nr-20240930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-02960

Newpark Resources, Inc.

(Exact name of registrant as specified in its charter)


Delaware		72-1123385
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

9320 Lakeside Boulevard,	Suite 100
The Woodlands,	Texas	77381
(Address of principal executive offices)		(Zip Code)

(281) 362-6800

(Registrant’s telephone number, including area code)


Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	NR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☑

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

As of November 8, 2024, a total of 86,497,298 shares of common stock, $0.01 par value per share, were outstanding.

NEWPARK RESOURCES, INC.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2024


PART I	FINANCIAL INFORMATION	2
ITEM 1.	Financial Statements	2
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive Income (Loss)	4
	Condensed Consolidated Statements of Stockholders’ Equity	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Unaudited Condensed Consolidated Financial Statements	7
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	28
ITEM 4.	Controls and Procedures	28
PART II	OTHER INFORMATION	29
ITEM 1.	Legal Proceedings	29
ITEM 1A.	Risk Factors	29
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
ITEM 3.	Defaults Upon Senior Securities	30
ITEM 4.	Mine Safety Disclosures	30
ITEM 5.	Other Information	30
ITEM 6.	Exhibits	31
	Signatures	32

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. We also may provide oral or written forward-looking statements in other materials we release to the public. Words such as “will,” “may,” “could,” “would,” “should,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These forward-looking statements reflect the current views of our management as of the filing date of this Quarterly Report on Form 10-Q; however, various risks, uncertainties, contingencies, and other factors, some of which are beyond our control, are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those expressed in, or implied by, these statements.

We assume no obligation to update, amend, or clarify publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed in this Quarterly Report on Form 10-Q might not occur.

For further information regarding these and other factors, risks, and uncertainties that could cause actual results to differ, we refer you to the risk factors set forth in Item 1A “Risk Factors” in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2023.

PART I FINANCIAL INFORMATION

ITEM 1. Financial Statements

Newpark Resources, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)


(In thousands, except share data)	September 30, 2024		December 31, 2023
ASSETS
Cash and cash equivalents	$	42,907	$	789
Receivables, net of allowance of $1,265 and $1,223, respectively	54,561		42,818
Inventories	14,910		18,606
Prepaid expenses and other current assets	4,596		4,690
Current assets of discontinued operations	—		290,321
Total current assets	116,974		357,224

Property, plant and equipment, net	179,690		165,544
Operating lease assets	10,481		11,192
Goodwill	47,461		47,283
Other intangible assets, net	10,864		12,461
Deferred tax assets	17,519		1,367
Other assets	6,617		1,582
Noncurrent assets of discontinued operations	—		45,683
Total assets	$	389,606	$	642,336

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	$	8,457	$	6,319
Accounts payable	19,130		16,345
Accrued liabilities	23,572		21,026
Current liabilities of discontinued operations	—		92,594
Total current liabilities	51,159		136,284

Long-term debt, less current portion	5,506		55,710
Noncurrent operating lease liabilities	9,957		10,713
Deferred tax liabilities	1,209		3,697
Other noncurrent liabilities	5,321		4,191
Noncurrent liabilities of discontinued operations	—		16,377
Total liabilities	73,152		226,972

Commitments and contingencies (Note 10)

Common stock, $0.01 par value (200,000,000 shares authorized and 111,669,464 and 111,669,464 shares issued, respectively)	1,117		1,117
Paid-in capital	632,165		639,645
Accumulated other comprehensive loss	(2,766)		(62,839)
Retained earnings (deficit)	(148,161)		10,773
Treasury stock, at cost (25,172,166 and 26,471,738 shares, respectively)	(165,901)		(173,332)
Total stockholders’ equity	316,454		415,364
Total liabilities and stockholders’ equity	$	389,606	$	642,336

