% during last years second quarter and 64% for this years first quarter.
Pre-tax operating profit from the Companys international contract drilling operations increased to $13.1 million during this years second quarter from $3.6 million during last years second quarter and $9.3 million during this years first quarter. Venezuela and Ecuador continue to be the Companys most active operations with eleven of twelve rigs working in Venezuela and all eight rigs active in Ecuador. Utilization for the 27 international rigs rose during the quarter to 89%, compared with 71% during last years second quarter and 83% during this years first quarter.
The Company also announced today that the number of customer commitments for construction of new FlexRigs ® has increased to 61. A total of 16 exploration and production companies have now committed to contracts for a minimum of three years of work for 13 new FlexRig3s and 48 new FlexRig4s.
Company President and C.E.O., Hans Helmerich commented, We are pleased to announce another record quarter for the Company. Our U.S. land margins saw further expansion and we are encouraged by the continued strengthening of our U.S. offshore platform and international business segments. In terms of our new build program, the performance results of the four FlexRig4s that recently began work in the Piceance Basin have exceeded our expectations and are already adding value to our customers operations. At the same time, manufacturing costs are moving higher than we anticipated. We underestimated the cost pressures associated with a strong upcycle and the impact of last years hurricanes on labor availability and costs. We are now estimating up to an average of 13% higher than budgeted capital costs for the 30 rigs scheduled to be delivered this fiscal year. Financial returns remain very attractive in spite of these cost increases. We continue to receive inquiries about additional new build orders, and are confident about their ability to add shareholder value.
Helmerich & Payne, Inc. is a contract drilling company that owns 94 U.S. land rigs, 11 U.S. platform rigs located in the Gulf of Mexico, and 27 international rigs, for a total of 132 rigs. Included in the total fleet of 132 rigs are 54 H&P-designed and operated FlexRigs.
Helmerich & Payne, Inc.s conference call/webcast is scheduled for this morning and can be accessed at http://www.hpinc.com under Investors and will begin at 11:00 a.m. ET (10:00 a.m. CT). If you are unable to participate during the live webcast, the call will be archived for a year on H&Ps website indicated above.
(more)
Page 3
News Release
April 27, 2006
Statements in this release and information disclosed in the conference call and webcast that are forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 are based on current expectations and assumptions that are subject to risks and uncertainties. For information regarding risks and uncertainties associated with the Companys business, please refer to Risk Factors and Managements Discussion & Analysis of Results of Operations and Financial Condition sections of the Companys SEC filings, including but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. As a result of these factors, Helmerich & Payne, Inc.s actual results may differ materially from those indicated or implied by such forward-looking statements.
(918) 588-5208
Juan Pablo Tardio
(918) 588-5383
(more)
Page 4
News Release
April 27, 2006
HELMERICH & PAYNE, INC.
