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SECURITIES AND EXCHANGE COMMISSION
þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 72-1123385 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
2700 Research Forest Drive, Suite 100 | ||
The Woodlands, Texas | 77381 | |
(Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
Large accelerated filero | Accelerated filerþ | Non-accelerated filero | Smaller Reporting Companyo | |||
(Do not check if a smaller reporting company) |
INDEX TO QUARTERLY REPORT ON FORM 10-Q
FOR THE THREE AND SIX MONTHS ENDED
JUNE 30, 2008
Item | Page | |||||||
Number | Description | Number | ||||||
1 | ||||||||
3 | ||||||||
4 | ||||||||
5 | ||||||||
6 | ||||||||
7 | ||||||||
2 | 16 | |||||||
3 | 25 | |||||||
4 | 26 | |||||||
1 | 26 | |||||||
1A | 26 | |||||||
2 | 26 | |||||||
3 | 26 | |||||||
4 | 27 | |||||||
5 | 27 | |||||||
6 | 27 | |||||||
28 | ||||||||
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 | ||||||||
Exhibit 32.2 |
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June 30, | December 31, | |||||||
(In thousands, except share data) | 2008 | 2007 | ||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 10,243 | $ | 5,741 | ||||
Receivables, net | 174,974 | 141,949 | ||||||
Inventories | 122,574 | 120,202 | ||||||
Deferred tax asset | 27,383 | 28,439 | ||||||
Prepaid expenses and other current assets | 12,846 | 12,131 | ||||||
Assets of discontinued operations | 84,834 | 86,628 | ||||||
Total current assets | 432,854 | 395,090 | ||||||
Property, plant and equipment, net | 159,534 | 159,094 | ||||||
Goodwill | 63,355 | 62,616 | ||||||
Deferred tax asset, net | 399 | 408 | ||||||
Other intangible assets, net | 16,648 | 18,474 | ||||||
Other assets | 6,250 | 6,097 | ||||||
Total assets | $ | 679,040 | $ | 641,779 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Foreign bank lines of credit | $ | 10,028 | $ | 7,297 | ||||
Current maturities of long-term debt | 11,400 | 11,565 | ||||||
Accounts payable | 67,331 | 62,505 | ||||||
Accrued liabilities | 26,454 | 20,367 | ||||||
Liabilities of discontinued operations | 11,687 | 10,456 | ||||||
Total current liabilities | 126,900 | 112,190 | ||||||
Long-term debt, less current portion | 157,787 | 158,616 | ||||||
Deferred tax liability | 13,913 | 5,923 | ||||||
Other noncurrent liabilities | 2,291 | 4,386 | ||||||
Total liabilities | 300,891 | 281,115 | ||||||
Common Stock, $0.01 par value, 100,000,000 shares authorized 90,953,756 and 90,215,175 shares issued, respectively | 909 | 902 | ||||||
Paid-in capital | 453,481 | 450,319 | ||||||
Accumulated other comprehensive income | 16,990 | 13,988 | ||||||
Retained deficit | (83,192 | ) | (104,545 | ) | ||||
Less treasury stock, at cost; 1,886,000 shares | (10,039 | ) | — | |||||
Total stockholders’ equity | 378,149 | 360,664 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 679,040 | $ | 641,779 | ||||
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(Unaudited)
Three Months | Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
(In thousands, except per share data) | 2008 | 2007 | 2008 | 2007 | ||||||||||||
Revenues | $ | 194,032 | $ | 149,982 | $ | 372,499 | $ | 299,246 | ||||||||
Cost of revenues | 173,511 | 131,386 | 330,820 | 259,420 | ||||||||||||
20,521 | 18,596 | 41,679 | 39,826 | |||||||||||||
General and administrative expenses | 4,996 | 5,111 | 9,777 | 13,266 | ||||||||||||
Operating income | 15,525 | 13,485 | 31,902 | 26,560 | ||||||||||||
Foreign currency exchange (gain) loss | (199 | ) | (331 | ) | 97 | (222 | ) | |||||||||
Interest expense, net | 2,649 | 3,812 | 5,876 | 8,232 | ||||||||||||
Income from continuing operations before income taxes | 13,075 | 10,004 | 25,929 | 18,550 | ||||||||||||
Provision for income taxes | 4,410 | 3,859 | 8,587 | 6,636 | ||||||||||||
Income from continuing operations | 8,665 | 6,145 | 17,342 | 11,914 | ||||||||||||
