Extract
Baker Hughes Results Improve in Second Quarter 2000.
Business/Energy Editors
HOUSTON--(BUSINESS WIRE)--July 31, 2000 Baker Hughes Incorporated (NYSE:BHI)(PCX:BHI)(EBS:BHI) announced today that net income for the three months ended June 30, 2000 was $60.9 million or $0.18 per share (diluted), compared to $68.5 million or $0.21 per share (diluted) for the three months ended June 30, 1999 and $18.4 million or $0.06 per share (diluted) for the three months ended March 31, 2000. Results for the current quarter include the impact of gains, net of tax, related to the company's holdings of Varco (Tuboscope) stock of $6.6 million or $0.02 per share (diluted) and net unusual credits, net of tax, of $13.3 million or $0.04 per share (diluted). Operating profit after tax from continuing operations for the second quarter of 2000, excluding these gains was $41.0 million or $0.12 per share (diluted). This compares with $22.8 million or $0.07 per share (diluted) for the second quarter of 1999, which also excludes the impact of all non-operational items. (See Attachment 3 - Impact of Non-Operational Items.) The operational results for the June 2000 quarter include the impact of a $15.6 million pre-tax adjustment to the multi-client seismic library. The adjustment was made following the regularly scheduled quarterly ev...See the full content of this document
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