Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 17, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | NEWPARK RESOURCES INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 87,370,515 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 71829 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $69,409 | $46,846 |
Receivables, net | 316,276 | 323,439 |
Inventories | 203,926 | 209,734 |
Deferred tax asset | 9,972 | 11,596 |
Prepaid expenses and other current assets | 11,889 | 12,441 |
Total current assets | 611,472 | 604,056 |
Property, plant and equipment, net | 279,298 | 253,990 |
Goodwill | 89,360 | 87,388 |
Other intangible assets, net | 30,771 | 41,018 |
Other assets | 6,985 | 8,089 |
Total assets | 1,017,886 | 994,541 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Short-term debt | 12,242 | 2,599 |
Accounts payable | 99,863 | 114,377 |
Accrued liabilities | 50,603 | 42,620 |
Total current liabilities | 162,708 | 159,596 |
Long-term debt, less current portion | 219,795 | 256,832 |
Deferred tax liability | 44,115 | 46,348 |
Other noncurrent liabilities | 20,805 | 18,187 |
Total liabilities | 447,423 | 480,963 |
Commitments and contingencies (Note 8) | ||
Common stock, $0.01 par value, 200,000,000 shares authorized and 97,777,995 and 95,733,677 shares issued, respectively | 978 | 957 |
Paid-in capital | 501,319 | 484,962 |
Accumulated other comprehensive loss | -8,247 | -734 |
Retained earnings | 146,814 | 95,015 |
Treasury stock, at cost; 10,413,402 and 10,115,951 shares, respectively | -70,401 | -66,622 |
Total stockholders’ equity | 570,463 | 513,578 |
Total liabilities and stockholders' equity | $1,017,886 | $994,541 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 97,777,995 | 95,733,677 |
Treasury stock, shares | 10,413,402 | 10,115,951 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | $285,708 | $259,599 | $844,848 | $767,691 |
Cost of revenues | 230,206 | 210,276 | 685,856 | 626,712 |
Selling, general and administrative expenses | 25,433 | 20,878 | 74,277 | 62,135 |
Other operating income, net | -232 | -311 | -872 | -802 |
Operating income | 30,301 | 28,756 | 85,587 | 79,646 |
Foreign currency exchange loss | 975 | 185 | 1,082 | 416 |
Interest expense, net | 2,728 | 2,416 | 8,050 | 7,337 |
Income from operations before income taxes | 26,598 | 26,155 | 76,455 | 71,893 |
Provision for income taxes | 7,838 | 7,413 | 24,656 | 23,054 |
Net income | $18,760 | $18,742 | $51,799 | $48,839 |
Income per common share -basic: (in Dollars per share) | $0.22 | $0.22 | $0.61 | $0.55 |
Income per common share -diluted: (in Dollars per share) | $0.20 | $0.20 | $0.54 | $0.50 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $18,760 | $18,742 | $51,799 | $48,839 |
Foreign currency translation adjustments | 2,806 | 91 | -7,513 | -3,831 |
Comprehensive income | $21,566 | $18,833 | $44,286 | $45,008 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ||
Net income | $51,799 | $48,839 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 33,138 | 24,406 |
Stock-based compensation expense | 6,954 | 5,027 |
Provision for deferred income taxes | -311 | -4,654 |
Net provision for doubtful accounts | 221 | 1,282 |
(Gain) loss on sale of assets | -437 | 512 |
Excess tax benefit from stock-based compensation | -2,020 | |
Change in assets and liabilities: | ||
Decrease in receivables | 1,210 | 11,964 |
Decrease (increase) in inventories | 2,964 | -6,446 |
Decrease (increase) in other assets | 828 | -98 |
(Decrease) increase in accounts payable | -11,832 | 2,905 |
Increase (decrease) in accrued liabilities and other | 13,175 | -3,085 |
Net cash provided by operating activities | 95,689 | 80,652 |
Cash flows from investing activities: | ||
Capital expenditures | -52,550 | -34,858 |
Proceeds from sale of property, plant and equipment | 1,248 | 823 |
Net cash used in investing activities | -51,302 | -34,035 |
Cash flows from financing activities: | ||
Borrowings on lines of credit | 215,994 | 222,868 |
Payments on lines of credit | -243,141 | -213,221 |
Proceeds from employee stock plans | 8,102 | 1,007 |
Post-closing payment for business acquisition | -11,892 | |
Purchase of treasury stock | -4,227 | -35,698 |
Excess tax benefit from stock-based compensation | 2,020 | |
Other financing activities | -25 | -48 |
Net cash used in financing activities | -21,277 | -36,984 |