Income (loss) from discontinued operations, net of tax | 1,337 | (846 | ) | 4,011 | 619 | |||||||||||
Net income | $ | 10,002 | $ | 5,299 | $ | 21,353 | $ | 12,533 | ||||||||
Basic weighted average common shares outstanding | 88,762 | 89,979 | 89,454 | 89,907 | ||||||||||||
Diluted weighted average common shares outstanding | 89,073 | 90,671 | 89,671 | 90,359 | ||||||||||||
Income per common share (basic and diluted): | ||||||||||||||||
Income from continuing operations | $ | 0.10 | $ | 0.07 | $ | 0.19 | $ | 0.13 | ||||||||
Income (loss) from discontinued operations | 0.01 | (0.01 | ) | 0.05 | 0.01 | |||||||||||
Net income per common share | $ | 0.11 | $ | 0.06 | $ | 0.24 | $ | 0.14 | ||||||||
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Three Months | Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
(In thousands) | 2008 | 2007 | 2008 | 2007 | ||||||||||||
Net income | $ | 10,002 | $ | 5,299 | $ | 21,353 | $ | 12,533 | ||||||||
Changes in interest rate swap and cap, net of tax | 824 | (129 | ) | 43 | (172 | ) | ||||||||||
Foreign currency translation adjustments | 2,957 | 3,329 | 2,959 | 4,176 | ||||||||||||
Comprehensive income | $ | 13,783 | $ | 8,499 | $ | 24,355 | $ | 16,537 | ||||||||
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Six Months | ||||||||
Ended June 30, | ||||||||
(In thousands) | 2008 | 2007 | ||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 21,353 | $ | 12,533 | ||||
Adjustments to reconcile net income to net cash provided by operations: | ||||||||
Net income from discontinued operations | (4,011 | ) | (619 | ) | ||||
Depreciation and amortization | 12,272 | 9,952 | ||||||
Stock-based compensation expense | 2,314 | 1,197 | ||||||
Provision for deferred income taxes | 9,119 | 5,883 | ||||||
Provision for doubtful accounts | 1,336 | 549 | ||||||
Loss on sale of assets | 445 | 795 | ||||||
Change in assets and liabilities: | ||||||||
Increase in receivables | (32,170 | ) | (5,569 | ) | ||||
Increase in inventories | (832 | ) | (2,488 | ) | ||||
Increase in other assets | (961 | ) | (1,083 | ) | ||||
Increase in accounts payable | 3,431 | 10,068 | ||||||
Increase (decrease) in accrued liabilities and other | 2,939 | (7,400 | ) | |||||
Net operating activities of continuing operations | 15,235 | 23,818 | ||||||
Net operating activities of discontinued operations | 8,099 | 13,232 | ||||||
Net cash provided by operating activities | 23,334 | 37,050 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (11,465 | ) | (9,302 | ) | ||||
Proceeds from sale of property, plant and equipment | 78 | 633 | ||||||
Net investing activities of continuing operations | (11,387 | ) | (8,669 | ) | ||||
Net investing activities of discontinued operations | (115 | ) | (2,230 | ) | ||||
Net cash used in investing activities | (11,502 | ) | (10,899 | ) | ||||
Cash flows from financing activities: | ||||||||
Net borrowings (payments) on lines of credit | 2,098 | (30,555 | ) | |||||
Principal payments on notes payable and long-term debt | (1,014 | ) | (6,080 | ) | ||||
Proceeds from exercise of stock options and ESPP | 1,241 | 1,702 | ||||||
Purchase of treasury stock | (10,039 | ) | — | |||||
Net financing activities of continuing operations | (7,714 | ) | (34,933 | ) | ||||
Net financing activities of discontinued operations | (63 | ) | (31 | ) | ||||
Net cash used in financing activities | (7,777 | ) | (34,964 | ) | ||||
Effect of exchange rate changes | 447 | 222 | ||||||
Net increase (decrease) in cash and cash equivalents | 4,502 | (8,591 | ) | |||||
Cash and cash equivalents at beginning of year | 5,741 | 12,736 | ||||||
Cash and cash equivalents at end of year | $ | 10,243 | $ | 4,145 | ||||
Cash paid for: | ||||||||
Income taxes (net of refunds) | $ | 3,988 | $ | 3,759 | ||||
Interest | $ | 5,410 | $ | 8,410 |
