HOUSTON, Oct. 14 /PRNewswire-FirstCall/ -- BJ Services Company (NYSE:
BJS; PCX; CBOE) announced today that earnings for the fourth quarter of
fiscal 2008, which ended September 30, 2008, are expected to be between
$0.55 and $0.57 per diluted share, on revenues of approximately $1.53
billion.
Fourth quarter results were negatively impacted by the hurricane season
in the Gulf of Mexico, as hurricanes Ike, Gustav and Edouard all affected
activity and operations along the Gulf Coast. The Company incurred property
damage and repair costs of approximately one million dollars (pre-tax)
related to the storms during the quarter. In addition, the Company
estimates that revenues were approximately $18 - 20 million lower than they
otherwise would have been, as many customer projects and jobs were delayed
or canceled in the wake of the storms. Preliminary results for the quarter
also include a non- cash goodwill impairment charge of $6.1 million ($0.02
per diluted share) related to the Company's Russia operations.
The Company and its external auditors are still in the process of
reviewing and evaluating the quarterly results. Consequently, actual
earnings for the quarter could fall outside the range mentioned above.
The Company will report final fourth quarter fiscal 2008 earnings on
Thursday, October 30, 2008 and will hold a conference call on that date at
9:00 Central Time to discuss the quarterly results. To participate in the
conference call, please dial 913/312-1446, 10 minutes prior to the
conference call start time and give the conference code number 9688354. If
you are unable to participate, the conference call will be available for
playback three hours after conclusion of the conference call. The playback
number is 713/457-0820 and the replay entry code is 9688354. Playback will
be available for five days. The conference call will also be available via
real-time webcast at http://www.bjservices.com. Playback of the webcast
will be available following the conference call.
This news release contains forward-looking statements that anticipate
future performance such as the Company's prospects, expected revenue, 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, the extent of damage in the Gulf of Mexico during the 2008
hurricane season, risks from operating hazards such as fire, explosion and
oil spills, unexpected litigation for which insurance and customer
agreements do not provide complete protection, potential adverse results
from our SEC and DOJ investigations, 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 our public filings with the Securities and
Exchange Commission.
BJ Services Company is a leading provider of pressure pumping, well
completion, production enhancement and pipeline services to the petroleum
industry.
(NOT INTENDED FOR DISTRIBUTION TO BENEFICIAL OWNERS)
SOURCE BJ Services Company
 back to top
Related links:
http://www.bjservices.com
CONTACT:
Jeff Smith of BJ Services Company,
+1-713-462-4239
|