Unaudited
(in thousands, except per share data)
|
|
Three Months Ended |
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Six Months Ended |
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|||||||||||
|
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Dec. 31 |
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March 31 |
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March 31 |
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|||||||||
CONSOLIDATED STATEMENTS OF INCOME |
|
2005 |
|
2006 |
|
2005 |
|
2006 |
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2005 |
|
|||||
|
|
|
|
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|
|
|
|
|
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|||||
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Drilling U.S. Land |
|
$ |
172,754 |
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$ |
193,668 |
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$ |
122,394 |
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$ |
366,422 |
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$ |
231,582 |
|
Drilling U.S. Offshore |
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29,520 |
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33,703 |
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18,649 |
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63,223 |
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39,005 |
|
|||||
Drilling International |
|
50,257 |
|
61,117 |
|
41,799 |
|
111,374 |
|
84,270 |
|
|||||
Real Estate |
|
2,857 |
|
2,342 |
|
2,608 |
|
5,199 |
|
5,272 |
|
|||||
|
|
255,388 |
|
290,830 |
|
185,450 |
|
546,218 |
|
360,129 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating costs and other: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating costs, excluding depreciation |
|
140,596 |
|
156,800 |
|
114,321 |
|
297,396 |
|
225,573 |
|
|||||
Depreciation |
|
22,923 |
|
23,385 |
|
23,950 |
|
46,308 |
|
47,212 |
|
|||||
General and administrative |
|
11,938 |
|
13,957 |
|
9,593 |
|
25,895 |
|
18,839 |
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|||||
Income from asset sales |
|
(973 |
) |
(3,563 |
) |
(971 |
) |
(4,536 |
) |
(11,787 |
) |
|||||
|
|
174,484 |
|
190,579 |
|
146,893 |
|
365,063 |
|
279,837 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income |
|
80,904 |
|
100,251 |
|
38,557 |
|
181,155 |
|
80,292 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other income (expense): |
|
|
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|
|
|
|
|
|
|
|||||
Interest and dividend income |
|
2,530 |
|
2,456 |
|
1,193 |
|
4,986 |
|
2,154 |
|
|||||
Interest expense |
|
(2,580 |
) |
(1,946 |
) |
(3,246 |
) |
(4,526 |
) |
(6,555 |
) |
|||||
Gain on sale of investment securities |
|
2,720 |
|
|
|
(36 |
) |
2,720 |
|
26,313 |
|
|||||
Other |
|
(513 |
) |
27 |
|
348 |
|
(486 |
) |
346 |
|
|||||
|
|
2,157 |
|
537 |
|
(1,741 |
) |
2,694 |
|
22,258 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income before income taxes and equity in income of affiliates |
|
83,061 |
|
100,788 |
|
36,816 |
|
183,849 |
|
102,550 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income tax provision |
|
32,802 |
|
38,240 |
|
15,153 |
|
71,042 |
|
42,283 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Equity in income of affiliates net of income taxes |
|
555 |
|
2,025 |
|
687 |
|
2,580 |
|
1,393 |
|
|||||
NET INCOME |
|
$ |
50,814 |
|
$ |
64,573 |
|
$ |
22,350 |
|
$ |
115,387 |
|
$ |
61,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Earnings per common share: |
|
|
|
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|
|
|
|
|
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|
|||||
Basic |
|
$ |
0.98 |
|
$ |
1.23 |
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$ |
0.44 |
|
$ |
2.21 |
|
$ |
1.22 |
|
Diluted |
|
$ |
0.96 |
|
$ |
1.22 |
|
$ |
0.43 |
|
$ |
2.18 |
|
$ |
1.20 |
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|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
51,993 |
|
52,314 |
|
50,955 |
|
52,152 |
|
50,747 |
|
|||||
Diluted |
|
53,087 |
|
53,057 |
|
51,891 |
|
52,886 |
|
51,571 |
|
A reclassification has been made to prior period amounts to conform to the current period presentation of including income from asset sales in operating income.
(more)
Page 5
News Release
April 27, 2006
HELMERICH & PAYNE, INC.
Unaudited
(in thousands)
CONSOLIDATED CONDENSED BALANCE SHEETS |
|
3/31/06 |
|
9/30/05 |
|
||
|
|
|
|
|
|
||
ASSETS |
|
|
|
|
|
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Cash and cash equivalents |
|
$ |
195,155 |
|
$ |
288,752 |
|
Short-term investments |
|
81,398 |
|
388 |
|
||
Other current assets |
|
251,604 |
|
210,657 |
|
||
Total current assets |
|
528,157 |
|
499,797 |
|
||
Investments |
|
234,046 |
|
178,452 |
|
||
Net property, plant, and equipment |
|
1,118,529 |
|
981,965 |
|
||
Other assets |
|
3,288 |
|
3,136 |
|
||
TOTAL ASSETS |
|
$ |
1,884,020 |
|
$ |
1,663,350 |
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS EQUITY |
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|
|
|
|
||
Total current liabilities |
|
$ |
115,613 |
|
$ |
89,481 |
|
Total noncurrent liabilities |
|
324,745 |
|
294,631 |
|
||
Long-term notes payable |
|
200,000 |
|
200,000 |
|
||
Total shareholders equity |
|
1,243,662 |
|
1,079,238 |
|
||
|
|
|
|
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
|
$ |
1,884,020 |
|
$ |
1,663,350 |
|
(more)
Page 6
News Release
April 27, 2006
HELMERICH & PAYNE, INC.
