Exhibit 99
| NEWS RELEASE |
HELMERICH & PAYNE, INC. / 1437 SOUTH BOULDER AVENUE / TULSA, OKLAHOMA
July 27, 2012
HELMERICH & PAYNE, INC. ANNOUNCES THIRD QUARTER EARNINGS
Helmerich & Payne, Inc. (NYSE: HP) reported income from continuing operations of $149,943,000 ($1.38 per diluted share) from operating revenues of $819,785,000 for its third fiscal quarter ended June 30, 2012, compared to income from continuing operations of $109,828,000 ($1.01 per diluted share) from operating revenues of $644,095,000 during last year’s third fiscal quarter ended June 30, 2011. Included in this year’s and last year’s third fiscal quarter income from continuing operations were $0.01 and $0.02 per share, respectively, of after-tax gains related to the sale of used drilling equipment and investment securities. Net income for the third fiscal quarter of 2012 was $149,925,000 ($1.38 per diluted share), compared to net income of $109,826,000 ($1.01 per diluted share) during last year’s third fiscal quarter.
For the nine months ended June 30, 2012, the Company reported income from continuing operations of $424,003,000 ($3.88 per diluted share) from operating revenues of $2,322,355,000 compared with income from continuing operations of $313,154,000 ($2.87 per diluted share) from operating revenues of $1,843,143,000 during the nine months ended June 30, 2011. Included in income from continuing operations for the first nine months of fiscal 2012 and 2011 were approximately $0.08 and $0.07 per share, respectively, of after-tax gains from the sale of used drilling equipment and investment securities. Net income for the first nine months of fiscal 2012 was $423,930,000 ($3.88 per diluted share), compared to net income of $312,766,000 ($2.87 per diluted share) during the first nine months of fiscal 2011.
Chairman and CEO Hans Helmerich commented, “We are pleased to report yet another all-time record level of quarterly income from continuing operations. Including the previous record level reported for the first fiscal quarter, this marks the second time that we announce record breaking results this year. Nonetheless, the pronounced decline in oil prices has impacted drilling market conditions and prospects. Our customers appear to be adjusting their budgets accordingly, and demand for drilling rigs and services seems to be softening. In the current rig count environment, operators may even become more focused in their efforts to enhance drilling efficiencies and reduce total well costs. We would expect the industry movement toward more complex well designs, faster cycle time, greater focus on safety and the use of innovative technology to continue to support H&P as a preferred drilling services provider. Our strengths are well aligned with these trends, which should allow us to continue to successfully provide greater value to our customers through the cycles.”
News Release
July 27, 2012
Segment operating income for U.S. land operations was $235,684,000 for the third fiscal quarter of 2012, compared with $176,832,000 for last year’s third fiscal quarter and $209,959,000 for this year’s second fiscal quarter. The sequential increase in segment operating income was attributable to a continued increase in activity and revenue combined with a decline in per rig expenses. As compared to this year’s second fiscal quarter, the number of revenue days for the segment sequentially increased by over two percent to 21,977, and the average rig revenue per day increased by $471 to $28,096 during the third fiscal quarter of 2012. The average rig expense per day for the segment declined by $489, and the average rig margin per day increased by $960 to $14,759 during this year’s third fiscal quarter. The rig revenue and margin per day averages included approximately $140 per day of early termination fees during the third fiscal quarter. These fees were attributable to four rigs that had an average remaining term duration of 45 days. Rig utilization for the segment was 89% for this year’s third fiscal quarter, compared with 87% for last year’s third fiscal quarter and 91% for this year’s second fiscal quarter. At June 30, 2012, the Company’s U.S. land segment had 246 contracted rigs (including 164 under term contracts) and 30 idle rigs.
Segment operating income for the Company’s offshore operations was $7,720,000 for the third fiscal quarter of 2012, compared with $12,944,000 for last year’s third fiscal quarter and $9,818,000 for this year’s second fiscal quarter. The sequential decline in segment operating income resulted from a lower level of activity and a lower average rig margin per day. The number of revenue days for this year’s third fiscal quarter sequentially declined by approximately three percent to 606, and the average rig margin per day for this year’s third fiscal quarter was $16,901 as compared to $20,561 for this year’s second quarter.
