Business Context and Reporting Period
This Form 8-K was filed by Oil States International, Inc. on June 9, 2005. The report addresses a Regulation FD disclosure regarding an article published in the Edmonton Journal on the same date concerning PTI Group Inc., a wholly owned subsidiary of the Company.
Key Financial Metrics
The filing does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity for the Company or its subsidiary. The document focuses exclusively on correcting unauthorized forward-looking statements rather than reporting historical financial results.
Material Changes
There are no material changes to the Company's financial condition or operations reported in this filing. The document explicitly states that it does not represent a change in the Company's practices regarding the publication of revenue guidance.
Guidance, Outlook, and Risks
- Unauthorized Projections: The Company disavows specific projections attributed to an officer in a media article, including an expectation that PTI revenues would reach C$800 million by 2010.
- Operational Claims: The Company clarifies that claims regarding the manufacture of 30 remote site sewage treatment plants in the current year and the potential for this technology to become a C$100 million to C$150 million per year business are unauthorized and should not be relied upon.
- Company Policy: Oil States International has not historically provided annual revenue projections on a product line, segment, or subsidiary basis and does not intend to do so in the future.
- Risks: The filing includes standard forward-looking statement disclaimers, noting that actual results may differ materially due to risks associated with the oilfield service industry and other factors detailed in the Company's 2004 Form 10-K.
Investor Verification Checklist
- Verify that the Company does not officially endorse the C$800 million revenue projection for PTI by 2010.
- Confirm that the Company does not provide segment or subsidiary-level revenue guidance.
- Review the "Business" section of the Company's Form 10-K for the year ended December 31, 2004, for detailed risk factors.
- Note that the Company does not undertake to update the forward-looking statements made in this filing.