Unaudited
(in thousands)
|
|
Six Months Ended |
|
||||
|
|
March 31 |
|
||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
|
2006 |
|
2005 |
|
||
|
|
|
|
|
|
||
OPERATING ACTIVITIES: |
|
|
|
|
|
||
Net income |
|
$ |
115,387 |
|
$ |
61,660 |
|
Depreciation |
|
46,308 |
|
47,212 |
|
||
Changes in assets and liabilities |
|
(20,136 |
) |
9,727 |
|
||
Gain on sale of assets and investment securities |
|
(7,120 |
) |
(38,100 |
) |
||
Other |
|
1,657 |
|
(2,584 |
) |
||
Net cash provided by operating activities |
|
136,096 |
|
77,915 |
|
||
|
|
|
|
|
|
||
INVESTING ACTIVITIES: |
|
|
|
|
|
||
Capital expenditures |
|
(170,900 |
) |
(22,519 |
) |
||
Purchase of investments |
|
(83,010 |
) |
(5,000 |
) |
||
Proceeds from sale of assets |
|
12,983 |
|
89,298 |
|
||
Net cash provided by (used in) investing activities |
|
(240,927 |
) |
61,779 |
|
||
|
|
|
|
|
|
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FINANCING ACTIVITIES: |
|
|
|
|
|
||
Dividends paid |
|
(8,624 |
) |
(8,380 |
) |
||
Proceeds from exercise of stock options |
|
11,860 |
|
11,843 |
|
||
Excess tax benefit from stock-based compensation |
|
7,998 |
|
|
|
||
Net cash provided by financing activities |
|
11,234 |
|
3,463 |
|
||
|
|
|
|
|
|
||
Net increase (decrease) in cash and cash equivalents |
|
(93,597 |
) |
143,157 |
|
||
Cash and cash equivalents, beginning of period |
|
288,752 |
|
65,296 |
|
||
Cash and cash equivalents, end of period |
|
$ |
195,155 |
|
$ |
208,453 |
|
(more)
Page 7
News Release
April 27, 2006
SEGMENT REPORTING
|
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||
|
|
Dec. 31 |
|
March 31 |
|
March 31 |
|
|||||||||
|
|
2005 |
|
2006 |
|
2005 |
|
2006 |
|
2005 |
|
|||||
|
|
(in thousands, except days and per day amounts) |
|
|||||||||||||
US LAND OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
$ |
172,754 |
|
$ |
193,668 |
|
$ |
122,394 |
|
$ |
366,422 |
|
$ |
231,582 |
|
Direct operating expenses |
|
84,215 |
|
92,051 |
|
69,695 |
|
176,266 |
|
136,673 |
|
|||||
General and administrative expense |
|
3,082 |
|
3,908 |
|
1,839 |
|
6,990 |
|
3,705 |
|
|||||
Depreciation |
|
14,466 |
|
14,832 |
|
15,063 |
|
29,298 |
|
29,819 |
|
|||||
Segment operating income |
|
$ |
70,991 |
|
$ |
82,877 |
|
$ |
35,797 |
|
$ |
153,868 |
|
$ |
61,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Activity days |
|
8,035 |
|
8,086 |
|
7,589 |
|
16,121 |
|
15,177 |
|
|||||
Average rig revenue per day |
|
$ |
20,198 |
|
$ |
22,593 |
|
$ |
15,018 |
|
$ |
21,399 |
|
$ |
14,191 |
|
Average rig expense per day |
|
$ |
9,179 |
|
$ |
10,026 |
|
$ |
8,074 |
|
$ |
9,603 |
|
$ |
7,938 |
|
Average rig margin per day |
|
$ |
11,019 |
|
$ |
12,567 |
|
$ |
6,944 |
|
$ |
11,796 |
|
$ |
6,253 |
|
Rig utilization |