The Company’s international land segment operating income was $6,275,000 for this year’s third fiscal quarter, compared with a loss of $624,000 for last year’s third fiscal quarter and a loss of $974,000 for this year’s second fiscal quarter. The sequential increase in segment operating income was attributable to increased activity and margins during this year’s third fiscal quarter. The average rig margin per day increased to $7,704 in the third fiscal quarter of 2012 from $4,884 in the second fiscal quarter of 2012. Also as compared to this year’s second fiscal quarter, the number of revenue days for the third fiscal quarter increased by approximately five percent to 1,852.
The Company repurchased approximately 1.75 million shares of Helmerich & Payne stock during the third fiscal quarter at an average cost of approximately $44.40 per share. Also during the third fiscal quarter (and as previously announced), the Company entered into a credit agreement establishing a $300 million senior unsecured revolving credit facility.
Helmerich & Payne, Inc. is primarily a contract drilling company. As of July 27, 2012, the Company’s existing fleet included 279 land rigs in the U.S., 29 international land rigs and nine offshore platform rigs. In addition, the Company is scheduled to complete another 25 new H&P-designed and operated FlexRigs®* under long-term contracts with customers. Upon completion of these commitments, the Company’s global fleet is expected to have a total of 333 land rigs, including 296 FlexRigs.
(more)
News Release
July 27, 2012
Helmerich & Payne, Inc.’s conference call/webcast is scheduled to begin this morning at 11:00 a.m. ET (10:00 a.m. CT) and can be accessed at http://www.hpinc.com under Investors. If you are unable to participate during the live webcast, the call will be archived on H&P’s website indicated above for at least one year.
This release includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this release, including, without limitation, statements regarding the registrant’s future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations, are forward-looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion & Analysis of Results of Operations and Financial Condition” sections of the Company’s SEC filings, including but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. We undertake no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations or otherwise, except as required by law.
*FlexRig® is a registered trademark of Helmerich & Payne, Inc.
Contact:
Investor Relations
investor.relations@hpinc.com
(918) 588-5207
News Release
July 27, 2012
HELMERICH & PAYNE, INC.
Unaudited
(in thousands, except per share data)
|
| Three Months Ended |
| Nine Months Ended |
| |||||||||||
CONSOLIDATED STATEMENTS OF |
| March 31 |
| June 30 |
| June 30 |
| |||||||||
INCOME |
| 2012 |
| 2012 |
| 2011 |
| 2012 |
| 2011 |
| |||||
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Operating Revenues: |
|
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|
|
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|
|
|
| |||||
Drilling — U.S. Land |
| $ | 658,804 |
| $ | 706,786 |
| $ | 539,372 |
| $ | 1,983,369 |
| $ | 1,511,649 |
|
Drilling — Offshore |
| 43,421 |
| 41,617 |
| 54,569 |
| 135,830 |
| 150,022 |
| |||||
Drilling — International Land |
| 64,088 |
| 67,482 |
| 46,051 |
| 192,305 |
| 169,689 |
| |||||
Other |
| 3,669 |
| 3,900 |
| 4,103 |
| 10,851 |
| 11,783 |
| |||||
|
| 769,982 |
| 819,785 |
| 644,095 |
| 2,322,355 |
| 1,843,143 |
| |||||
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| |||||
Operating costs and expenses: |
|
|
|
|
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|
|
| |||||
Operating costs, excluding depreciation |
| 448,208 |
| 463,935 |
| 365,586 |
| 1,303,175 |
| 1,035,671 |
| |||||
Depreciation |
| 90,934 |
| 95,182 |
| 79,109 |
| 272,404 |
| 228,450 |
| |||||
General and administrative |
| 27,805 |
| 25,576 |
| 24,071 |
| 79,544 |
| 68,366 |
| |||||
Research and development |
| 3,830 |
| 4,299 |
| 4,399 |
| 11,378 |
| 11,509 |
| |||||
Income from asset sales |
| (7,820 | ) | (1,862 | ) | (3,488 | ) | (14,365 | ) | (10,262 | ) | |||||
|
| 562,957 |
| 587,130 |
| 469,677 |
| 1,652,136 |
| 1,333,734 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating income |
| 207,025 |
| 232,655 |
| 174,418 |
| 670,219 |
| 509,409 |
| |||||
|
|
|
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|
| |||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest and dividend income |
| 356 |
| 329 |
| 903 |
| 1,021 |
| 1,573 |
| |||||
Interest expense |