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• | In January 2008, we entered into interest rate swap agreements to effectively fix the underlying LIBOR rate on our borrowings under our $50.0 million term loan. These swap agreements are valued based upon level 2 fair value criteria under the guidelines of SFAS 157, where the fair value of these instruments is determined using other observable inputs-including quoted prices for similar assets/liabilities and market corroborated inputs as well as quoted prices in inactive markets. The fair value of the interest rate swap arrangements was a $0.1 million asset, net of tax as of June 30, 2008. | ||
• | The FASB provided a one year deferral of the adoption of SFAS No. 157 for certain non-financial assets and liabilities. We elected to defer the adoption of the standard for these non-financial assets and liabilities, and are currently evaluating the impact, if any, that the deferred provisions of the standard will have on our financial statements. |
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2008 | 2007 | 2008 | 2007 | ||||||||||||
Revenues | $ | 16,549 | $ | 20,852 | $ | 32,783 | $ | 43,388 | ||||||||
Income (loss) from discontinued operations before income taxes | 2,193 | (1,587 | ) | 6,351 | 1,174 | |||||||||||
Income (loss) from discontinued operations, net of tax | 1,337 | (846 | ) | 4,011 | 619 |
June 30, | December 31, | |||||||
(In thousands) | 2008 | 2007 | ||||||
Receivables, net | $ | 11,626 | $ | 10,599 | ||||
Inventories | 119 | 341 | ||||||
Other current assets | 775 | 1,002 | ||||||
Property, plant and equipment | 66,805 | 69,175 | ||||||
Other assets | 5,509 | 5,511 | ||||||
Assets of discontinued operations | $ | 84,834 | $ | 86,628 | ||||
Accounts payable | $ | 6,570 | $ | 6,165 | ||||
Other Accrued liabilities | 2,413 | 1,587 | ||||||
Deferred tax liability | 2,704 | 2,704 | ||||||
Liabilities of discontinued operations | $ | 11,687 | $ | 10,456 | ||||
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(In thousands) | ||||
Receivables, net | $ | 2,093 | ||
Property, plant and equipment | 4,800 | |||
Goodwill | 4,576 | |||
Employment and non-compete agreements (4.5 year life) | 1,914 | |||
Customer relationships (10.6 year life) | 8,294 | |||
Total | $ | 21,677 | ||
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2008 | 2007 | 2008 | 2007 | ||||||||||||
Net income | $ | 10,002 | $ | 5,299 | $ | 21,353 | $ | 12,533 | ||||||||
Weighted average number of common shares outstanding | 88,762 | 89,979 | 89,454 | 89,907 | ||||||||||||
Add: Net effect of dilutive restricted stock, stock options and warrants | 311 | 692 | 217 | 452 | ||||||||||||
Adjusted weighted average number of common shares outstanding | 89,073 | 90,671 | 89,671 | 90,359 | ||||||||||||
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June 30, | December 31, | |||||||
(In thousands) | 2008 | 2007 | ||||||
Trade Receivables | $ | 144,427 | $ | 120,641 | ||||
Unbilled Receivables | 33,367 | 24,036 | ||||||
Gross trade receivables | 177,794 | 144,677 | ||||||
Allowance for doubtful accounts | (4,113 | ) | (3,890 | ) | ||||
Net trade receivables | $ | 173,681 | $ | 140,787 | ||||
Notes and other receivables | 1,293 | 1,162 | ||||||
Total receivables, net | $ | 174,974 | $ | 141,949 | ||||
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June 30, | December 31, | |||||||
(In thousands) | 2008 | 2007 | ||||||
Finished goods- mats | $ | 6,254 | $ | 8,120 | ||||
Raw Materials and components: | ||||||||
Drilling fluids raw material and components | 115,517 | 110,173 | ||||||
Supplies and other | 803 | 1,909 | ||||||
Total raw materials and components | 116,320 | 112,082 | ||||||
Total | $ | 122,574 | $ | 120,202 | ||||
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands) | 2008 | 2007 | 2008 | 2007 | ||||||||||||
Segment revenues | ||||||||||||||||
Fluids systems and engineering | $ | 169,128 | $ | 131,163 | $ | 326,344 | $ | 256,461 | ||||||||