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Newpark Resources, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2024		2023		2024		2023
Revenues	$	44,207	$	57,262	$	159,965	$	161,193
Cost of revenues	32,067		37,602		105,358		104,528
Selling, general and administrative expenses	11,005		13,910		35,335		40,834
Other operating (income) loss, net	(99)		(523)		(1,435)		(1,032)
Operating income from continuing operations	1,234		6,273		20,707		16,863

Foreign currency exchange (gain) loss	(562)		514		170		(172)
Interest expense, net	943		1,017		2,612		3,154
Income from continuing operations before income taxes	853		4,742		17,925		13,881

Provision (benefit) for income taxes from continuing operations	(14,016)		2,062		(9,626)		4,900
Income from continuing operations	14,869		2,680		27,551		8,981

Discontinued operations:
Income from discontinued operations before income taxes	629		6,923		5,072		9,353
Loss on sale of discontinued operations before income taxes	(195,729)		—		(195,729)		—
Provision (benefit) for income taxes from discontinued operations	(5,933)		1,933		(4,141)		3,342
Income (loss) from discontinued operations	(189,167)		4,990		(186,516)		6,011

Net income (loss)	$	(174,298)	$	7,670	$	(158,965)	$	14,992

Income (loss) per common share - basic:
Income from continuing operations	$	0.17	$	0.03	$	0.32	$	0.10
Income (loss) from discontinued operations	(2.19)		0.06		(2.18)		0.07
Net income (loss)	$	(2.02)	$	0.09	$	(1.86)	$	0.17

Income (loss) per common share - diluted:
Income from continuing operations	$	0.17	$	0.03	$	0.32	$	0.10
Income (loss) from discontinued operations	(2.16)		0.06		(2.13)		0.07
Net income (loss)	$	(1.99)	$	0.09	$	(1.82)	$	0.17

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Newpark Resources, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023

Net income (loss)	$	(174,298)	$	7,670	$	(158,965)	$	14,992

Foreign currency translation adjustments, net of tax benefit (expense) of $0, $121, $111, $3	3,849		(3,425)		604		(1,123)
Recognition of Fluids Systems cumulative foreign currency translation losses	59,469		—		59,469		—

Comprehensive income (loss)	$	(110,980)	$	4,245	$	(98,892)	$	13,869

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Newpark Resources, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)


(In thousands)	Common Stock		Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings (Deficit)		Treasury Stock		Total
Balance at June 30, 2024	$	1,117	$	631,497	$	(66,084)	$	26,137	$	(166,058)	$	426,609
Net loss	—		—		—		(174,298)		—		(174,298)
Employee stock options, restricted stock and employee stock purchase plan	—		(329)		—		—		157		(172)
Stock-based compensation expense	—		997		—		—		—		997
Treasury shares purchased at cost	—		—		—		—		—		—
Foreign currency translation, net of tax	—		—		3,849		—		—		3,849
Recognition of Fluids Systems cumulative foreign currency translation losses	—		—		59,469		—		—		59,469
Balance at September 30, 2024	$	1,117	$	632,165	$	(2,766)	$	(148,161)	$	(165,901)	$	316,454

Balance at June 30, 2023	$	1,117	$	637,435	$	(64,884)	$	3,903	$	(163,438)	$	414,133
Net income	—		—		—		7,670		—		7,670
Employee stock options, restricted stock and employee stock purchase plan	—		(766)		—		(132)		836		(62)
Stock-based compensation expense	—		1,669		—		—		—		1,669
Treasury shares purchased at cost	—		—		—		—		(6,018)		(6,018)
Foreign currency translation, net of tax	—		—		(3,425)		—		—		(3,425)
Balance at September 30, 2023	$	1,117	$	638,338	$	(68,309)	$	11,441	$	(168,620)	$	413,967