| (2,421 | ) | (2,411 | ) | (3,221 | ) | (7,293 | ) | (13,185 | ) | |||||
Gain on sale of investment securities |
| — |
| — |
| 913 |
| — |
| 913 |
| |||||
Other |
| (42 | ) | 309 |
| (190 | ) | 288 |
| 208 |
| |||||
|
| (2,107 | ) | (1,773 | ) | (1,595 | ) | (5,984 | ) | (10,491 | ) | |||||
|
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|
|
|
|
|
|
|
| |||||
Income from continuing operations before income taxes |
| 204,918 |
| 230,882 |
| 172,823 |
| 664,235 |
| 498,918 |
| |||||
Income tax provision |
| 75,155 |
| 80,939 |
| 62,995 |
| 240,232 |
| 185,764 |
| |||||
Income from continuing operations |
| 129,763 |
| 149,943 |
| 109,828 |
| 424,003 |
| 313,154 |
| |||||
|
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|
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|
|
|
|
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| |||||
Loss from discontinued operations before income taxes |
| (125 | ) | (18 | ) | (2 | ) | (154 | ) | (393 | ) | |||||
Income tax provision |
| (81 | ) | — |
| — |
| (81 | ) | (5 | ) | |||||
Loss from discontinued operations |
| (44 | ) | (18 | ) | (2 | ) | (73 | ) | (388 | ) | |||||
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|
|
|
|
|
|
|
|
|
|
| |||||
NET INCOME |
| $ | 129,719 |
| $ | 149,925 |
| $ | 109,826 |
| $ | 423,930 |
| $ | 312,766 |
|
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| |||||
Basic earnings per common share: |
|
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|
|
| |||||
Income from continuing operations |
| $ | 1.20 |
| $ | 1.40 |
| $ | 1.02 |
| $ | 3.94 |
| $ | 2.93 |
|
Loss from discontinued operations |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
|
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|
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|
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|
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|
|
| |||||
Net income |
| $ | 1.20 |
| $ | 1.40 |
| $ | 1.02 |
| $ | 3.94 |
| $ | 2.93 |
|
News Release
July 27, 2012
HELMERICH & PAYNE, INC.
Unaudited
(in thousands, except per share data)
|
| Three Months Ended |
| Nine Months Ended |
| |||||||||||
CONSOLIDATED STATEMENTS OF |
| March 31 |
| June 30 |
| June 30 |
| |||||||||
INCOME |
| 2012 |
| 2012 |
| 2011 |
| 2012 |
| 2011 |
| |||||
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Diluted earnings per common share: |
|
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| |||||
Income from continuing operations |
| $ | 1.18 |
| $ | 1.38 |
| $ | 1.01 |
| $ | 3.88 |
| $ | 2.87 |
|
Loss from discontinued operations |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
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|
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|
|
|
|
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|
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| |||||
Net income |
| $ | 1.18 |
| $ | 1.38 |
| $ | 1.01 |
| $ | 3.88 |
| $ | 2.87 |
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Weighted average shares outstanding: |
|
|
|
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|
|
|
|
|
| |||||
Basic |
| 107,385 |
| 107,016 |
| 106,962 |
| 107,196 |
| 106,501 |
| |||||
Diluted |
| 109,042 |
| 108,425 |
| 108,874 |
| 108,798 |
| 108,550 |
| |||||
News Release
July 27, 2012
HELMERICH & PAYNE, INC.
Unaudited
(in thousands)
|
| June 30 |
| September 30 |
| ||
CONSOLIDATED CONDENSED BALANCE SHEETS |
| 2012 |
| 2011 |
| ||
|
|
|
|
|
| ||
ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 148,866 |
| $ | 364,246 |
|
Other current assets |
| 786,133 |
| 584,538 |
| ||
Current assets of discontinued operations |
| 7,578 |
| 7,529 |
| ||
Total current assets |
| 942,577 |
| 956,313 |
| ||
Investments |
| 382,527 |
| 347,924 |
| ||
Net property, plant, and equipment |
| 4,170,303 |
| 3,677,070 |
| ||
Other assets |
| 22,894 |
| 22,584 |
| ||
TOTAL ASSETS |
| $ | 5,518,301 |
| $ | 5,003,891 |
|
|
|
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|
|
| ||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
| ||
Current liabilities |
| $ | 408,433 |
| $ | 411,750 |
|
Current liabilities of discontinued operations |
| 5,156 |
| 4,979 |
| ||
Total current liabilities |
| 413,589 |
| 416,729 |
| ||
Non-current liabilities |
| 1,232,700 |
| 1,079,565 |
| ||
Non-current liabilities of discontinued operations |
| 2,422 |
| 2,550 |
| ||
Long-term notes payable |
| 235,000 |
| 235,000 |
| ||
Total shareholders’ equity |
| 3,634,590 |
| 3,270,047 |
| ||
|
|
|
|
|
| ||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
| $ | 5,518,301 |
| $ | 5,003,891 |
|
News Release
July 27, 2012
HELMERICH & PAYNE, INC.
