Newpark Resources Reports Net Income Of $0.18 Per Diluted Share For The First Quarter 2013

Newpark Resources Reports Net Income Of $0.18 Per Diluted Share For The First
                                 Quarter 2013

Company announces new $50 million share repurchase program

PR Newswire

THE WOODLANDS, Texas, April 25, 2013

THE WOODLANDS, Texas, April 25, 2013 /PRNewswire/ -- Newpark Resources, Inc.
(NYSE: NR) today announced results for its first quarter ended March 31,
2013. Total revenues for the first quarter of 2013 increased 7.7% to $283
million compared to $262 million in the first quarter of 2012. Net income for
the first quarter of 2013 increased 11.1% to $17.4 million, or $0.18 per
diluted share, from $15.6 million, or $0.16 per diluted share, in the first
quarter of 2012.

Paul Howes, Newpark's President and Chief Executive Officer, stated, "We are
pleased with the strong start to 2013, achieving another record level of
revenue in the first quarter. Revenues from our fluids segment grew 13%
worldwide over last year's first quarter. North American fluids revenues
increased 10% over last year's first quarter to $178 million, despite an 11%
reduction in rig count, benefitting from our December 2012 acquisition of
Alliance Drilling Fluids. International revenues from the fluids business
were up 21% year-over-year, reflecting strong gains across all regions.

"Revenues in our mats segment declined in the first quarter, as we allocated
the majority of the quarter's composite mat production toward the expansion of
our rental fleet, in preparation for the launch of our new spill containment
system," added Howes. "Meanwhile our Environmental Service business continued
to deliver consistent results, benefitting from the strengthening activity
levels in the Gulf of Mexico."

SEGMENT RESULTS
The Fluids Systems and Engineering segment generated revenues of $247.3
million in the first quarter of 2013 compared to $218.5 million in the first
quarter of 2012, a 13% increase. Segment operating income rose 62% to $22.6
million (9.1% operating margin) in the first quarter of 2013 compared to $14.0
million (6.4% operating margin) in the first quarter of 2012.

The Mats and Integrated Services segment generated revenues of $20.6 million
in the first quarter of 2013 compared to $30.5 million in the first quarter of
2012, a 33% decrease. Segment operating income declined 41% to $8.5 million
(41.2% operating margin) in the first quarter of 2013 compared to $14.3
million (47.0% operating margin) in the first quarter of 2012.

The Environmental Services segment generated revenues of $14.6 million in the
first quarter of 2013 compared to $13.3 million in the first quarter of 2012,
a 10% increase. Segment operating income was $3.5 million (24.0% operating
margin) in the first quarter of 2013 compared to $3.6 million (26.9% operating
margin) in the first quarter of 2012.

SHARE REPURCHASE PROGRAM
The Company's Board of Directors has authorized a second $50 million share
repurchase program, following the $50 million repurchase program completed in
the fourth quarter of 2012. Purchases under the new program will be 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. The Company's management has been authorized
to establish trading plans under Rule 10b5-1 of the Securities Exchange Act of
1934, as part of the share repurchase program.

CONFERENCE CALL
Newpark has scheduled a conference call to discuss first quarter 2013 results,
which will be broadcast live over the Internet, on Friday, April 26, 2013 at
10:00 a.m. Eastern Time / 9:00 a.m. Central Time. To participate in the call,
dial 480-629-9835 and ask for the Newpark Resources conference call at least
10 minutes prior to the start time, or access it live over the Internet at
www.newpark.com. For those who cannot listen to the live call, a replay will
be available through May 10, 2013 and may be accessed by dialing (303)
590-3030 and using pass code 4610050#. Also, an archive of the webcast will
be available shortly after the call at www.newpark.com for 90 days.

Newpark Resources, Inc. is a worldwide provider of drilling fluids, temporary
worksites and access roads for oilfield and other commercial markets, and
environmental waste treatment solutions. For more information, visit our
website at www.newpark.com.