Effect of exchange rate changes on cash | -547 | 577 |
Net increase in cash and cash equivalents | 22,563 | 10,210 |
Cash and cash equivalents at beginning of year | 46,846 | 25,247 |
Cash and cash equivalents at end of period | 69,409 | 35,457 |
Cash paid for: | ||
Income taxes (net of refunds) | 21,637 | 17,370 |
Interest | $5,047 | $4,665 |
Note_1_Basis_of_Presentation_a
Note 1 - Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 – Basis of Presentation and Significant Accounting Policies |
The accompanying unaudited condensed consolidated financial statements of Newpark Resources, Inc. and our wholly-owned subsidiaries, which we refer to as “we,” “our” or “us,” have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission (“SEC”), and do not include all information and footnotes required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012. Our fiscal year end is December 31, our third quarter represents the three month period ended September 30 and our first nine months represents the nine month period ended September 30. The results of operations for the third quarter and first nine months of 2013 are not necessarily indicative of the results to be expected for the entire year. Unless otherwise stated, all currency amounts are stated in U.S. dollars. | |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2013, the results of our operations for the third quarter and first nine months of 2013 and 2012, and our cash flows for the first nine months of 2013 and 2012. All adjustments are of a normal recurring nature. Our balance sheet at December 31, 2012 is derived from the audited consolidated financial statements at that date. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For further information, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2012. | |
New Accounting Standards | |
In February 2013, the Financial Accounting Standards Board issued additional guidance on disclosure requirements for items reclassified out of accumulated other comprehensive income which was effective for us beginning in the first quarter of 2013. This new guidance requires entities to present (either on the face of the income statement or in the notes) the effects on the line items of the income statement for amounts reclassified out of accumulated other comprehensive income. During the third quarter and first nine months of 2013, we had no reclassifications out of accumulated other comprehensive income, the only changes relate to foreign currency translation adjustments. |
Note_2_Earnings_per_Share
Note 2 - Earnings per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Share [Text Block] | Note 2 – Earnings per Share | ||||||||||||||||
The following table presents the reconciliation of the numerator and denominator for calculating earnings per share: | |||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||
(In thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic EPS: | |||||||||||||||||
Net income | $ | 18,760 | $ | 18,742 | $ | 51,799 | $ | 48,839 | |||||||||
Weighted average number of common shares outstanding | 85,775 | 86,423 | 84,902 | 88,491 | |||||||||||||
Basic income per common share | $ | 0.22 | $ | 0.22 | $ | 0.61 | $ | 0.55 | |||||||||
Diluted EPS: | |||||||||||||||||
Net income | $ | 18,760 | $ | 18,742 | $ | 51,799 | $ | 48,839 | |||||||||
Assumed conversions of Senior Notes | 1,374 | 1,396 | 3,921 | 3,944 | |||||||||||||
Adjusted net income | $ | 20,134 | $ | 20,138 | $ | 55,720 | $ | 52,783 | |||||||||
Weighted average number of common shares outstanding-basic | 85,775 | 86,423 | 84,902 | 88,491 | |||||||||||||
Add: Dilutive effect of stock options and restricted stock awards | 1,503 | 695 | 1,718 | 756 | |||||||||||||
Dilutive effect of Senior Notes | 15,682 | 15,682 | 15,682 | 15,682 | |||||||||||||
Diluted weighted average number of common shares outstanding | 102,960 | 102,800 | 102,302 | 104,929 | |||||||||||||
Diluted income per common share | $ | 0.2 | $ | 0.2 | $ | 0.54 | $ | 0.5 | |||||||||
Stock options and restricted stock excluded from calculation of diluted earnings per share because anti-dilutive for the period | 591 | 3,377 | 565 | 2,503 | |||||||||||||