Mats and integrated services | 24,904 | 18,819 | 46,155 | 42,785 | ||||||||||||
Total segment revenues | $ | 194,032 | $ | 149,982 | $ | 372,499 | $ | 299,246 | ||||||||
Segment operating income | ||||||||||||||||
Fluids systems and engineering | $ | 18,104 | $ | 16,323 | $ | 39,211 | $ | 32,953 | ||||||||
Mats and integrated services | 2,417 | 2,273 | 2,468 | 6,873 | ||||||||||||
Total segment operating income | 20,521 | 18,596 | 41,679 | 39,826 | ||||||||||||
General and administrative expenses | 4,996 | 5,111 | 9,777 | 13,266 | ||||||||||||
Total operating income from continuing operations | $ | 15,525 | $ | 13,485 | $ | 31,902 | $ | 26,560 | ||||||||
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Three Months Ended June 30, | 2008 vs 2007 | |||||||||||||||
2008 | 2007 | Count | % | |||||||||||||
U.S. Rig Count | 1,864 | 1,757 | 107 | 6 | % | |||||||||||
Canadian Rig Count | 166 | 144 | 22 | 15 | % | |||||||||||
Total | 2,030 | 1,901 | 129 | 7 | % |
Six Months Ended June 30, | 2008 vs 2007 | |||||||||||||||
2008 | 2007 | Count | % | |||||||||||||
U.S. Rig Count | 1,817 | 1,746 | 71 | 4 | % | |||||||||||
Canadian Rig Count | 341 | 333 | 8 | 2 | % | |||||||||||
Total | 2,158 | 2,079 | 79 | 4 | % |
Three Months Ended June 30, | 2008 vs 2007 | |||||||||||||||
(In thousands) | 2008 | 2007 | $ | % | ||||||||||||
Segment revenues | ||||||||||||||||
Fluids systems and engineering | $ | 169,128 | $ | 131,163 | $ | 37,965 | 29 | % | ||||||||
Mats and integrated services | 24,904 | 18,819 | 6,085 | 32 | % | |||||||||||
Total segment revenues | $ | 194,032 | $ | 149,982 | $ | 44,050 | 29 | % | ||||||||
Segment operating income | ||||||||||||||||
Fluids systems and engineering | $ | 18,104 | $ | 16,323 | $ | 1,781 | ||||||||||
Mats and integrated services | 2,417 | 2,273 | 144 | |||||||||||||
Total segment operating income | 20,521 | 18,596 | 1,925 | |||||||||||||
General and administrative expenses | 4,996 | 5,111 | (115 | ) | ||||||||||||
Operating income | $ | 15,525 | $ | 13,485 | $ | 2,040 | ||||||||||
Segment operating margin | ||||||||||||||||
Fluids systems and engineering | 10.7 | % | 12.4 | % | ||||||||||||
Mats and integrated services | 9.7 | % | 12.1 | % | ||||||||||||
Total segment operating margin | 10.6 | % | 12.4 | % |
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Six Months Ended June 30, | 2008 vs 2007 | |||||||||||||||
(In thousands) | 2008 | 2007 | $ | % | ||||||||||||
Segment revenues | ||||||||||||||||
Fluids systems and engineering | $ | 326,344 | $ | 256,461 | $ | 69,883 | 27 | % | ||||||||
Mats and integrated services | 46,155 | 42,785 | 3,370 | 8 | % | |||||||||||
Total segment revenues | $ | 372,499 | $ | 299,246 | $ | 73,253 | 24 | % | ||||||||
Segment operating income | ||||||||||||||||
Fluids systems and engineering | $ | 39,211 | $ | 32,953 | $ | 6,258 | ||||||||||
Mats and integrated services | 2,468 | 6,873 | (4,405 | ) | ||||||||||||
Total segment operating income | 41,679 | 39,826 | 1,853 | |||||||||||||
General and administrative expenses | 9,777 | 13,266 | (3,489 | ) | ||||||||||||
Operating income | $ | 31,902 | $ | 26,560 | $ | 5,342 | ||||||||||
Segment operating margin | ||||||||||||||||
Fluids systems and engineering | 12.0 | % | 12.8 | % | ||||||||||||
Mats and integrated services | 5.3 | % | 16.1 | % | ||||||||||||
Total segment operating margin | 11.2 | % | 13.3 | % |
Three Months Ended June 30, | 2008 vs 2007 | |||||||||||||||
(In thousands) | 2008 | 2007 | $ | % | ||||||||||||
North America | $ | 95,761 | $ | 82,978 | $ | 12,783 | 15 | % | ||||||||
Mediterranean and South America | 34,376 | 20,199 | 14,177 | 70 | % | |||||||||||
Total drilling fluid and engineering revenues | 130,137 | 103,177 | 26,960 | 26 | % | |||||||||||
Completion fluids and services | 22,139 | 17,731 | 4,408 | 25 | % | |||||||||||
Industrial materials | 16,852 | 10,255 | 6,597 | 64 | % | |||||||||||
