Gross profit (loss) represents total revenues less operating costs and depreciation. The sum of earnings per share for the four quarters may not equal the total earnings per share for the year due to changes in the average number of common shar es outstanding. Net income in the first quarter of 2004 has been adjusted upward from amounts previously reported by  approximately $1.0 million ($0.02 per share, on a diluted basis) to reflect a non-monetary gain on the  conversion of shares of common stock of a company investee pursuant to that investee being acquired. All future public filings will reflect this change. In the fourth quarter of fiscal 2004, the net loss includes an after-tax gain on sale of available-for-sale securities of $8.1 million, $0.16 per share, on a diluted basis. In the fourth quarter of fiscal 2004, the net loss includes an after-tax asset impairment charge of approximately $32 million, $0.63 per share, on a diluted basis. Net income in the fourth quarter of 2003 includes after-tax gains on sale of available-for-sale securities of  $3.2 million, $0.06 per share, on a diluted basis. Net income in the fourth quarter of 2003 includes an after-tax equity loss in loss from affiliates of $2.0 million, $0.04 per share, on a diluted basis. 82 (in thousands, except per share amounts)  2004 1st Quar ter 2nd Quarter 3rd Quarter 4th Quarter Revenues 140,458  $ 151,186  $ 147,874  $ 181,410 Asset impairment charge — — — 51,516 Gross profit (loss)  24,663 23,124  18,638  (8,069)  Net income (loss)  6,588 6,048  4,347  (12,624)  Basic net income (loss) per common share: .13  .12  .09  (.25)  Diluted net income (loss) per common share: .13  .12  .09  (.25) 2003 1st Quar ter 2nd Quarter 3rd Quarter 4th Quarter Revenues 113,313  $ 126,320  $ 137,025  $ 138,626 Gross profit  14,021 19,024  26,788  27,401  Net income  607 2,574  8,162  6,530  Basic net income per common share: .01  .05  .16  .13  Diluted net income per common share: .01  .05  .16  .13 NOTE 17 SELECTED QUARTERL FINANCIAL DATA (UNAUDITED) NOTE 16 SUBSEQUENT EVENT In November 2004, the Company sold two conventional 2,000 horsepower rigs from its U.S. land fleet for a total of $23.9 million. 04-HP-876_newMDA.qxd 12/15/04 3:04 PM Page 81