Natco slips over
US oilfield services group Natco suffered a third-quarter net loss of $300,000, or $(0.02) per share, down from net profit of $1.8 million in the same three months last year.
Third-quarter revenues were $66.6 million versus $74.5 million last year.
EBITDA for the quarter was $1.6 million compared to $6.8 million in the third quarter of 2001.
Chairman and chief executive Nat Gregory said: "We are disappointed to report our first quarterly loss as a public company. The results were influenced by market conditions that are causing delays and deferrals of customer projects worldwide.
"Of real significance in this quarter were three issues: a temporary reduction in revenue from Petroleos Mexicanos (Pemex); absence of significant Engineered Systems revenue, in spite of a record backlog; and continued weakness in the Canadian market.
"Although disappointing, we do not think these issues diminish our earnings potential or market position going forward."