Total | $ | 169,128 | $ | 131,163 | $ | 37,965 | 29 | % | ||||||||
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Three Months Ended June 30, | 2008 vs 2007 | |||||||||||||||
(In thousands) | 2008 | 2007 | $ | % | ||||||||||||
Mat rental and integrated services | $ | 14,311 | $ | 16,500 | $ | (2,189 | ) | (13 | %) | |||||||
Mat sales | 10,593 | 2,319 | 8,274 | 357 | % | |||||||||||
Total | $ | 24,904 | $ | 18,819 | $ | 6,085 | 32 | % | ||||||||
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Six Months Ended June 30, | 2008 vs 2007 | |||||||||||||||
(In thousands) | 2008 | 2007 | $ | % | ||||||||||||
North America | $ | 185,768 | $ | 161,967 | $ | 23,801 | 15 | % | ||||||||
Mediterranean and South America | 63,033 | 35,301 | 27,732 | 79 | % | |||||||||||
Total drilling fluid and engineering revenues | 248,801 | 197,268 | 51,533 | 26 | % | |||||||||||
Completion fluids and services | 44,105 | 36,971 | 7,134 | 19 | % | |||||||||||
Industrial materials | 33,438 | 22,222 | 11,216 | 50 | % | |||||||||||
Total | $ | 326,344 | $ | 256,461 | $ | 69,883 | 27 | % | ||||||||
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Six Months Ended June 30, | 2008 vs 2007 | |||||||||||||||
(In thousands) | 2008 | 2007 | $ | % | ||||||||||||
Mat rental and integrated services | $ | 31,261 | $ | 33,790 | $ | (2,529 | ) | (7 | %) | |||||||
Mat sales | 14,894 | 8,995 | 5,899 | 66 | % | |||||||||||
Total | $ | 46,155 | $ | 42,785 | $ | 3,370 | 8 | % | ||||||||
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June 30, | December 31, | |||||||
(In thousands) | 2008 | 2007 | ||||||
Term loan | $ | 50,000 | $ | 50,000 | ||||
Revolving credit facility | 117,000 | 117,000 | ||||||
Foreign bank lines of credit | 10,028 | 7,676 | ||||||
Other | 2,187 | 2,802 | ||||||
Total | 179,215 | 177,478 | ||||||
Less: current portion | (21,428 | ) | (18,862 | ) | ||||
Long-term portion of debt | 157,787 | 158,616 | ||||||
Stockholder’s equity | 378,149 | 360,664 | ||||||
Total long-term capitalization | $ | 535,936 | $ | 519,280 | ||||
Long-term debt to long-term capitalization | 29.4 | % | 30.5 | % | ||||
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Information regarding risk factors appears in Item 1A to our Annual Report on Form 10-K for the year ended December 31, 2007. The risk factor described below updates, and should be read in conjunction with, the risk factors identified in our Annual Report on Form 10-K for the period ended December 31, 2007.
The ability to provide many of our drilling fluid systems could be negatively impacted if we experience interruptions in deliveries of raw materials.
We currently secure the majority of our barite ore, which is a principal component of many drilling fluid systems, from foreign sources, primarily China and India. We rely upon the ability of our suppliers to mine the crude ore, provide the quality control function required to produce ore meeting market specifications and to manage the internal transportation and storage required to move the crude ore to designated ports for loading onto ocean vessels contracted by us. The internal logistics and supply chain infrastructure in China has struggled in keeping pace with the rapid expansion of China’s economy, resulting in periodic constraints in the supply of all raw materials. In addition, the supply of our barite ore is also vulnerable to other factors beyond our control including power shortages, political priorities (for example, the Olympic Games), and pending government imposed export fees in China as well as natural disasters such as the recent earthquake in Sichuan Province, China. Depending upon the extent of the damage and disruption caused by this earthquake to our suppliers and the transportation infrastructure, as well as the other factors listed above, our fluids systems and engineering segment as well as our operating results may be adversely affected.
