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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 net income, adjusted loss per share, adjusted earnings per share, adjusted operating loss, adjusted operating profit, 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 non-recurring items.
In addition, RPC is required to use EBITDA to report compliance with financial covenants under our revolving credit facility.
Please review these disclosures if you're interested in seeing how they are calculated.
rpc.net for a copy.
During the fourth quarter, we continued to execute our downsizing plans, first disclosed in October, including closing various facilities and scrapping equipment.
In addition, we reduced headcount by approximately 21% since the end of the second quarter.
Our CFO, Ben Palmer, will discuss this and other financial results in more detail, after which I will have a few closing comments.
During the fourth quarter, we recorded additional impairment and other charges of $10.6 million related primarily to severance and underutilized assets, bringing the total of impairment and other charges to $82.3 million in 2019.
We do not currently expect any additional significant charges based on this review.
For the fourth quarter of 2019, revenues decreased to $236 million compared to $376.8 million in the prior year.
Revenues decreased due to lower activity levels resulting from a more pronounced fourth quarter seasonal decline than in the prior year, lower pricing, and a smaller fleet of pressure pumping equipment.
Adjusted operating loss for the fourth quarter was $17.3 million compared to an operating profit of $19.7 million in the fourth quarter of the prior year.
Adjusted EBITDA for the fourth quarter was $23.2 million compared to EBITDA of $61.7 million in the same period of the prior year.
For the fourth quarter of 2019, RPC reported a $0.07 adjusted loss per share compared to a $0.06 diluted earnings per share in the prior year.
Cost of revenues during the fourth quarter of 2019 was $176.9 million or 75% of revenues compared to $274.4 million or 72.8% of revenues during the fourth quarter of 2018.
Cost of revenues decreased primarily due to lower materials and supplies expenses and other expenses associated with lower activity levels.
In addition, cost of revenues declined due to lower employment costs as a result of our downsizing.
Cost of revenues as a percentage of revenues increased primarily due to significantly lower activity levels and more competitive pricing for our services.
Selling, general and administrative expenses decreased to $36.8 million in the fourth quarter compared to $40 million in the fourth quarter of the prior year and this was due to lower employment costs.
Depreciation and amortization expense was $40.3 million during the fourth quarter of 2019, a decrease of 5.2% compared to $42.6 million in the prior year.
Technical Services segment revenues for the quarter decreased 38.7% compared to the same quarter of the prior year.
Excluding impairment and other charges, we incurred an operating loss of $17.2 million in the fourth quarter of 2019 compared to 19.9% [Phonetic] operating profit in the prior year.
These results were due to lower pricing and activity in the fourth quarter of 2019.
Our Support Services segment revenues for the quarter decreased 13.2% compared to the same quarter in the prior year.
Operating profit in the fourth quarter of 2019 was $1.2 million compared to $2.5 million in the prior year.
On a sequential basis, RPC's fourth quarter revenues decreased 19.5% to $236 million from $293.2 million in the third quarter due primarily to pronounced seasonally lower activity levels and slightly lower pricing.
Cost of revenues during the fourth quarter of 2019 decreased by $48.3 million or 21.5% due to lower activity levels and our cost reduction actions.
As a percentage of revenues, cost of revenues decreased from 76.8% in the third quarter to 75% in the current quarter due primarily to a favorable job mix within RPC's pressure pumping service line.
Selling, general and administrative expenses decreased to $36.8 million during the fourth quarter of the current year compared to $42.6 million in the prior quarter.
RPC generated an adjusted operating loss of $17.3 million during the fourth quarter of 2019 compared to an adjusted operating loss of $21 million in the prior quarter.
Our adjusted EBITDA was $23.2 million compared to adjusted EBITDA of $22.8 million in the prior quarter.
Our Technical Services segment revenues decreased by 55.6% [Phonetic] or 20.3% to $218.9 million in the fourth quarter.
The Technical Services segment incurred a $17.2 million operating loss in the current quarter compared to an operating loss of $18.2 million in the prior quarter.
Our Support Services segment revenues in the fourth quarter were $17.1 million compared to $18.8 million in the prior quarter.
Operating profit was $1.2 million in the fourth quarter compared to $1.6 million operating profit in the prior quarter.
At the end of the fourth quarter, RPC operated 10 pressure pumping fleets.
We will continue to adjust the number of fleets based on conditions and customer activity level.
At year-end '19, RPC's pressure pumping fleet totaled approximately 735,000 hydraulic horsepower.
Fourth quarter 2019 capital expenditures were $41.4 million and the full-year total of $250.6 million and we currently estimate 2020 capex to be approximately $80 million.
As 2020 begins, we are focused on improving utilization and well site execution as well as effectively managing our costs.
We believe the actions taken as a result of our strategic assessment better align our operations with current market conditions.
Despite the challenging environment during 2019 and approximately $250 million of capital expenditures, we ended the year with $50 million in cash and no debt.
We will continue to maintain a strong balance sheet and allocate capital to maximize long-term shareholder returns.

user
q4 adjusted loss per share $0.07.
q4 revenue $236 million versus refinitiv ibes estimate of $237.6 million.
qtrly revenue decreased by 19.5% due to seasonally lower activity levels and a smaller active fleet of pressure pumping equipment.
rpc - during q4, continued to execute downsizing plans, including closing facilities, scrapping equipment & reducing headcount.
rpc -in connection with preparation of q4 financial statements, additional impairment and other charges of $10.6 million in technical services segment.

assistant