Unaudited
(in thousands)
|
| Nine Months Ended |
| ||||
|
| June 30 |
| ||||
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
| 2012 |
| 2011 |
| ||
|
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| ||
OPERATING ACTIVITIES: |
|
|
|
|
| ||
Net income |
| $ | 423,930 |
| $ | 312,766 |
|
Adjustment for loss from discontinued operations |
| 73 |
| 388 |
| ||
Income from continuing operations |
| 424,003 |
| 313,154 |
| ||
Depreciation |
| 272,404 |
| 228,450 |
| ||
Changes in assets and liabilities |
| (82,428 | ) | 157,282 |
| ||
Gain on sale of assets and investment securities |
| (14,365 | ) | (11,175 | ) | ||
Other |
| 13,437 |
| 9,120 |
| ||
Net cash provided by operating activities from continuing operations |
| 613,051 |
| 696,831 |
| ||
Net cash used in operating activities from discontinued operations |
| (73 | ) | (388 | ) | ||
Net cash provided by operating activities |
| 612,978 |
| 696,443 |
| ||
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INVESTING ACTIVITIES: |
|
|
|
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| ||
Capital expenditures |
| (774,243 | ) | (493,776 | ) | ||
Proceeds from sale of assets |
| 31,838 |
| 25,670 |
| ||
Acquisition of TerraVici Drilling Solutions |
| — |
| (4,000 | ) | ||
Net cash used in investing activities |
| (742,405 | ) | (472,106 | ) | ||
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FINANCING ACTIVITIES: |
|
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| ||
Repurchase of common stock |
| (71,404 | ) | — |
| ||
Dividends paid |
| (22,620 | ) | (19,222 | ) | ||
Exercise of stock options |
| 2,374 |
| 13,734 |
| ||
Tax withholdings related to net share settlements of restricted stock |
| (1,514 | ) | — |
| ||
Increase in bank overdraft |
| 3,955 |
| 4,844 |
| ||
Net proceeds from (payments for) short-term and long-term debt |
| — |
| (10,000 | ) | ||
Excess tax benefit from stock-based compensation |
| 3,256 |
| 11,352 |
| ||
Net cash used in financing activities |
| (85,953 | ) | 708 |
| ||
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|
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|
|
| ||
Net increase (decrease) in cash and cash equivalents |
| (215,380 | ) | 225,045 |
| ||
Cash and cash equivalents, beginning of period |
| 364,246 |
| 63,020 |
| ||
Cash and cash equivalents, end of period |
| $ | 148,866 |
| $ | 288,065 |
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News Release
July 27, 2012
|
| Three Months Ended |
| Nine Months Ended |
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|
| March 31 |
| June 30 |
| June 30 |
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SEGMENT REPORTING |
| 2012 |
| 2012 |
| 2011 |
| 2012 |
| 2011 |
| |||||
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| (in thousands, except days and per day amounts) |
| |||||||||||||
U.S. LAND OPERATIONS |
|
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Revenues |
| $ | 658,804 |
| $ | 706,786 |
| $ | 539,372 |
| $ | 1,983,369 |
| $ | 1,511,649 |
|
Direct operating expenses |
| 362,898 |
| 382,418 |
| 289,311 |
| 1,057,622 |
| 802,383 |
| |||||
General and administrative expense |
| 8,195 |
| 7,227 |
| 6,330 |
| 22,720 |
| 18,573 |
| |||||
Depreciation |
| 77,752 |
| 81,457 |
| 66,899 |
| 232,678 |
| 191,211 |
| |||||
Segment operating income |
| $ | 209,959 |
| $ | 235,684 |
| $ | 176,832 |
| $ | 670,349 |