Total Number of | Maximum Approximate Dollar | |||||||||||||||
Shares Purchased as Part | Value of Shares that May Yet | |||||||||||||||
Total Number of | Average Price | of Publicly Announced | be Purchased Under | |||||||||||||
Period | Shares Purchased | per Share | Plans or Programs | the Plans or Programs | ||||||||||||
April 1 - 30, 2008 | 770,000 | $ | 5.51 | 1,554,000 | $17.0 million | |||||||||||
May 1 - 31, 2008 | 332,000 | $ | 6.10 | 1,886,000 | $15.0 million | |||||||||||
June 1 - 30, 2008 | — | 1,886,000 | $15.0 million | |||||||||||||
Total | 1,102,000 | $ | 5.69 |
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(a) | We held an Annual Meeting of Stockholders on June 11, 2008. | ||
(b) | The following seven directors were elected at that meeting to serve until the next Annual Meeting of Stockholders, with the following votes cast: |
For | Withheld | |||||||
Jerry W. Box | 74,244,522 | 10,930,847 | ||||||
F. Walker Tucei, Jr. | 73,885,708 | 11,289,661 | ||||||
Gary L. Warren | 74,340,328 | 10,835,041 | ||||||
David C. Anderson | 74,279,763 | 10,895,606 | ||||||
Paul L. Howes | 74,330,132 | 10,845,237 | ||||||
James W. McFarland, Ph. D. | 73,876,733 | 11,298,636 | ||||||
G. Stephen Finley | 74,258,162 | 10,917,207 |
(c) | Newpark Resources, Inc. 2008 Employee Stock Purchase Plan was adopted by the Company’s stockholders, with the following votes cast: |
For | Against | Abstain | ||||||
72,538,211 | 264,814 | 2,578,677 |
For | Against | Abstain | Broker Non-Vote | |||||||||
85,040,203 | 43,197 | 91,968 | 9,793,667 |
10.1 | Membership Interests Purchase Agreement dated as of April 16, 2008 by and among Newpark Resources, Inc., Newpark Drilling Fluids, LLC, Newpark Texas, LLC, CCS Inc. and CCS Energy Services, LLC (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed May 2, 2008). | ||
10.2 | Termination, Release and Transaction Fee Agreement dated April 10, 2008 Among Newpark Resources, Inc., Newpark Drilling Fluids LLC, Newpark Texas, L.L.C., Trinity Storage Services, L.P., Trinity TLM Acquisitions, LLC and Moss Bluff Property, L.P., (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed April 16, 2008 (SEC File No. 001-02960)). | ||
10.3 | Employment Agreement, dated as of June 2, 2008, by and between Newpark Resources, Inc. and William D. Moss (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed June 6, 2008). | ||
31.1 | Certification of Paul L. Howes pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31.2 | Certification of James E. Braun pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32.1 | Certification of Paul L. Howes pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
32.2 | Certification of James E. Braun pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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NEWPARK RESOURCES, INC. | ||||
By: | /s/ Paul L. Howes | |||
Paul L. Howes, President and | ||||
Chief Executive Officer (Principal Executive Officer) | ||||
By: | /s/ James E. Braun | |||
James E. Braun, Vice President and | ||||
Chief Financial Officer (Principal Financial Officer) | ||||
By: | /s/ Gregg S. Piontek | |||
Gregg Piontek, Vice President, Controller and | ||||
Chief Accounting Officer (Principal Accounting Officer) |
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Table of Contents
10.1 | Membership Interests Purchase Agreement dated as of April 16, 2008 by and among Newpark Resources, Inc., Newpark Drilling Fluids, LLC, Newpark Texas, LLC, CCS Inc. and CCS Energy Services, LLC (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q filed May 2, 2008). | ||
10.2 | Termination, Release and Transaction Fee Agreement dated April 10, 2008 Among Newpark Resources, Inc., Newpark Drilling Fluids LLC, Newpark Texas, L.L.C., Trinity Storage Services, L.P., Trinity TLM Acquisitions, LLC and Moss Bluff Property, L.P., (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed April 16, 2008 (SEC File No. 001-02960)). | ||
10.3 | Employment Agreement, dated as of June 2, 2008, by and between Newpark Resources, Inc. and William D. Moss (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed June 6, 2008). | ||
31.1 | Certification of Paul L. Howes pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31.2 | Certification of James E. Braun pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32.1 | Certification of Paul L. Howes pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
32.2 | Certification of James E. Braun pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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