Weighted average dilutive stock options and restricted stock outstanding totaled approximately 4.9 million and 3.1 million shares for the third quarter of 2013 and 2012, respectively, and 5.2 million and 3.0 million for the first nine months of 2013 and 2012, respectively. The resulting net effect of stock options and restricted stock were used in calculating diluted earnings per share for the period. |
Note_3_StockBased_Compensation
Note 3 - Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 3 – Stock-Based Compensation |
During the second quarter of 2013, the Compensation Committee of our Board of Directors approved equity-based compensation to executive officers and other key employees. These awards included a grant of 714,879 shares of time-vesting restricted stock and restricted stock units, which vest equally over a three-year period. Non-employee directors received shares of restricted stock totaling 67,365 shares, which will vest in full on the first anniversary of the grant date. The fair value on the date of grant for both of these awards was $11.43 per share. | |
Additionally, 497,658 stock options were granted to executive officers and other key employees at an exercise price of $11.43, which provides for equal vesting over a three-year period with a term of ten years. The estimated fair value of the stock options on the grant date using the Black-Scholes option-pricing model was $5.42. The assumptions used in the Black-Scholes model included a risk free interest rate of 1.02%, expected life of 5.22 years and expected volatility of 53.7%. | |
The Compensation Committee also approved performance-based awards during the second quarter of 2013 to executive officers. The performance-based restricted stock units will be settled in shares of common stock and will be based on the relative ranking of the Company’s total shareholder return (“TSR”) as compared to the TSR of the Company’s designated peer group for 2013. The performance period began May 3, 2013 and ends June 1, 2016, with the ending TSR price being equal to the average closing price of our shares over the 30-calendar days ending June 1, 2016. A total of 149,532 performance restricted stock units were granted with the payout of shares for each executive ranging from 0%-150% of target. The estimated fair value of each restricted stock unit at the date of grant using the Monte Carlo valuation model was $13.11. The valuation was done as of June 3, 2013, which included a risk free interest rate of 0.52%, the average closing price of our shares over the 30-calendar days ending June 3, 2013 of $11.33 and expected volatility of 53.58%. |
Note_4_Treasury_Stock
Note 4 - Treasury Stock | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block Supplement [Abstract] | |
Treasury Stock [Text Block] | Note 4 – Treasury Stock |
In April 2013, our Board of Directors approved a share repurchase program that authorizes the Company to purchase up to $50.0 million of its outstanding shares of common stock. These purchases are funded with a combination of cash generated from operations and borrowings under the Company’s revolving credit facility, and the repurchase program has no specific term. The Company may repurchase shares in the open market or as otherwise determined by management, subject to market conditions, business opportunities and other factors. As part of the share repurchase program, the Company’s management has been authorized to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934. As of September 30, 2013, 189,536 shares were repurchased for an average price of approximately $11.69 per share, including commissions. All of the shares repurchased are held as treasury stock. We record treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. |
Note_5_Acquisition
Note 5 - Acquisition | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | |||||
Business Combination Disclosure [Text Block] | Note 5 – Acquisition | ||||
In December 2012, we completed the acquisition of substantially all assets and operations of Alliance Drilling Fluids, LLC (“Alliance”), a provider of drilling fluids, proppant distribution, and related services headquartered in Midland, Texas. Total cash consideration at closing was approximately $53 million, which was funded through borrowings on our revolving credit facility. The purchase price is subject to further adjustments, based upon actual working capital conveyed. Additional consideration up to $4.3 million may be payable based on the profitability of the proppant distribution business over the two-year period following the acquisition. | |||||