| $ | 499,482 |
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| |||||
Revenue days |
| 21,444 |
| 21,977 |
| 18,912 |
| 64,389 |
| 53,958 |
| |||||
Average rig revenue per day |
| $ | 27,625 |
| $ | 28,096 |
| $ | 25,970 |
| $ | 27,537 |
| $ | 25,536 |
|
Average rig expense per day |
| $ | 13,826 |
| $ | 13,337 |
| $ | 12,748 |
| $ | 13,160 |
| $ | 12,391 |
|
Average rig margin per day |
| $ | 13,799 |
| $ | 14,759 |
| $ | 13,222 |
| $ | 14,377 |
| $ | 13,145 |
|
Rig utilization |
| 91 | % | 89 | % | 87 | % | 90 | % | 85 | % | |||||
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OFFSHORE OPERATIONS |
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Revenues |
| $ | 43,421 |
| $ | 41,617 |
| $ | 54,569 |
| $ | 135,830 |
| $ | 150,022 |
|
Direct operating expenses |
| 28,473 |
| 28,972 |
| 36,664 |
| 90,646 |
| 101,527 |
| |||||
General and administrative expense |
| 1,955 |
| 1,725 |
| 1,532 |
| 5,412 |
| 4,495 |
| |||||
Depreciation |
| 3,175 |
| 3,200 |
| 3,429 |
| 10,030 |
| 10,580 |
| |||||
Segment operating income |
| $ | 9,818 |
| $ | 7,720 |
| $ | 12,944 |
| $ | 29,742 |
| $ | 33,420 |
|
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|
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|
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| |||||
Revenue days |
| 627 |
| 606 |
| 638 |
| 1,930 |
| 1,843 |
| |||||
Average rig revenue per day |
| $ | 49,514 |
| $ | 49,539 |
| $ | 54,417 |
| $ | 51,013 |
| $ | 50,889 |
|
Average rig expense per day |
| $ | 28,953 |
| $ | 32,638 |
| $ | 28,597 |
| $ | 31,020 |
| $ | 28,234 |
|
Average rig margin per day |
| $ | 20,561 |
| $ | 16,901 |
| $ | 25,820 |
| $ | 19,993 |
| $ | 22,655 |
|
Rig utilization |
| 74 | % | 74 | % | 78 | % | 77 | % | 75 | % | |||||
News Release
July 27, 2012
|
| Three Months Ended |
| Nine Months Ended |
| |||||||||||
|
| March 31 |
| June 30 |
| June 30 |
| |||||||||
SEGMENT REPORTING |
| 2012 |
| 2012 |
| 2011 |
| 2012 |
| 2011 |
| |||||
|
| (in thousands, except days and per day amounts) |
| |||||||||||||
INTERNATIONAL LAND OPERATIONS |
|
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Revenues |
| $ | 64,088 |
| $ | 67,482 |
| $ | 46,051 |
| $ | 192,305 |
| $ | 169,689 |
|
Direct operating expenses |
| 56,637 |
| 52,495 |
| 39,131 |
| 154,296 |
| 130,459 |
| |||||
General and administrative expense |
| 795 |
| 939 |
| 825 |
| 2,512 |
| 2,633 |
| |||||
Depreciation |
| 7,630 |
| 7,773 |
| 6,719 |
| 22,257 |
| 20,411 |
| |||||
Segment operating income (loss) |
| $ | (974 | ) | $ | 6,275 |
| $ | (624 | ) | $ | 13,240 |
| $ | 16,186 |
|
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| |||||
Revenue days |
| 1,761 |
| 1,852 |
| 1,437 |
| 5,342 |
| 4,781 |
| |||||
Average rig revenue per day |
| $ | 31,401 |
| $ | 33,362 |
| $ | 29,201 |
| $ | 31,974 |
| $ | 32,188 |
|
Average rig expense per day |
| $ | 26,517 |
| $ | 25,658 |
| $ | 23,848 |
| $ | 24,775 |
| $ | 23,791 |
|
Average rig margin per day |
| $ | 4,884 |
| $ | 7,704 |
| $ | 5,353 |
| $ | 7,199 |
| $ | 8,397 |
|
Rig utilization |
| 75 | % | 77 | % | 65 | % | 77 | % | 69 | % | |||||
Operating statistics exclude the effects of offshore platform management contracts, gains and losses from translation of foreign currency transactions, and do not include reimbursements of “out-of-pocket” expenses in revenue per day, expense per day and margin calculations.
