HOUSTON, Jan. 26 /PRNewswire-FirstCall/ -- BJ Services Company
(NYSE: BJS; CBOE; PCX) announced today that is has filed its Annual Report on
Form 10-K for the fiscal year ended September 30, 2004.
The Company has conducted a comprehensive review of the Asia Pacific
Region's balance sheet and we have determined that excess liabilities had
accumulated over a period of years which still existed at September 30, 2004
in the amount of $12.2 million. The net effect of these adjustments has been
reported in Other Income in the Consolidated Statement of Operations for the
year ended September 30, 2004. The following table provides a summary of
consolidated results of operations for the three and twelve months ended
September 30, 2004, as adjusted compared with the consolidated results of
operations for the three and twelve months ended September 30, 2004 as
reported by the Company on November 2, 2004:
Three Months Ended Twelve Months Ended
As As As As
Reported Adjusted Reported Adjusted
9/30/04 9/30/04 9/30/04 9/30/04
(In thousands except per share data)
Revenue $694,465 $694,465 $2,600,986 $2,600,986
Total operating expenses 570,491 567,721(A) 2,165,371 2,162,601
Operating income 123,974 126,744 435,615 438,385
Interest expense (4,068) (4,068) (16,389) (16,389)
Interest income 3,076 3,076 6,073 6,073
Other income/(expense), net 224 9,660(A) 83,232 92,668
Income before income taxes 123,206 135,412 508,531 520,737
Income tax expense 37,604 38,434 158,866 159,696
Net income $85,602 $96,978 $349,665 $361,041
Earnings Per Share:
Basic $0.53 $0.60 $2.18 $2.25
Diluted $0.52 $0.59 $2.14 $2.21
(A) Includes a $2.8 million income statement reclassification, which had
no impact on net income and is unrelated to the Asia Pacific Region
adjustments.
A more detailed description of the adjustments is disclosed in Item 7 of
the Company's Annual Report on Form 10-K for the period ended
September 30, 2004.
This press release contains forward-looking statements. These forward-
looking statements anticipate future performance such as the Company's
prospects, expected revenues, and expenses and profits. These forward-looking
statements are based on assumptions that may prove to be inaccurate, and they
are subject to risks and uncertainties that may cause actual results to differ
materially from expected results. These risk factors include, without
limitation, general global business and economic conditions, drilling activity
and rig count, pricing volatility for oil and gas, reduction in demand for our
services and products, risks from operating hazards such as fire, explosion
and oil spills, unexpected litigation for which insurance and customer
agreements do not provide complete protection, changes in exchange rates and
declines in the U.S. dollar, and risks associated with our international
operations, including potential instability and hostilities. This list of
risk factors is not intended to be comprehensive. More extensive information
concerning risk factors may be found in the Company's public filings with the
Securities and Exchange Commission.
BJ Services Company is a leading provider of pressure pumping and other
oilfield services to the petroleum industry.
(NOT INTENDED FOR DISTRIBUTION TO BENEFICIAL OWNERS)
SOURCE BJ Services Company
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Related links:
http://www.bjservices.com
CONTACT:
Trey Whichard of BJ Services Company,
+1-713-462-4239
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