This news release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act that are based on management's
current expectations, estimates and projections. All statements that address
expectations or projections about the future, including Newpark's strategy for
growth, product development, market position, expected expenditures and
financial results are forward-looking statements. Some of the forward-looking
statements may be identified by words like "expects," "anticipates," "plans,"
"intends," "projects," "indicates," and similar expressions. These statements
are not guarantees of future performance and involve a number of risks,
uncertainties and assumptions. Many factors, including those discussed more
fully elsewhere in this release and in documents filed with the Securities and
Exchange Commission by Newpark, particularly its Annual Report on Form 10-K
for the year ended December 31, 2012, as well as others, could cause results
to differ materially from those stated. These risk factors include, but are
not limited to, our ability to execute our business strategy and make
successful business acquisitions and capital investments, our customers'
activity levels in exploration and drilling, operating hazards inherent in
the oil and natural gas industry, particularly offshore, our international
operations, the availability of raw materials and skilled personnel, our
customer concentration and cyclical nature of our industry, our market
competition, the cost and continued availability of borrowed funds, legal and
regulatory matters, including environmental regulations, inherent limitations
in insurance coverage, potential impairments of long-lived intangible assets,
technological developments in our industry, and the impact of severe weather,
particularly in the U.S. Gulf Coast. Newpark's filings with the Securities and
Exchange Commission can be obtained at no charge at www.sec.gov, as well as
through our website at www.newpark.com.

          Gregg Piontek, VP & CFO
          Newpark Resources, Inc.
Contacts: 281-362-6800

          
          Ken Dennard, Managing Partner
          Karen Roan, SVP
          Dennard ▪ Lascar Associates
          713-529-6600



Newpark Resources, Inc.
Consolidated Statements of
Operations
(Unaudited)                       Three Months Ended
                                  March 31,      December 31,   March 31,
(In thousands, except per share   2013           2012           2012
data)
Revenues                          $ 282,518     $           $ 262,336
                                                 270,328
Cost of revenues                  230,406        219,817        214,902
Selling, general and              24,182         24,217         21,313
administrative expenses
Other operating income, net       (439)          43             (14)
Operating income                 28,369         26,251         26,135
Foreign currency exchange (gain)  (368)          333            (230)
loss
Interest expense, net             2,520          2,403          2,368
Income from operations before     26,217         23,515         23,997
income taxes
Provision for income taxes        8,842          12,322         8,363
Net income                       $  17,375    $          $  15,634
                                                 11,193
Income per common share -basic:   $    0.21  $        $    0.17
                                                 0.13
Income per common share           $    0.18  $        $    0.16
-diluted:                                        0.12
Calculation of Diluted EPS:
Net income                       $  17,375    $          $  15,634
                                                 11,193
Assumed conversion of Senior      1,266          927            1,257
Notes
Adjusted net income              $  18,641    $          $  16,891
                                                 12,120
Weighted average number of        84,100         84,602         90,473
common shares outstanding-basic
Add: Dilutive effect of stock
options and
 restricted stock       1,572          903            1,198
awards
 Dilutive effect of     15,682         15,682         15,682
Senior Notes
Diluted weighted average number   101,354        101,187        107,353
of common shares outstanding
Income per common share -         $    0.18  $        $    0.16
diluted                                          0.12



Newpark Resources, Inc.
Operating Segment Results
(Unaudited)                      Three Months Ended
                                 March 31,    December 31,       March 31,
(In thousands)                   2013         2012               2012
Revenues
 Fluids systems and engineering  $ 247,339   $    229,329   $ 218,496
 Mats and integrated services    20,584       26,612             30,533
 Environmental services          14,595       14,387             13,307
 Total revenues                  $ 282,518   $    270,328   $ 262,336
Operating income (loss)
 Fluids systems and engineering  $  22,622  $     17,714  $  13,995
 Mats and integrated services    8,480        10,845             14,339
 Environmental services          3,508        3,444              3,575
 Corporate office                (6,241)      (5,752)            (5,774)
 Total operating income         $  28,369  $     26,251  $  26,135
Segment operating margin
 Fluids systems and engineering  9.1%         7.7%               6.4%
 Mats and integrated services    41.2%        40.8%              47.0%
 Environmental services          24.0%        23.9%              26.9%