Reimbursed amounts were as follows:
U.S. Land Operations |
| $ | 66,419 |
| $ | 89,313 |
| $ | 48,236 |
| $ | 210,294 |
| $ | 133,798 |
|
Offshore Operations |
| $ | 4,267 |
| $ | 3,550 |
| $ | 12,817 |
| $ | 13,615 |
| $ | 28,231 |
|
International Land Operations |
| $ | 8,791 |
| $ | 5,696 |
| $ | 4,089 |
| $ | 21,499 |
| $ | 15,798 |
|
News Release
July 27, 2012
Segment operating income for all segments is a non-GAAP financial measure of the Company’s performance, as it excludes general and administrative expenses, corporate depreciation, income from asset sales and other corporate income and expense. The Company considers segment operating income to be an important supplemental measure of operating performance for presenting trends in the Company’s core businesses. This measure is used by the Company to facilitate period-to-period comparisons in operating performance of the Company’s reportable segments in the aggregate by eliminating items that affect comparability between periods. The Company believes that segment operating income is useful to investors because it provides a means to evaluate the operating performance of the segments and the Company on an ongoing basis using criteria that are used by our internal decision makers. Additionally, it highlights operating trends and aids analytical comparisons. However, segment operating income has limitations and should not be used as an alternative to operating income or loss, a performance measure determined in accordance with GAAP, as it excludes certain costs that may affect the Company’s operating performance in future periods.
The following table reconciles operating income per the information above to income from continuing operations before income taxes as reported on the Consolidated Statements of Income (in thousands).
|
| Three Months Ended |
| Nine Months Ended |
| |||||||||||
|
| March 31 |
| June 30 |
| June 30 |
| |||||||||
|
| 2012 |
| 2012 |
| 2011 |
| 2012 |
| 2011 |
| |||||
Operating income |
|
|
|
|
|
|
|
|
|
|
| |||||
U.S. Land |
| $ | 209,959 |
| $ | 235,684 |
| $ | 176,832 |
| $ | 670,349 |
| $ | 499,482 |
|
Offshore |
| 9,818 |
| 7,720 |
| 12,944 |
| 29,742 |
| 33,420 |
| |||||
International Land |
| (974 | ) | 6,275 |
| (624 | ) | 13,240 |
| 16,186 |
| |||||
Other |
| (1,833 | ) | (2,161 | ) | (2,078 | ) | (5,782 | ) | (5,044 | ) | |||||
Segment operating income |
| $ | 216,970 |
| $ | 247,518 |
| $ | 187,074 |
| $ | 707,549 |
| $ | 544,044 |
|
Corporate general and administrative |
| (16,860 | ) | (15,685 | ) | (15,384 | ) | (48,900 | ) | (42,665 | ) | |||||
Other depreciation |
| (1,668 | ) | (2,041 | ) | (1,423 | ) | (5,265 | ) | (4,153 | ) | |||||
Inter-segment elimination |
| 763 |
| 1,001 |
| 663 |
| 2,470 |
| 1,921 |
| |||||
Income from asset sales |
| 7,820 |
| 1,862 |
| 3,488 |
| 14,365 |
| 10,262 |
| |||||
Operating income |
| $ | 207,025 |
| $ | 232,655 |
| $ | 174,418 |
| $ | 670,219 |
| $ | 509,409 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest and dividend income |
| 356 |
| 329 |
| 903 |
| 1,021 |
| 1,573 |
| |||||
Interest expense |
| (2,421 | ) | (2,411 | ) | (3,221 | ) | (7,293 | ) | (13,185 | ) | |||||
Gain on sale of investment securities |
| — |
| — |
| 913 |
| — |
| 913 |
| |||||
Other |
| (42 | ) | 309 |
| (190 | ) | 288 |
| 208 |
| |||||
Total other income (expense) |
| (2,107 | ) | (1,773 | ) | (1,595 | ) | (5,984 | ) | (10,491 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before income taxes |
| $ | 204,918 |
| $ | 230,882 |
| $ | 172,823 |
| $ | 664,235 |
| $ | 498,918 |
|
# # #