The transaction has been recorded using the acquisition method of accounting and accordingly, assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The excess of the total consideration, including projected additional consideration, was recorded as goodwill and includes the value of the assembled workforce. While the initial purchase price allocation has been completed, the allocation of the purchase price is subject to change for a period of one year following the acquisition. The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the December 31, 2012 acquisition date. | |||||
(In thousands) | |||||
Receivables, net | $ | 22,822 | |||
Inventories | 5,779 | ||||
Property, plant and equipment, net | 4,932 | ||||
Goodwill | 13,775 | ||||
Customer relationships | 17,370 | ||||
Tradename | 2,020 | ||||
Employment contracts | 1,625 | ||||
Deferred tax asset | 203 | ||||
Total assets acquired | $ | 68,526 | |||
Accounts payable | $ | 7,002 | |||
Accrued liabilities | 4,149 | ||||
Other noncurrent liabilities | 4,300 | ||||
Total liabilities assumed | $ | 15,451 | |||
Total cash conveyed at closing | $ | 53,075 | |||
The other non-current liabilities balance above includes $4.3 million of post-closing payments due to the seller, reflecting the expected contingent consideration described above. |
Note_6_Receivables_and_Invento
Note 6 - Receivables and Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables And Inventories [Abstract] | |||||||||
Receivables And Inventories [Text Block] | Note 6 – Receivables and Inventories | ||||||||
Receivables - Receivables consist of the following: | |||||||||
(In thousands) | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Gross trade receivables | $ | 298,009 | $ | 307,276 | |||||
Allowance for doubtful accounts | (4,101 | ) | (4,078 | ) | |||||
Net trade receivables | 293,908 | 303,198 | |||||||
Other receivables | 22,368 | 20,241 | |||||||
Total receivables, net | $ | 316,276 | $ | 323,439 | |||||
Inventories - Our inventories include $202.6 million and $208.6 million for our drilling fluids systems at September 30, 2013 and December 31, 2012, respectively. The remaining balance consists primarily of composite mat finished goods. |
Note_7_Financing_Arrangements_
Note 7 - Financing Arrangements and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 7 – Financing Arrangements and Fair Value of Financial Instruments |
Our financing arrangements include $172.5 million of unsecured convertible senior notes (“Senior Notes”) and a $125.0 million revolving credit facility which can be increased by $75.0 million for a maximum $200.0 million of capacity. At September 30, 2013, $47.0 million was outstanding under the revolving credit facility. The Senior Notes bear interest at a rate of 4.0% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning April 1, 2011. Holders may convert the Senior Notes at their option at any time prior to the close of business on the business day immediately preceding the October 1, 2017 maturity date. The conversion rate is initially 90.8893 shares of our common stock per $1,000 principal amount of Senior Notes (equivalent to an initial conversion price of $11.00 per share of common stock), subject to adjustment in certain circumstances. Upon conversion, the Senior Notes will be settled in shares of our common stock. We may not redeem the Senior Notes prior to their maturity date. | |
Our financial instruments include cash and cash equivalents, receivables, payables and debt. We believe the carrying values of these instruments, with the exception of our Senior Notes, approximated their fair values at September 30, 2013 and December 31, 2012. The estimated fair value of our Senior Notes is $234.6 million at September 30, 2013 and $176.0 million at December 31, 2012, based on quoted market prices at these respective dates. |
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 8 – Commitments and Contingencies |
In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state and local levels. In the opinion of management, any liability in these matters should not have a material effect on our consolidated financial statements. |
Note_9_Segment_Data
Note 9 - Segment Data | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | Note 9 – Segment Data | ||||||||||||||||
