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Text: Before we begin our call today, I want to remind you that in order to talk about our company, we're going to mention a few things that are not historical facts.
These non-GAAP measures are adjusted net loss, adjusted loss per share, EBITDA and adjusted EBITDA.
We're using these non-GAAP measures today because they allow us to compare performance consistently over various periods without regard to nonrecurring items.
In addition, RPC is required to use EBITDA to report compliance with financial confidence under our credit facility.
Please review these disclosures if you're interested in seeing how they are calculated.
During the third quarter of 2021, oilfield drilling and completion increased as exploration and production companies responded to higher commodity prices.
RPC was ready to meet increased demand with equipment and crews.
Our revenues increased and RPC generated quarterly net income for the first time in more than two years.
As the quarter progressed, commodity prices continued to increase and near-term industry forecasts predicted supply/demand dynamics favorable to our industry.
We began the fourth quarter of 2021 with a new state-of-the-art pressure pumping fleet and net pricing tractions in most of our service lines.
Offsets to these favorable dynamics include supply chain constraints and increasing cost pressures, which we will continue to manage as we move forward in this industry up cycle.
Our CFO, Ben Palmer, will discuss this and other financial results in more detail, after which I will provide some closing comments.
For the third quarter of 2021, revenues increased to $225.3 million compared to $116.6 million in the third quarter of the prior year.
Revenues increased due primarily to higher activity levels and improved pricing compared to the third quarter of the prior year.
Operating profit for the third quarter was $8 million compared to an operating loss of $31.8 million in the same quarter of the prior year.
EBITDA for the third quarter was $26.5 million compared to EBITDA of negative $12.3 million in the same quarter of the prior year.
Our diluted earnings per share for the third quarter were $0.02 compared to an $0.08 loss per share in the same quarter of the prior year.
Cost revenues -- cost of revenues during the third quarter of 2021 was $170.6 million or 75.7% of revenues compared to $100.9 million or 86.5% of revenues during the third quarter of 2020.
Cost of revenues increased primarily due to expense -- increases in expenses consistent with higher activity levels, such as materials and supplies expense, maintenance and repairs costs and fuel costs.
Cost of revenues as a percentage of revenues decreased primarily due to the leverage of higher revenues over direct employment costs that increased to the lower rate than the increase in revenues.
During the quarter, RPC recorded a CARES Act tax credit that was largely offset by the resolution of a long-term contractual dispute defender.
Selling, general and administrative expenses were $31.4 million in the third quarter of 2021 compared to $32.4 million in the third quarter of the prior year.
Selling, general and administrative expenses decreased from 27.8% of revenues in the third quarter of last year to 14% of revenues in the third quarter of 2021 due to leverage of higher revenues over costs that are relatively fixed during the short term.
Depreciation was $18.1 million in the third quarter of 2021 compared to $18.7 million in the same quarter of the prior year.
Our Technical Services segment revenues for the third quarter were $211.8 million compared to $109.3 million in the same quarter last year due to significantly higher activity and some pricing improvement.
Segment operating profit in the third quarter of 2021 was $8.3 million compared to a $24.9 million operating loss in the third quarter of the prior year.
Our Support Services segment revenues for the third quarter of this year were $13.5 million compared to $7.3 million in the same quarter last year.
Segment operating loss in the third quarter was $55,000 compared to an operating loss of $3.8 million in the third quarter of the prior year.
On a sequential basis, RPC's third quarter revenues increased 19.4% to $225.3 million from $188.8 million in the prior quarter.
This was due to activity increases in all of our service lines as well as slight net pricing improvement in several of our larger service lines.
Cost of revenues during the third quarter of 2021 increased 17% to $170.6 million compared to $145.8 million in the prior quarter.
As a percentage of revenues, cost of revenues decreased slightly from 77.2% in the second quarter of this year to 75.7% in the third quarter of 2021, reflecting some pricing improvement and operating expense leverage.
Selling, general and administrative expenses during the third quarter of 2021 increased 6.9% to $31.4 million from $29.4 million in the prior quarter, resulting in positive operating expense leverage.
As a result of these improvements, operating profit during the third quarter of 2021 was $8 million compared to an operating loss of $1.2 million in the prior quarter.
RPC's EBITDA was $26.5 million in the third quarter compared to EBITDA of $17.3 million in the prior quarter.
Our Technical Services segment revenues increased by $35.7 million or 20.3% in the third quarter due to increased activity levels and some pricing improvement in the segment service lines.
RPC's Technical Services segment generated an $8.3 million operating profit in the current quarter compared to an operating profit of $1.4 million in the prior quarter.
Our Support Services segment revenues increased by 6.6% to $13.5 million in the third quarter.
Operating loss was $55,000 in the current quarter compared to an operating loss of $2.4 million in the prior quarter.
During the third quarter, RPC operated seven horizontal pressure pumping fleets.
Also during the quarter, we made the strategic decision to add a Tier four dual-fuel fleet.
Heavily influencing this decision was an opportunity to partner with Caterpillar in the testing of new controls technology aimed at optimizing fuel burn, minimizing emissions and lowering maintenance costs.
In addition, we are working the fleet for a large E&P on a dedicated contract.
This equipment was added late in the third quarter and is reflected as a finance lease on our balance sheet with a balloon payment due at the end of 12 months.
Third quarter 2021 capital expenditures were $19 million, excluding the equipment acquired under a finance lease in the third quarter.
We currently estimate full year 2021 capital expenditures, excluding lease financed equipment, to be approximately $65 million, comprised primarily of capitalized maintenance for existing equipment and selected growth opportunities.
It became clear this quarter that many E&Ps, including those among our customer base who are private operators, are beginning to respond with conviction to higher commodity prices and forecast of global energy shortages.
Our calendars are filling up.
And we are optimistic about the fourth quarter in spite of the traditional holiday-related slowdown at this time of the year.
We are also looking forward to a stronger 2022.
As we operate in this improving environment, we are closely watching emerging challenges in our business.
Chemicals, components and labor shortages, together with cost increases and third-party logistics, are all developing as operational issues.
In addition, we are also monitoring reports of shortages of tubular goods and other items used by our customers which could cause delays in the need for our services.
The continued volatile environment in which we operate makes forecasting difficult.
But I'm pleased that our financial strength has allowed us to remain competitive as we begin to realize the benefits of higher commodity prices and an improving operating environment.
At the end of the third quarter, RPC's cash balance was approximately $81 million, and we remain debt-free.

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compname reports q3 earnings per share of $0.02.
q3 earnings per share $0.02.
q3 revenue rose 93.3 percent to $225.3 million.

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