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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
May 6, 2005 (May 6, 2005)
Date of Report (Date of earliest event reported)
NATIONAL OILWELL VARCO, INC.
| Delaware | 1-12317 | 76-0475815 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 10000 Richmond Avenue Houston, Texas |
77042 (Zip Code) |
|
| (Address of principal executive offices) |
Registrant’s telephone number, including area code: 713-346-7500
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||
| Item 2.02. Results of Operations and Financial Condition. | ||||||||
| Item 9.01. Financial Statements and Exhibits. | ||||||||
| SIGNATURES | ||||||||
| INDEX TO EXHIBITS | ||||||||
| Pro Form Selected Financial Data | ||||||||
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Item 2.02. Results of Operations and Financial Condition.
The Company completed its merger with Varco International, Inc. on March 11, 2005. Upon the filing of this current report on Form 8-K, the Company will post on its website “Pro Forma Selected Financial Data”, which is attached hereto as Exhibit 99.1. The Exhibit reflects a change in our segment reporting structure as a result of the merger. In particular, the information represents reclassification of 2004 and the first quarter of 2005 segment information in order to conform to the Company’s post-merger segment presentation.
The information contained in this Current Report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
| (c) | Exhibits. |
99.1 Pro Forma Selected Financial Data
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 6, 2005 | NATIONAL OILWELL VARCO, INC. |
|||
| /s/ Clay C. Williams | ||||
| Clay C. Williams | ||||
| Sr. Vice President and Chief Financial Officer | ||||
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EXHIBIT 99.1
National Oilwell Varco, Inc.
Pro forma Selected Financial Data
(in millions)
| 2004 | 2005 | |||||||||||||||||||||||
| 1 | 2 | 3 | 4 | Total | 1 | |||||||||||||||||||
Revenues |
||||||||||||||||||||||||
Rig Technology |
343.2 | 382.2 | 475.8 | 526.4 | 1,727.6 | 543.3 | ||||||||||||||||||
Petroleum Services & Supplies |
319.5 | 342.0 | 370.4 | 399.6 | 1,431.5 | 402.0 | ||||||||||||||||||
Distribution Services |
218.1 | 218.4 | 233.3 | 235.3 | 905.1 | 235.9 | ||||||||||||||||||
Eliminations |
(42.2 | ) | (40.1 | ) | (46.4 | ) | (49.3 | ) | (178.0 | ) | (58.4 | ) | ||||||||||||
Total |
$ | 838.6 | $ | 902.5 | $ | 1,033.1 | $ | 1,112.0 | $ | 3,886.2 | $ | 1,122.8 | ||||||||||||
Operating Income |
||||||||||||||||||||||||
Rig Technology |
18.1 | 36.2 | 53.3 | 65.7 | 173.3 | 61.3 | ||||||||||||||||||
Petroleum Services & Supplies |
45.9 | 47.9 | 58.3 | 66.4 | 218.5 | 63.6 | ||||||||||||||||||
Distribution Services |
5.5 | 6.7 | 8.4 | 9.0 | 29.6 | 7.6 | ||||||||||||||||||
Unallocated expenses and eliminations |
(11.5 | ) | (12.7 | ) | (14.6 | ) | (18.9 | ) | (57.7 | ) | (22.0 | ) | ||||||||||||
Total |
$ | 58.0 | $ | 78.1 | $ | 105.4 | $ | 122.2 | $ | 363.7 | $ | 110.5 | ||||||||||||
Operating Margins |
||||||||||||||||||||||||
Rig Technology |
5.3 | % | 9.5 | % | 11.2 | % | 12.5 | % | 10.0 | % | 11.3 | % | ||||||||||||
Petroleum Services & Supplies |
14.4 | % | 14.0 | % | 15.7 | % | 16.6 | % | 15.3 | % | 15.8 | % | ||||||||||||
Distribution Services |
2.5 | % | 3.1 | % | 3.6 | % | 3.8 | % | 3.3 | % | 3.2 | % | ||||||||||||
Unallocated expenses and eliminations |
— | — | — | — | — | — | ||||||||||||||||||
Total |
6.9 | % | 8.7 | % | 10.2 | % | 11.0 | % | 9.4 | % | 9.8 | % | ||||||||||||
Capital Equipment: |
||||||||||||||||||||||||
Ending Backlog |
$ | 782.9 | $ | 851.6 | ||||||||||||||||||||
Revenue |
305.0 | |||||||||||||||||||||||
Order Additions, net |
373.7 | |||||||||||||||||||||||
Note:
|
Effect of preliminary estimate of Varco balance sheet step-up is included in all periods. Excludes results from discontinued operations; restructuring charges of $1.8 million in the first quarter 2004, $1.1 million in the second quarter 2004, $1.1 million in the third quarter 2004, and $1.7 million in the fourth quarter 2004; a $3.8 million net litigation gain in the second quarter 2004; and NOI/VRC related merger costs of $5.0 million in the fourth quarter 2004 and $10.9 million in the first quarter 2005. |