Newpark Resources, Inc.
Consolidated Balance Sheets
(Unaudited)
                                              March 31,       December 31,
(In thousands, except share data)             2013            2012
ASSETS
 Cash and cash equivalents                    $   41,710   $    
                                                              46,846
 Receivables, net                             343,850         323,439
 Inventories                                  210,264         209,734
 Deferred tax asset                           11,440          11,596
 Prepaid expenses and other current assets    14,491          12,441
        Total current assets                  621,755         604,056
 Property, plant and equipment, net          264,399         253,990
 Goodwill                                     88,666          87,388
 Other intangible assets, net                36,310          41,018
 Other assets                                 8,062           8,089
        Total assets                          $ 1,019,192     $    994,541
LIABILITIES AND STOCKHOLDERS' EQUITY
 Short-term debt                              $    8,990  $     
                                                              2,599
 Accounts payable                             121,356         114,377
 Accrued liabilities                          45,136          42,620
        Total current liabilities             175,482         159,596
 Long-term debt, less current portion         242,807         256,832
 Deferred tax liability                       46,523          46,348
 Other noncurrent liabilities                 20,573          18,187
        Total liabilities                     485,385         480,963
 Commitments and contingencies
 Common stock, $0.01 par value, 200,000,000
 shares authorized
        and 96,224,385 and 95,733,677 shares  962             957
        issued, respectively
 Paid-in capital                              490,297         484,962
 Accumulated other comprehensive loss        (3,498)         (734)
 Retained earnings                           112,390         95,015
 Treasury stock, at cost; 10,073,767 and      (66,344)        (66,622)
 10,115,951 shares, respectively
        Total stockholders' equity            533,807         513,578
 Total liabilities and stockholders' equity   $ 1,019,192     $    994,541



Newpark Resources, Inc.
Consolidated Statements of Cash Flows
(Unaudited)                                      Three Months Ended March 31,
(In thousands)                                        2013           2012
Cash flows from operating activities:
Net income                                           $ 17,375       $ 15,634
Adjustments to reconcile net income to net cash provided by
operations:
Depreciation and amortization                         10,954         8,018
Stock-based compensation expense                      1,973          1,383
Provision for deferred income taxes                   534            81
Net provision for doubtful accounts                   208            414
(Gain) loss on sale of assets                        (99)           244
Change in assets and liabilities:
Increase in receivables                               (20,969)       (24,439)
Increase in inventories                               (1,280)        (12,144)
Increase in other assets                              (2,382)        (1,755)
Increase in accounts payable                          4,179          9,008
Increase (decrease) in accrued liabilities and        4,747          (2,852)
other
Net cash provided by (used in) operating              15,240         (6,408)
activities
Cash flows from investing activities:
Capital expenditures                                  (16,127)       (17,302)
Proceeds from sale of property, plant and             213            8
equipment
Net cash used in investing activities                 (15,914)       (17,294)
Cash flows from financing activities:
Borrowings on lines of credit                         71,102         85,951
Payments on lines of credit                           (78,748)       (50,632)
Proceeds from employee stock plans                    3,808          234
Purchase of treasury stock                            -              (7,598)
Other financing activities                            (38)           10
Net cash (used in) provided by financing              (3,876)        27,965
activities
Effect of exchange rate changes on cash               (586)          859
Net (decrease) increase in cash and cash              (5,136)        5,122
equivalents
Cash and cash equivalents at beginning of year        46,846         25,247
Cash and cash equivalents at end of period            $ 41,710       $ 30,369

SOURCE Newpark Resources, Inc.

Website: http://www.newpark.com