Newsgroup: it.economia.borsa
Titolo: Tenaris

Qualcuno sa i dati della Maverick 


Maverick Tube Corporation Reports Second Quarter Results
Tuesday August 1, 6:25 pm ET
ST. LOUIS--(BUSINESS WIRE)--Aug. 1, 2006--Maverick Tube Corporation 
(NYSE:MVK - News) announced today its results for the quarter ended June 30, 
2006. The Company reported net income for the second quarter of $53.7 
million, or $1.30 per diluted share, compared to net income for the same 
quarter last year of $38.7 million, or $0.89 per diluted share, and net 
income of $70.9 million, or $1.80 per diluted share, for the first quarter 
2006. Net revenues were $484.0 million for the quarter ended June 30, 2006, 
up from net revenues of $400.6 million for the second quarter 2005. Net 
revenues were down from $543.1 million for the first quarter 2006 due 
primarily to the typical seasonal slowdown in Canada.
Earnings for the second quarter of 2006 were positively impacted by an 
adjustment to income tax reserves and were negatively impacted by a purchase 
price accounting adjustment relating to the TuboCaribe acquisition and by 
expenses related to the proposed merger with Tenaris. These items resulted 
in a net benefit to earnings in the quarter of approximately $0.04 per 
diluted share. Earnings for the second quarter of 2005 included a gain on 
the sale of Maverick's hollow structural sections (HSS) business of $0.26 
per diluted share partially offset by a loss from discontinued operations of 
$0.03 per diluted share.
Second quarter 2006 energy products net revenues increased 28.4% to $410.4 
million from $319.6 million in the second quarter 2005, but declined 11.9% 
from $465.6 million in the first quarter 2006. Drilling activity in the 
U.S., measured by the average Baker Hughes Incorporated active rig count, 
increased in the second quarter 2006 compared to the first quarter 2006 by 
7.4%. Drilling activity in Canada declined by 57.6% due to typical Spring 
thaw and the resulting impediments to moving drilling rigs to new locations. 
Drilling activity increased sequentially in the rest of the world by 1.9%. 
The 11.9% decrease in net revenues of energy products over last quarter is 
attributable to a 10.2% decline in tons shipped, again due to the seasonal 
slowdown in Canada. Average energy products selling prices declined by 1.8% 
primarily due to lower levels of Canadian sales and the timing of previously 
announced price increases.
Second quarter 2006 electrical products net revenues were $73.5 million 
compared to $81.1 million in the second quarter 2005 and $77.4 million in 
the first quarter of 2006. The 5.0% decrease in net revenues from the first 
quarter 2006 is attributable to a 10.9% decrease in volume, to about 55,960 
tons, partially offset by higher selling prices.
Maverick's operating margin was 16.1% in the second quarter 2006 compared to 
11.2% in the second quarter 2005 and 20.6% in the first quarter 2006. The 
decline from first quarter 2006 is attributable to a higher percentage of 
resale products and higher steel costs, lower sales of Canadian products and 
additional expenses related to the proposed merger with Tenaris and the 
purchase price accounting adjustment related to the May 2005 TuboCaribe 
acquisition.
Maverick's net debt to total capitalization improved to 37.7% at June 30, 
2006 compared to 39.0% at March 31, 2006. Earnings before interest, taxes, 
depreciation and amortization ("EBITDA") were $89.0 million in the second 
quarter 2006 compared to $52.8 million in the second quarter 2005 and $121.2 
million in the first quarter 2006.
C. Robert Bunch, the Company's Chairman, President and Chief Executive 
Officer, said, "Our second quarter results reflect continuing strength in 
the energy markets, with the annual Spring breakup affecting our Canadian 
business. While all of our businesses performed well, Maverick Tubular 
Products, our U.S. OCTG and line pipe business, reported record shipments 
and net revenues this quarter. Pricing has begun to improve in our 
electrical products segment and, except for some costs related to our 
proposed merger and other items, S,G&A expenses remain within our target 
range."
Mr. Bunch continued, "We are working towards closing our proposed merger 
with Tenaris. We continue to believe that a closing late in the third 
quarter or early in the fourth quarter is realistic, but depends principally 
on the timing of regulatory approvals."
Maverick Tube Corporation is a St. Louis, Missouri based manufacturer of 
tubular products in the energy industry for exploration, production, and 
transmission, as well as industrial tubing products (steel electrical 
conduit, standard pipe, pipe piling, and mechanical tubing) used in various 
applications.