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HALLIBURTON FIRST QUARTER NET INCOME UP 82 PERCENT
Dallas, Texas - Halliburton Company (NYSE-HAL) announces 1997 first
quarter net income of $83.0 million ($.65 per share), an increase of 82
percent compared to 1996 first quarter net income of $45.5 million ($.36 per
share). Halliburton Company's 1997 first quarter consolidated revenues were
$1,897.5 million, up 11 percent from the year earlier period. Profitability
increased because of substantial earnings improvement at both the Energy and
the Engineering and Construction business segments.
The Energy Group business segment's 1997 first quarter
revenues increased 29 percent to $1,120.3 million compared to the 1996
quarter, while 1997 first quarter operating income increased 49 percent to
$117.2 million compared to the year earlier quarter. Strong growth was
experienced by both U.S. and international business operations where revenue
increases of 31 percent and 27 percent, respectively, were achieved as
compared to a year earlier.
The Engineering and Construction Group's 1997 first quarter revenues
totalled $777.2 million, a decline of 7 percent compared to the 1996
quarter. The winding down of a logistical support contract for U.S. Army
troops in Bosnia resulted in revenue reduction of more than $150 million in
the 1997 first quarter compared to a year ago. However, operating income
more than doubled to $29.4 million in the 1997 first quarter compared to
last year's first quarter. The business segment is now benefitting from
efficiencies created by a restructuring program initiated during 1996, as
well as giving greater emphasis to fixed-price contracts with greater profit
margin potential.
Dick Cheney, Halliburton Company's chairman of the board, president and
chief executive officer, commented, "The substantial financial and operating
improvement at both of the Company's business segments is encouraging. The
Energy Group has been aided by a combination of stronger general market
conditions as well as the successful introduction of new technologies,
continued emphasis on programs designed to enhance operating efficiencies,
and the implementation of alliances and energy development projects
requiring a wide range of services from the Company for its clients around
the world. Since mid-year 1996 Brown & Root's employees have made notable
progress implementing a restructuring program and strategic initiatives
which are now beginning to visibly benefit our core Engineering and
Construction business.
"Progress on implementing key strategic initiatives and cost reduction
programs during the 1997 first quarter gives momentum that should benefit
the Company in future periods."
Halliburton Company is one of the world's largest
diversified energy services, engineering, maintenance, and
construction companies. Founded in 1919, Halliburton provides a broad range
of energy services and products, industrial and marine engineering and
construction services.
HALLIBURTON COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Quarter Ended
March 31
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1997 1996 *
---------- ----------
Millions of dollars except per share data
Revenues Energy Group $ 1,120.3 $ 871.5
Engineering and
Construction Group 777.2 833.2
---------- ----------
Total revenues $ 1,897.5 $ 1,704.7
========== ==========
Operating income
Energy Group $ 117.2 $ 78.9
Engineering and
Construction Group 29.4 13.7
Special charges - (12.2)
General corporate (7.9) (8.8)
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Total operating income 138.7 71.6
Interest expense (6.1) (5.0)
Interest income 4.4 3.8
Foreign currency gains 1.0 1.0
Other nonoperating, net 0.6 0.6
---------- ----------
Income before income
taxes and minority
interests 138.6 72.0
Provision for
income taxes (52.7) (26.6)
Minority interest in net
(income) loss of
subsidiaries (2.9) 0.1
---------- ----------
Net income $ 83.0 $ 45.5
========== ==========
Income per share:** $ 0.65 $ 0.36
Average common and common
share equivalents
outstanding 127.7 125.4
* Restated for Landmark Graphics Corporation
pooling of interests and realignment of
business segments.
** Per share amounts are based upon average number
of common and common share equivalents
outstanding.
Contact
Guy T. Marcus
Vice President-Inv. Rel.
(p) 214.978.2691
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