Balance at December 31, 2023	$	1,117	$	639,645	$	(62,839)	$	10,773	$	(173,332)	$	415,364
Net loss	—		—		—		(158,965)		—		(158,965)
Employee stock options, restricted stock and employee stock purchase plan	—		(11,599)		—		31		7,476		(4,092)
Stock-based compensation expense	—		4,119		—		—		—		4,119
Treasury shares purchased at cost	—		—		—		—		(45)		(45)
Foreign currency translation, net of tax	—		—		604		—		—		604
Recognition of Fluids Systems cumulative foreign currency translation losses	—		—		59,469		—		—		59,469
Balance at September 30, 2024	$	1,117	$	632,165	$	(2,766)	$	(148,161)	$	(165,901)	$	316,454

Balance at December 31, 2022	$	1,115	$	641,266	$	(67,186)	$	2,489	$	(154,656)	$	423,028
Net income	—		—		—		14,992		—		14,992
Employee stock options, restricted stock and employee stock purchase plan	2		(7,895)		—		(6,040)		12,203		(1,730)
Stock-based compensation expense	—		4,967		—		—		—		4,967
Treasury shares purchased at cost	—		—		—		—		(26,167)		(26,167)
Foreign currency translation, net of tax	—		—		(1,123)		—		—		(1,123)
Balance at September 30, 2023	$	1,117	$	638,338	$	(68,309)	$	11,441	$	(168,620)	$	413,967

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Newpark Resources, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended September 30,
(In thousands)	2024		2023
Cash flows from operating activities:
Net income (loss)	$	(158,965)	$	14,992
Adjustments to reconcile net income (loss) to net cash provided by operations:
Loss on divestitures	195,729		—
Impairments and other non-cash charges	—		2,816
Depreciation and amortization	21,804		23,507
Stock-based compensation expense	4,119		4,967
Provision for deferred income taxes	(22,290)		(1,031)
Credit loss expense	998		827
Gain on sale of assets	(2,412)		(2,176)
Gain on insurance recovery	(874)		—
Amortization of original issue discount and debt issuance costs	885		409
Change in assets and liabilities:
(Increase) decrease in receivables	(13,734)		33,917
(Increase) decrease in inventories	9,481		(2,160)
Increase in other assets	(1,027)		(2,133)
Increase (decrease) in accounts payable	12,498		(11,179)
Increase (decrease) in accrued liabilities and other	(3,916)		1,086
Net cash provided by operating activities	42,296		63,842

Cash flows from investing activities:
Capital expenditures	(29,940)		(20,134)
Proceeds from divestitures, net of cash disposed	48,499		19,355
Proceeds from sale of property, plant and equipment	3,188		2,952
Proceeds from insurance property claim	1,385		—
Net cash provided by investing activities	23,132		2,173

Cash flows from financing activities:
Borrowings on lines of credit	177,541		198,486
Payments on lines of credit	(224,292)		(229,657)
Debt issuance costs	(50)		—
Purchases of treasury stock	(4,504)		(28,226)
Proceeds from employee stock plans	17		179
Other financing activities	(9,538)		(2,950)
Net cash used in financing activities	(60,826)		(62,168)

Effect of exchange rate changes on cash	(119)		(504)

Net increase in cash, cash equivalents, and restricted cash	4,483		3,343
Cash, cash equivalents, and restricted cash at beginning of period	38,901		25,061
Cash, cash equivalents, and restricted cash at end of period	$	43,384	$	28,404

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements

NEWPARK RESOURCES, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Basis of Presentation and Significant Accounting Policies

Newpark Resources, Inc. is a site access solutions company that manufactures, sells, and rents recyclable composite matting products, along with a full suite of services, including planning, logistics, and remediation. The Company previously operated a Fluids Systems business which was exited upon the sale of the business in September 2024 (as further described below).

The accompanying unaudited condensed consolidated financial statements of Newpark Resources, Inc. and our wholly-owned subsidiaries, which we collectively refer to as the “Company,” “we,” “our,” or “us,” have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission (“SEC”), and do not include all information and footnotes required by the accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023. Our fiscal year end is December 31, our third quarter represents the three-month period ended September 30, and our first nine months represents the nine-month period ended September 30. The results of operations for the third quarter and first nine months of 2024 are not necessarily indicative of the results to be expected for the entire year. Unless otherwise noted, all currency amounts are stated in U.S. dollars.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to present fairly our financial position as of September 30, 2024, our results of operations for the third quarter and first nine months of 2024 and 2023, and our cash flows for the first nine months of 2024 and 2023. All adjustments are of a normal recurring nature. Our balance sheet at December 31, 2023 is derived from the audited consolidated financial statements at that date.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For further information, see Note 1 in our Annual Report on Form 10-K for the year ended December 31, 2023.