Summarized operating results for our reportable segments is shown in the following table (net of inter-segment transfers): | |||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | |||||||||||||||||
Fluids Systems & Engineering | $ | 233,020 | $ | 211,457 | $ | 714,323 | $ | 632,341 | |||||||||
Mats & Integrated Services | 35,112 | 35,067 | 81,108 | 95,671 | |||||||||||||
Environmental Services | 17,576 | 13,075 | 49,417 | 39,679 | |||||||||||||
Total Revenues | $ | 285,708 | $ | 259,599 | $ | 844,848 | $ | 767,691 | |||||||||
Operating Income (loss) | |||||||||||||||||
Fluids Systems & Engineering | $ | 17,140 | $ | 14,798 | $ | 57,446 | $ | 42,273 | |||||||||
Mats & Integrated Services | 15,345 | 15,992 | 34,166 | 43,406 | |||||||||||||
Environmental Services | 4,656 | 3,089 | 13,485 | 10,178 | |||||||||||||
Corporate Office | (6,840 | ) | (5,123 | ) | (19,510 | ) | (16,211 | ) | |||||||||
Operating Income | $ | 30,301 | $ | 28,756 | $ | 85,587 | $ | 79,646 | |||||||||
Note_2_Earnings_per_Share_Tabl
Note 2 - Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Third Quarter | First Nine Months | |||||||||||||||
(In thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic EPS: | |||||||||||||||||
Net income | $ | 18,760 | $ | 18,742 | $ | 51,799 | $ | 48,839 | |||||||||
Weighted average number of common shares outstanding | 85,775 | 86,423 | 84,902 | 88,491 | |||||||||||||
Basic income per common share | $ | 0.22 | $ | 0.22 | $ | 0.61 | $ | 0.55 | |||||||||
Diluted EPS: | |||||||||||||||||
Net income | $ | 18,760 | $ | 18,742 | $ | 51,799 | $ | 48,839 | |||||||||
Assumed conversions of Senior Notes | 1,374 | 1,396 | 3,921 | 3,944 | |||||||||||||
Adjusted net income | $ | 20,134 | $ | 20,138 | $ | 55,720 | $ | 52,783 | |||||||||
Weighted average number of common shares outstanding-basic | 85,775 | 86,423 | 84,902 | 88,491 | |||||||||||||
Add: Dilutive effect of stock options and restricted stock awards | 1,503 | 695 | 1,718 | 756 | |||||||||||||
Dilutive effect of Senior Notes | 15,682 | 15,682 | 15,682 | 15,682 | |||||||||||||
Diluted weighted average number of common shares outstanding | 102,960 | 102,800 | 102,302 | 104,929 | |||||||||||||
Diluted income per common share | $ | 0.2 | $ | 0.2 | $ | 0.54 | $ | 0.5 | |||||||||
Stock options and restricted stock excluded from calculation of diluted earnings per share because anti-dilutive for the period | 591 | 3,377 | 565 | 2,503 |
Note_5_Acquisition_Tables
Note 5 - Acquisition (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (In thousands) | ||||
Receivables, net | $ | 22,822 | |||
Inventories | 5,779 | ||||
Property, plant and equipment, net | 4,932 | ||||
Goodwill | 13,775 | ||||
Customer relationships | 17,370 | ||||
Tradename | 2,020 | ||||
Employment contracts | 1,625 | ||||
Deferred tax asset | 203 | ||||
Total assets acquired | $ | 68,526 | |||
Accounts payable | $ | 7,002 | |||
Accrued liabilities | 4,149 | ||||
Other noncurrent liabilities | 4,300 | ||||
Total liabilities assumed | $ | 15,451 | |||
Total cash conveyed at closing | $ | 53,075 |
Note_6_Receivables_and_Invento1
Note 6 - Receivables and Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Receivables And Inventories [Abstract] | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) | September 30, | December 31, | ||||||
2013 | 2012 | ||||||||
Gross trade receivables | $ | 298,009 | $ | 307,276 | |||||
Allowance for doubtful accounts | (4,101 | ) | (4,078 | ) | |||||
Net trade receivables | 293,908 | 303,198 | |||||||
Other receivables | 22,368 | 20,241 | |||||||
Total receivables, net | $ | 316,276 | $ | 323,439 |
Note_9_Segment_Data_Tables
Note 9 - Segment Data (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Third Quarter | First Nine Months | |||||||||||||||
(In thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | |||||||||||||||||
Fluids Systems & Engineering | $ | 233,020 | $ | 211,457 | $ | 714,323 | $ | 632,341 | |||||||||
Mats & Integrated Services | 35,112 | 35,067 | 81,108 | 95,671 | |||||||||||||
Environmental Services | 17,576 | 13,075 | 49,417 | 39,679 | |||||||||||||
Total Revenues | $ | 285,708 | $ | 259,599 | $ | 844,848 | $ | 767,691 | |||||||||
Operating Income (loss) | |||||||||||||||||
Fluids Systems & Engineering | $ | 17,140 | $ | 14,798 | $ | 57,446 | $ | 42,273 | |||||||||
