RPC Inc (NYSE: RES) reported Q3 EPS of ($0.09), in-line with the analyst estimate of ($0.09). Revenue for the quarter came in at $116.59 million versus the consensus estimate of $96.09 million.

Management Commentary

"We are pleased U.S. oilfield activity has improved in recent months from the historic lows recorded in the second quarter," stated Richard A. Hubbell, RPC's President and Chief Executive Officer. "RPC capitalized on the increased activity with equipment and crews that were in place and prepared to work. Our operating losses narrowed due to higher revenue, increased utilization, and continued diligent expense management.

"However, even with the industry improvement experienced during the quarter, current activity and pricing are inadequate to generate sustainable financial returns. Until the oilfield market improves sufficiently, we will continue to focus on expense management and limit capital investment. At the end of the third quarter, RPC's cash balance of $145.6 million was relatively unchanged from the end of the second quarter and we remained debt free. This financial strength allows us to focus our attention on operations in this difficult environment.

"As we announced in August, R. Randall Rollins, our Chairman of the Board, passed away following a short illness. He held management and Board positions at RPC and its predecessor entities for almost 50 years, and we will miss his stewardship. Gary W. Rollins, a long-standing director, has assumed the role of Non-Executive Chairman, and we have added two independent directors to our Board," concluded Hubbell.

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