|
97 |
% |
98 |
% |
94 |
% |
97 |
% |
93 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
US OFFSHORE OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
$ |
29,520 |
|
$ |
33,703 |
|
$ |
18,649 |
|
$ |
63,223 |
|
$ |
39,005 |
|
Direct operating expenses |
|
20,308 |
|
21,820 |
|
10,992 |
|
42,128 |
|
23,839 |
|
|||||
General and administrative expense |
|
1,437 |
|
1,828 |
|
817 |
|
3,265 |
|
1,651 |
|
|||||
Depreciation |
|
2,664 |
|
2,686 |
|
2,668 |
|
5,350 |
|
5,175 |
|
|||||
Segment operating income |
|
$ |
5,111 |
|
$ |
7,369 |
|
$ |
4,172 |
|
$ |
12,480 |
|
$ |
8,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Activity days |
|
644 |
|
699 |
|
450 |
|
1,343 |
|
1,013 |
|
|||||
Average rig revenue per day |
|
$ |
36,339 |
|
$ |
39,707 |
|
$ |
29,297 |
|
$ |
38,092 |
|
$ |
27,350 |
|
Average rig expense per day |
|
$ |
22,986 |
|
$ |
23,642 |
|
$ |
14,928 |
|
$ |
23,328 |
|
$ |
14,552 |
|
Average rig margin per day |
|
$ |
13,353 |
|
$ |
16,065 |
|
$ |
14,369 |
|
$ |
14,764 |
|
$ |
12,798 |
|
Rig utilization |
|
64 |
% |
71 |
% |
45 |
% |
67 |
% |
51 |
% |
(more)
Page 8
News Release
April 27, 2006
|
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||
|
|
Dec. 31 |
|
March 31 |
|
March 31 |
|
|||||||||
|
|
2005 |
|
2006 |
|
2005 |
|
2006 |
|
2005 |
|
|||||
|
|
(in thousands, except days and per day amounts) |
|
|||||||||||||
INTERNATIONAL OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
$ |
50,257 |
|
$ |
61,117 |
|
$ |
41,799 |
|
$ |
111,374 |
|
$ |
84,270 |
|
Direct operating expenses |
|
35,693 |
|
42,398 |
|
32,920 |
|
78,091 |
|
63,775 |
|
|||||
General and administrative expense |
|
606 |
|
872 |
|
497 |
|
1,478 |
|
1,150 |
|
|||||
Depreciation |
|
4,656 |
|
4,735 |
|
4,800 |
|
9,391 |
|
9,566 |
|
|||||
Segment operating income |
|
$ |
9,302 |
|
$ |
13,112 |
|
$ |
3,582 |
|
$ |
22,414 |
|
$ |
9,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Activity days |
|
2,028 |
|
2,160 |
|
1,728 |
|
4,188 |
|
3,551 |
|
|||||
Average rig revenue per day |
|
$ |
20,285 |
|
$ |
22,979 |
|
$ |
19,430 |
|
$ |
21,674 |
|
$ |
19,316 |
|
Average rig expense per day |
|
$ |
13,512 |
|
$ |
15,003 |
|
$ |
13,672 |
|
$ |
14,281 |
|
$ |
13,504 |
|
Average rig margin per day |
|
$ |
6,773 |
|
$ |
7,976 |
|
$ |
5,758 |
|
$ |
7,393 |
|
$ |
5,812 |
|
Rig utilization |
|
83 |
% |
89 |
% |
71 |
% |
86 |
% |
71 |
% |
Per day calculations for international operations exclude gains and losses from translation of foreign currency transactions.
Operating statistics exclude the effects of offshore platform and international management contracts, and do not include reimbursements of out-of-pocket expenses in revenue per day, expense per day and margin calculations.