We currently operate our business through one reportable segment: Industrial Solutions. Our Industrial Solutions segment provides temporary worksite access solutions, including the rental of our recyclable composite matting systems, along with related site construction and services to customers in various markets including power transmission, oil and natural gas exploration and production (“E&P”), pipeline, renewable energy, petrochemical, construction and other industries, primarily in the United States and United Kingdom. We also sell our manufactured recyclable composite mats to customers around the world, with power transmission being the primary end-market.

We previously operated a second reportable segment, Fluids Systems, which we exited in the third quarter of 2024. The Fluids Systems segment provided drilling and completion fluids products and related technical services to customers for oil, natural gas, and geothermal projects primarily in Europe, the Middle East and Africa, and North America, as well as certain countries in Asia Pacific. On September 13, 2024, we completed the sale of the equity interests in one of our subsidiaries which held substantially all of the Company’s Fluids Systems segment (“Sale Transaction”) to SCF Partners, a leading private equity firm serving the global energy industry (the “Purchaser”). The results of operations of the Fluids Systems segment are reported in discontinued operations in the condensed consolidated statements of operations. All results and information in the consolidated financial statements and related notes are presented for our continuing operations and exclude the Fluids Systems segment unless otherwise noted specifically as discontinued operations. See Note 2 for additional information.

New Accounting Pronouncements

Standards Not Yet Adopted

Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued new guidance which is intended to improve reportable segment disclosure requirements through enhanced disclosures. The amendments require disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”) as well as other segment items, extend certain annual disclosures to interim periods, clarify the applicability to single reportable segment entities, permit more than one measure of profit or loss to be reported under certain conditions, and require disclosure of the title and position of the CODM. This guidance will be effective for us for the year ending December 31, 2024, and will be applied retrospectively. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures, particularly as we evaluate organizational structure changes following the recent completion of the Sale

Transaction. These requirements are not expected to have an impact on our consolidated financial statements, but will result in expanded reportable segment disclosures.

Income Taxes: Improvements to Income Tax Disclosures. In December 2023, the FASB issued new guidance which is intended to enhance the transparency and decision usefulness of income tax disclosures. This guidance will be effective for us in the first quarter of 2025. We are currently evaluating the impact of the new guidance on our consolidated financial statements and related disclosures. These requirements are not expected to have an impact on our consolidated financial statements, but will impact our income tax disclosures.

Note 2 – Discontinued Operations

Sale of Fluids Systems Business

In June 2023, we initiated a review of strategic alternatives for the long-term positioning of the Fluids Systems business, and in September 2023, we launched a formal sale process for substantially all the Fluids Systems business as part of this strategic review. On September 13, 2024, we completed the sale of the equity interests in one of our subsidiaries which held substantially all of the Company’s Fluids Systems segment to the Purchaser.

Under the terms of the Sale Transaction agreement, the base sale price of the business was $127.5 million, preliminarily adjusted by $43 million to reflect lower estimated working capital conveyed at closing as compared to the average 2023 net working capital balance, accrued taxes and certain other liabilities, and $10 million of outstanding debt. Initial net consideration of the Sale Transaction was $56 million, which reflects $70 million of cash proceeds received at closing, net of the estimated $19 million of foreign cash conveyed with the business, along with a $5 million interest-bearing note receivable. The final purchase price remains subject to customary adjustments based upon final working capital, accrued taxes and certain other liabilities, debt, and cash conveyed at closing. As of September 30, 2024, approximately $18 million of net assets is included within the consolidated balance sheet, reflecting deferred consideration and note receivable due from the Purchaser net of estimated liabilities due to the Purchaser. Further, under the terms for the Sale Transaction agreement, we are required to provide certain transition support services to Fluids Systems for a period of up to one year. Aside from these transition service obligations, there are no continuing involvement with the Fluids Systems business.