Mats & Integrated Services | 15,345 | 15,992 | 34,166 | 43,406 | |||||||||||||
Environmental Services | 4,656 | 3,089 | 13,485 | 10,178 | |||||||||||||
Corporate Office | (6,840 | ) | (5,123 | ) | (19,510 | ) | (16,211 | ) | |||||||||
Operating Income | $ | 30,301 | $ | 28,756 | $ | 85,587 | $ | 79,646 |
Note_2_Earnings_per_Share_Deta
Note 2 - Earnings per Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Weighted Average Dilutive Stock Options and Restricted Stock Outstanding | 4.9 | 3.1 | 5.2 | 3 |
Note_2_Earnings_per_Share_Deta1
Note 2 - Earnings per Share (Details) - Earnings per Share (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic EPS: | ||||
Net income (loss) (in Dollars) | $18,760 | $18,742 | $51,799 | $48,839 |
Assumed conversions of Senior Notes (in Dollars) | 1,374 | 1,396 | 3,921 | 3,944 |
Adjusted net income (in Dollars) | $20,134 | $20,138 | $55,720 | $52,783 |
Weighted average number of common shares outstanding-basic | 85,775 | 86,423 | 84,902 | 88,491 |
Add: Dilutive effect of stock options and restricted stock awards | 1,503 | 695 | 1,718 | 756 |
Dilutive effect of Senior Notes | 15,682 | 15,682 | 15,682 | 15,682 |
Diluted weighted average number of common shares outstanding | 102,960 | 102,800 | 102,302 | 104,929 |
Diluted income per common share (in Dollars per share) | $0.20 | $0.20 | $0.54 | $0.50 |
Stock options and restricted stock excluded from calculation of diluted earnings per share because anti-dilutive for the period | 591 | 3,377 | 565 | 2,503 |
Weighted average number of common shares outstanding | 85,775 | 86,423 | 84,902 | 88,491 |
Add: Dilutive effect of stock options and restricted stock awards | 1,503 | 695 | 1,718 | 756 |
Dilutive effect of Senior Notes | 15,682 | 15,682 | 15,682 | 15,682 |
Basic income per common share (in Dollars per share) | $0.22 | $0.22 | $0.61 | $0.55 |
Note_3_StockBased_Compensation1
Note 3 - Stock-Based Compensation (Details) (USD $) | 2 Months Ended | 3 Months Ended |
Jun. 03, 2013 | Jun. 30, 2013 | |
Note 3 - Stock-Based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 714,879 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 497,658 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $11.43 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $5.42 | |
Restricted Stock [Member] | ||
Note 3 - Stock-Based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 67,365 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $11.43 | |
Employee Stock Option [Member] | ||
Note 3 - Stock-Based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Term in Years | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.02% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 80 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 53.70% | |
Performance Shares [Member] | ||
Note 3 - Stock-Based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 149,532 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $13.11 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.52% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 53.58% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in Dollars per share) | $11.33 | |
Minimum [Member] | ||
Note 3 - Stock-Based Compensation (Details) [Line Items] | ||
Share-based Compensation, Performance Restricted Stock Units, Payout of Shares Target, Percent | 0.00% | |
Maximum [Member] | ||
Note 3 - Stock-Based Compensation (Details) [Line Items] | ||
Share-based Compensation, Performance Restricted Stock Units, Payout of Shares Target, Percent | 150.00% |
Note_4_Treasury_Stock_Details
Note 4 - Treasury Stock (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Disclosure Text Block Supplement [Abstract] | ||
Stock Repurchase Program, Authorized Amount (in Dollars) | $50 | |
Stock Repurchased During Period, Shares | 189,536 | |
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $11.69 |
Note_5_Acquisition_Details
Note 5 - Acquisition (Details) (USD $) | 1 Months Ended | 9 Months Ended | |
Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Business Combinations [Abstract] | |||
Payments to Acquire Businesses, Gross | $53,000,000 | $11,892,000 | |
Business Acquisition Contingent Consideration Potential Cash Payment1 | 4,300,000 | ||
Earn Out Period | 2 years | ||
Anticipated Post Closing Payments To Seller Under Terms Of Agreement | $4,300,000 |
Note_5_Acquisition_Details_Ass
