The Morrison government’s idea was to ask a disparate bunch of individuals from the private sector to give it some direct advice on managing COVID-19. How did it work out?
Greetings, and welcome to the Newpark Resources First Quarter Earnings Conference Call. [Operator Instructions]
It is now my pleasure to introduce your host, Ken Dennard, Investor Relations for Newpark Resources. Thank you, Mr Dennard. You may begin.
Ken Dennard
Investor Relations
Thank you, operator and good morning, everyone. We appreciate you joining us for the Newpark Resources conference call and webcast to review first quarter 2021 results. Participating from the Company in today s call are Paul Howes, Newpark s President and Chief Executive Officer; Gregg Piontek, Chief Financial Officer; David Paterson, President of Fluids business; and Matthew Lanigan, President of the Industrial Solutions business. Following my remarks, management will provide a high level commentary on the financial details of the first quarter results and near-term outlook before turning the call over to Q&A. And then before I give the call to management, I have a few housekeeping details to run t
Newpark Resources Reports First Quarter 2021 Results
Industrial Solutions segment generates $53 million of revenues and 25% operating margin
First quarter cash provided by operating activities is $28 million; Debt reduced by $15 million
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THE WOODLANDS, Texas, May 4, 2021 /PRNewswire/ Newpark Resources, Inc. (NYSE: NR) ( Newpark or the Company ) today announced results for its first quarter ended March 31, 2021. Total revenues for the first quarter of 2021 were $141.2 million compared to $129.7 million for the fourth quarter of 2020 and $164.6 million for the first quarter of 2020. Net loss for the first quarter of 2021 was $5.4 million, or ($0.06) per share, compared to a net loss of $18.4 million, or ($0.20) per share, for the fourth quarter of 2020, and net loss of $12.1 million, or ($0.14) per diluted share, for the first quarter of 2020.
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There is no shame, nor memory, in the Australian press:
Neil Perry can’t find workers for his new restaurant.
Former union man and KPMG legend, Paul Howes, says all contention that immigration suppresses wages is “rubbish”.
Other sectors are whining about needing more workers plus scaremongering about inflation.
Many of them are operating in low and unskilled sectors.
This piece headlined AFR on the weekend. It had no data to support its claims. It cherry-picked whinging bosses and union sell-outs that have a vested interest in promoting cheap foreign workers. And, it completely airbrushed the history of immigration-related wage theft for many of those quoted, including Neil Perry’s Rockpool Group.
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