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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 Report (Date of earliest event reported) April 4, 2000
SUPERIOR ENERGY SERVICES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware 0-20310 75-2379388
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
1105 Peters Road, Harvey, Louisiana 70058
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(504) 362-4321
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
ITEM 5. OTHER EVENTS.
On March 30, 2000, Superior Energy Services, Inc. issued the press
release attached hereto as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(b) Exhibits.
99 Press release issued by Superior Energy Services, Inc. on
March 30, 2000 announcing the filing of its Form 10-K for
the fiscal year ended December 31, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
SUPERIOR ENERGY SERVICES, INC.
By: /s/ Robert S. Taylor
-----------------------------
Robert S. Taylor
Chief Financial Officer
Dated: April 4, 2000
COMPANY PRESS RELEASE
Superior Energy Files 10-K for Fiscal 1999
HARVEY, La.--(BUSINESS WIRE)--March 30, 2000--Superior Energy Services,
Inc. (NASDAQ:SESI-new) today announced it has filed its Form 10-K for the
fiscal year ended December 31, 1999.
On July 15, 1999, Cardinal Holding Corp. merged with and into a wholly-
owned Superior subsidiary. The merger was treated for accounting purposes
as an acquisition of Superior by Cardinal and, accordingly, all historical
numbers presented herein for periods prior to July 15, 1999 represent the
results of Cardinal on a stand alone basis. The results of the fourth
quarter ended December 31, 1999 include three months of Cardinal and
Superior as well as two months of Production Management which was acquired
November 1, 1999. The results for the quarter ended December 31, 1998 are
Cardinal alone. The results for the twelve months ended December 31, 1999
include twelve months of Cardinal, five and a half months of Superior and
two months of Production Management. The results for the twelve months
ended December 31, 1998 are Cardinal alone. Analyzing prior period results
to determine or estimate the combined operating potential will be difficult
at best and perhaps meaningless given the fact that Cardinal, prior to the
merger, incurred substantial non-cash and extraordinary charges during the
last few years associated with a reorganization and recapitalization.
Beginning in the first quarter of 2000, the Company's financial results
will include Superior, Cardinal and Production Management for the entire
quarter.
For the quarter ended December 31, 1999, revenues were $44.1 million
resulting in net income of $1.8 million or $0.03 earnings per diluted
share. For the twelve months ended December 31, 1999, the company generated
revenues of $113.1 million resulting in a loss before extraordinary charges
of $2 million or $0.11 loss per diluted share.
Commenting on the results, Terence E. Hall, President and Chief Executive
Officer, stated, ``Industry conditions steadily improved in the fourth
quarter until holiday interruptions and adverse weather set in during the
last weeks of December. All of our business segments improved accordingly.
We successfully completed the integration of Cardinal and closed the
previously announced Production Management acquisition. The combined
company is heavily focused on providing a complete package of production
related services to our customers and is well positioned to take advantage
of the expected recovery in 2000.''
There is a correction in the application of the earnings per share rules as
it relates to periods prior to Superior's acquisition of Cardinal Holding
Corp. There has been no change to the previously reported net loss, however
the net loss per share for 1999 and 1998 has changed due to Cardinal's
operations on a stand alone basis prior to the acquisition. There is no
change to the 1999 fourth quarter results reflecting Superior's first
complete quarter of results following the Cardinal acquisition. As part of
Superior's financial review process and review by its independent auditors
of Superior's 1999 third quarter results and the original release, the
auditors subsequently indicated that the weighted average shares
outstanding prior to giving effect for accounting purposes to Superior's
reverse acquisition of Cardinal should be recalculated. In addition, the
reported net loss, for purposes of calculating earnings per share, is
adjusted for preferred stock dividends distributed by Cardinal prior to the
date of the merger. Other than the change to earnings per share for periods
prior to the merger, there are no changes to the results of operations or
financial condition previously reported.
Superior Energy Services, Inc. provides a broad range of specialized
oilfield services and equipment primarily to major and independent oil and
gas companies engaged in the exploration, production and development of oil
and natural gas properties offshore in the Gulf of Mexico and throughout
the Gulf Coast region. These services and equipment include the rental of
liftboats, rental of specialized oilfield equipment, electric and
mechanical wireline services, well plug and abandonment services, coiled
tubing services and engineering services. Additional services provided
include contract operating and supplemental labor, offshore construction
and maintenance services, offshore and dockside environmental cleaning
services, the manufacture and sale of drilling instrumentation and the
manufacture and sale of oil spill containment equipment.
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 which
involve known and unknown risks, uncertainties and other factors. Among the
factors that could cause actual results to differ materially are:
volatility of the oil and gas industry, including the level of exploration,
production and development activity; risks associated with the Company's
rapid growth; changes in competitive factors and other material factors
that are described from time to time in the Company's filings with the
Securities and Exchange Commission. Actual events, circumstances, effects
and results may be materially different from the results, performance or
achievements expressed or implied by the forward-looking statements.
Consequently, the forward-looking statements contained herein should not be
regarded as representations by Superior or any other person that the
projected outcomes can or will be achieved.
CONTACT:
Superior Energy Services Inc., Harvey
Terence Hall, Robert Taylor or Greg Rosenstein
504/362-4321