Note 5 - Acquisition (Details) - Assets Acquired and Liabilities Assumed (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Note 5 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items] | ||
Goodwill | $89,360 | $87,388 |
Alliance Drill Fluids, LLC [Member] | Customer Relationships [Member] | ||
Note 5 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items] | ||
Finite-lived intangible assets | 17,370 | |
Alliance Drill Fluids, LLC [Member] | Trade Names [Member] | ||
Note 5 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items] | ||
Finite-lived intangible assets | 2,020 | |
Alliance Drill Fluids, LLC [Member] | Employment Contracts [Member] | ||
Note 5 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items] | ||
Finite-lived intangible assets | 1,625 | |
Alliance Drill Fluids, LLC [Member] | ||
Note 5 - Acquisition (Details) - Assets Acquired and Liabilities Assumed [Line Items] | ||
Receivables, net | 22,822 | |
Inventories | 5,779 | |
Property, plant and equipment, net | 4,932 | |
Goodwill | 13,775 | |
Deferred tax asset | 203 | |
Total assets acquired | 68,526 | |
Accounts payable | 7,002 | |
Accrued liabilities | 4,149 | |
Other noncurrent liabilities | 4,300 | |
Total liabilities assumed | 15,451 | |
Total cash conveyed at closing | $53,075 |
Note_6_Receivables_and_Invento2
Note 6 - Receivables and Inventories (Details) (Drilling Fluids Systems [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Drilling Fluids Systems [Member] | ||
Note 6 - Receivables and Inventories (Details) [Line Items] | ||
Inventory, Gross | $202.60 | $208.60 |
Note_6_Receivables_and_Invento3
Note 6 - Receivables and Inventories (Details) - Receivables (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Gross trade receivables | $298,009 | $307,276 |
Allowance for doubtful accounts | -4,101 | -4,078 |
Net trade receivables | 293,908 | 303,198 |
Other receivables | 22,368 | 20,241 |
Total receivables, net | $316,276 | $323,439 |
Note_7_Financing_Arrangements_1
Note 7 - Financing Arrangements and Fair Value of Financial Instruments (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Senior Notes [Member] | ||
Note 7 - Financing Arrangements and Fair Value of Financial Instruments (Details) [Line Items] | ||
Debt Instrument, Face Amount | $172,500,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |
Debt Conversion Converted Instrument Shares Issued For Basis Principal (in Shares) | 90.8893 | |
Debt Conversion Principal Amount Of Senior Notes As Basis For Conversion Rate | 1,000 | |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $11 | |
Fair Value, Estimate Not Practicable, Senior Debt Obligations | 234,600,000 | 176,000,000 |
Revolving Credit Facility [Member] | ||
Note 7 - Financing Arrangements and Fair Value of Financial Instruments (Details) [Line Items] | ||
Additional Borrowing Capacity on Credit Facility | 75,000,000 | |
Line of Credit Facility, Amount Outstanding | 47,000,000 | |
Minimum [Member] | Revolving Credit Facility [Member] | ||
Note 7 - Financing Arrangements and Fair Value of Financial Instruments (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000,000 | |
Maximum [Member] | Revolving Credit Facility [Member] | ||
Note 7 - Financing Arrangements and Fair Value of Financial Instruments (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $200,000,000 |
Note_9_Segment_Data_Details_Fi
Note 9 - Segment Data (Details) - Financial Information by Segment (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Revenues by segment | $285,708 | $259,599 | $844,848 | $767,691 |
Operating income (loss) by segment | 30,301 | 28,756 | 85,587 | 79,646 |
Fluids Systems & Engineering [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues by segment | 233,020 | 211,457 | 714,323 | 632,341 |
Operating income (loss) by segment | 17,140 | 14,798 | 57,446 | 42,273 |
Mats and Integrated Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues by segment | 35,112 | 35,067 | 81,108 | 95,671 |
Operating income (loss) by segment | 15,345 | 15,992 | 34,166 | 43,406 |
Environmental Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues by segment | 17,576 | 13,075 | 49,417 | 39,679 |
Operating income (loss) by segment | 4,656 | 3,089 | 13,485 | 10,178 |
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) by segment | ($6,840) | ($5,123) | ($19,510) | ($16,211) |