In connection with the Sale Transaction, we recognized an estimated pre-tax loss on sale of $195.7 million in the third quarter of 2024, which includes a $59.5 million non-cash charge for the reclassification of cumulative foreign currency translation losses related to Fluids Systems.

The loss on sale consisted of the following (in thousands):


Cash proceeds received at closing	$	70,187
Estimated deferred consideration due from the Purchaser	20,031
Note receivable due from the Purchaser	5,000
Estimated liabilities due to the Purchaser	(6,991)
Net book value of assets sold	(224,487)
	(136,260)
Recognition of cumulative foreign currency translation losses	(59,469)
Loss on sale of discontinued operations before income taxes	$	(195,729)

Proceeds from the sale, net of cash disposed consisted of the following (in thousands):


Cash proceeds received at closing	$	70,187
Cash conveyed to the Purchaser at closing	(21,688)
Proceeds from divestiture, net of cash disposed	$	48,499

Estimated deferred consideration due from the Purchaser is related to the estimated working capital delivered at closing, which is expected to be finalized and collected by the end of 2024 or early 2025, as well as certain pre-closing tax assets and other receivables which are expected to be realized in 2025. The note receivable due from the Purchaser matures in March 2030 and bears interest at a rate of 12.5% per year. Deferred consideration due from the Purchaser is included in other receivables and the note receivable due from the Purchaser is included in other noncurrent assets in the consolidated balance sheet.

Estimated liabilities due to the Purchaser includes certain payables for pre-closing tax liabilities and obligations attributable to the Fluids Systems business expected to be substantially settled in 2025, as well as an estimated liability for contractual indemnifications related to various pre-closing contingencies of the Fluids Systems business. Liabilities due to the

Purchaser are included in accrued liabilities and other noncurrent liabilities in the consolidated balance sheet. Our estimates for the fair value of deferred consideration due from the Purchaser and liabilities due to the Purchaser may change and any income or expense associated with such changes will be presented in discontinued operations.

The criteria for discontinued operations presentation were met during the third quarter of 2024, and consequently, the results of the former Fluids Systems segment are reported as income (loss) from discontinued operations within the consolidated statements of operations for all periods presented, and its historical assets and liabilities are presented in our condensed consolidated balance sheets as assets and liabilities of discontinued operations. We elected not to adjust the condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 to exclude cash flows attributable to discontinued operations. Accordingly, we have disclosed the depreciation, capital expenditures and significant operating and investing non-cash items related to discontinued operations below.

Discontinued operations reflect the results of operations attributable to our Fluids Systems segment which were included in the Company’s historical financial statements. In addition, the income (loss) from discontinued operations includes direct operating expenses incurred that (1) are clearly identifiable as costs of the component being disposed of and (2) will not continue to be recognized on an ongoing basis. Discontinued operations also reflects the allocation of interest expense on corporate debt, based on the ratio of net assets sold to the sum of consolidated net assets as adjusted for debt that was assumed by the Purchaser or directly attributable to other operations. Such interest expense allocated to discontinued operations totaled $0.5 million and $1.4 million for the three months and nine months ended September 30, 2024, respectively, and $0.6 million and $1.9 million for the three months and nine months ended September 30, 2023, respectively.

The following table summarizes the significant items included in income (loss) from discontinued operations in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023. The results for 2024 represent results through the closing date of the Sale Transaction, September 13, 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2024		2023		2024		2023
Revenues	$	102,944	$	141,236	$	335,302	$	420,591
Cost of revenues	89,102		121,531		290,482		369,513
Selling, general and administrative expenses	11,273		12,911

SEC Form 10-Q filed by Newpark Resources Inc.