EXHIBIT 99.1
National Oilwell Varco, Inc.
Pro forma Selected Financial Data
(in millions)
2004 | 2005 | |||||||||||||||||||||||
1 | 2 | 3 | 4 | Total | 1 | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Rig Technology | 343.2 | 382.2 | 475.8 | 526.4 | 1,727.6 | 543.3 | ||||||||||||||||||
Petroleum Services & Supplies | 319.5 | 342.0 | 370.4 | 399.6 | 1,431.5 | 402.0 | ||||||||||||||||||
Distribution Services | 218.1 | 218.4 | 233.3 | 235.3 | 905.1 | 235.9 | ||||||||||||||||||
Eliminations | (42.2 | ) | (40.1 | ) | (46.4 | ) | (49.3 | ) | (178.0 | ) | (58.4 | ) | ||||||||||||
Total | $ | 838.6 | $ | 902.5 | $ | 1,033.1 | $ | 1,112.0 | $ | 3,886.2 | $ | 1,122.8 | ||||||||||||
Operating Income | ||||||||||||||||||||||||
Rig Technology | 18.1 | 36.2 | 53.3 | 65.7 | 173.3 | 61.3 | ||||||||||||||||||
Petroleum Services & Supplies | 45.9 | 47.9 | 58.3 | 66.4 | 218.5 | 63.6 | ||||||||||||||||||
Distribution Services | 5.5 | 6.7 | 8.4 | 9.0 | 29.6 | 7.6 | ||||||||||||||||||
Unallocated expenses and eliminations | (11.5 | ) | (12.7 | ) | (14.6 | ) | (18.9 | ) | (57.7 | ) | (22.0 | ) | ||||||||||||
Total | $ | 58.0 | $ | 78.1 | $ | 105.4 | $ | 122.2 | $ | 363.7 | $ | 110.5 | ||||||||||||
Operating Margins | ||||||||||||||||||||||||
Rig Technology | 5.3 | % | 9.5 | % | 11.2 | % | 12.5 | % | 10.0 | % | 11.3 | % | ||||||||||||
Petroleum Services & Supplies | 14.4 | % | 14.0 | % | 15.7 | % | 16.6 | % | 15.3 | % | 15.8 | % | ||||||||||||
Distribution Services | 2.5 | % | 3.1 | % | 3.6 | % | 3.8 | % | 3.3 | % | 3.2 | % | ||||||||||||
Unallocated expenses and eliminations | — | — | — | — | — | — | ||||||||||||||||||
Total | 6.9 | % | 8.7 | % | 10.2 | % | 11.0 | % | 9.4 | % | 9.8 | % | ||||||||||||
Capital Equipment: | ||||||||||||||||||||||||
Ending Backlog | $ | 782.9 | $ | 851.6 | ||||||||||||||||||||
Revenue | 305.0 | |||||||||||||||||||||||
Order Additions, net | 373.7 |
Note: | Effect of preliminary estimate of Varco balance sheet step-up is included in all periods. Excludes results from discontinued operations; restructuring charges of $1.8 million in the first quarter 2004, $1.1 million in the second quarter 2004, $1.1 million in the third quarter 2004, and $1.7 million in the fourth quarter 2004; a $3.8 million net litigation gain in the second quarter 2004; and NOI/VRC related merger costs of $5.0 million in the fourth quarter 2004 and $10.9 million in the first quarter 2005. |