Reimbursed amounts were as follows:
US Land Operations |
|
$ |
10,463 |
|
$ |
10,978 |
|
$ |
8,419 |
|
$ |
21,441 |
|
$ |
16,208 |
|
US Offshore Operations |
|
$ |
3,753 |
|
$ |
3,489 |
|
$ |
1,410 |
|
$ |
7,242 |
|
$ |
2,881 |
|
International Operations |
|
$ |
5,125 |
|
$ |
6,796 |
|
$ |
3,794 |
|
$ |
11,921 |
|
$ |
6,893 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
REAL ESTATE |
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues |
|
$ |
2,857 |
|
$ |
2,342 |
|
$ |
2,608 |
|
$ |
5,199 |
|
$ |
5,272 |
|
Direct operating expenses |
|
801 |
|
1,010 |
|
1,174 |
|
1,811 |
|
2,201 |
|
|||||
Depreciation |
|
603 |
|
606 |
|
573 |
|
1,209 |
|
1,135 |
|
|||||
Segment operating income |
|
$ |
1,453 |
|
$ |
726 |
|
$ |
861 |
|
$ |
2,179 |
|
$ |
1,936 |
|
(more)
Page 9
News Release
April 27, 2006
The following table reconciles operating income per the information above to income before income taxes and equity in income of affiliates as reported on the Consolidated Statements of Income (in thousands).
SEGMENT REPORTING
|
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||
|
|
Dec. 31 |
|
March 31 |
|
March 31 |
|
|||||||||
|
|
2005 |
|
2006 |
|
2005 |
|
2006 |
|
2005 |
|
|||||
Segment Operating income |
|
|
|
|
|
|
|
|
|
|
|
|||||
US Land |
|
$ |
70,991 |
|
$ |
82,877 |
|
$ |
35,797 |
|
$ |
153,868 |
|
$ |
61,385 |
|
US Offshore |
|
5,111 |
|
7,369 |
|
4,172 |
|
12,480 |
|
8,340 |
|
|||||
International |
|
9,302 |
|
13,112 |
|
3,582 |
|
22,414 |
|
9,779 |
|
|||||
Real Estate |
|
1,453 |
|
726 |
|
861 |
|
2,179 |
|
1,936 |
|
|||||
Segment operating income |
|
$ |
86,857 |
|
$ |
104,084 |
|
$ |
44,412 |
|
$ |
190,941 |
|
$ |
81,440 |
|
Corporate general and administrative |
|
(6,813 |
) |
(7,349 |
) |
(6,440 |
) |
(14,162 |
) |
(12,333 |
) |
|||||
Other depreciation |
|
(534 |
) |
(526 |
) |
(846 |
) |
(1,060 |
) |
(1,517 |
) |
|||||
Inter-segment elimination |
|
421 |
|
479 |
|
460 |
|
900 |
|
915 |
|
|||||
Income from asset sales |
|
973 |
|
3,563 |
|
971 |
|
4,536 |
|
11,787 |
|
|||||
Operating income |
|
$ |
80,904 |
|
$ |
100,251 |
|
$ |
38,557 |
|
$ |
181,155 |
|
$ |
80,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest and dividend income |
|
2,530 |
|
2,456 |
|
1,193 |
|
4,986 |
|
2,154 |
|
|||||
Interest expense |
|
(2,580 |
) |
(1,946 |
) |
(3,246 |
) |
(4,526 |
) |
(6,555 |
) |
|||||
Gain on sale of investment securities |
|
2,720 |
|
|
|
(36 |
) |
2,720 |
|
26,313 |
|
|||||
Other |
|
(513 |
) |
27 |
|
348 |
|
(486 |
) |
346 |
|
|||||
Total other income (expense) |
|
2,157 |
|
537 |
|
(1,741 |
) |
2,694 |
|
22,258 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income before income taxes and equity in income of affiliates |
|
$ |
83,061 |
|
$ |
100,788 |
|
$ |
36,816 |
|
$ |
183,849 |
|
$ |
102,550 |
|
###