Oil States International Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $1,069.440 million compared to $1,098.992 million a year ago. Operating income was $160.987 million compared to $204.247 million a year ago. Income before income taxes was $142.023 million compared to $188.755 million a year ago. Net income attributable to company was $102.189 million or $1.85 per diluted share compared to $135.065 million or $2.43 per diluted share a year ago. Net cash flows provided by operating activities was $218.620 million compared to $67.217 million a year ago. Capital expenditures, including capitalized interest were $107.397 million compared to $101.402 million a year ago. Total EBITDA was $228.070 million compared to $256.660 million a year ago. The company announced with strong operating cash flow, it able to reduce net debt by 11% sequentially to $946 million at the end of the quarter. The year-over-year decrease in profitability was a result of lower U.S. drilling and completion activity coupled with lower OCTG prices and margins, partially offset by organic growth initiatives in accommodations business, contributions from the Piper Valve and Tempress acquisitions, and increased drilling and subsea product sales within the company’s offshore product segment. The company provided earnings guidance for the second quarter of fiscal 2013. In terms of second quarter 2013 guidance, the company expects depreciation and amortization expense to total $59 million and net interest expense to approximate $19 million. Diluted shares are expected to total 55.3 million in the second quarter of 2013, and the company currently forecasts its 2013 effective tax rate to approximate 28%. Total revenues for the second quarter should range between $250 million and $260 million. EBITDA margins are expected to range from 38% to 40% due to seasonally lower utilization of the company’s mobile camp assets, although full year margin should be within the company’s long-term margin guidance of 41% to 43%.

Oil States International Inc., Annual General Meeting, May 15, 2013., at 09:00 Central Standard Time. Location: Hotel Granduca at 1080 Uptown Park Boulevard. Agenda: To elect three Class III members of the Board of Directors to serve until the 2016 Annual Meeting of Stockholders; to ratify the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the year ended December 31, 2013; to conduct an advisory vote to approve executive compensation; to approve the Oil States International, Inc. 2001 Equity Participation Plan, as amended and restated effective as of February 19, 2013; and to transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof.

Oil States International Inc., Q1 2013 Earnings Call, Apr 25, 2013