Parker Drilling Posts Loss on Impairment Charge

Parker Drilling on Tuesday posted a fourth-quarter loss, mainly due to a one-time, $100.3 million goodwill impairment charge related to the value of prior acquisitions.

The oil drilling contractor reported a quarterly loss of $39.5 million, or 35 cents per share, compared with earnings of $34.6 million, or 31 cents per share during the same period last year. Excluding the goodwill impairment charge and other nonrecurring items, Parker Driller reported an adjusted net income of $29.9 million, or 27 cents per share.

Analysts polled by Thomson Reuters estimated a profit of 15 cents per share, on average. Analyst estimates typically exclude one time items.

Revenue rose 17 percent to $212.4 million from $180.8 million. Analysts projected revenue of $225.7 million.

For the full year, profit fell to $25.6 million, or 23 cents per share, from $104.1 million, or 94 cents per share. Excluding special items, net income in 2008 totaled $95.4 million, or 85 cents per share. Revenue rose 27 percent to $829.8 million.

Shares of Parker Drilling jumped about 35 percent Tuesday. The stock has ranged from $1.28 to $10.34 over the past year.