Cooper Cameron Addresses Plans for Adopting SFAS 123R
May 10 2005 - 6:05PM
PR Newswire (US)
Cooper Cameron Addresses Plans for Adopting SFAS 123R HOUSTON, May
10 /PRNewswire-FirstCall/ -- Cooper Cameron Corporation (NYSE:CAM)
has elected to defer the adoption of the Financial Accounting
Standards Board's Statement of Financial Accounting Standards No.
123 (revised 2004), Share-Based Payments (SFAS 123R) until January
1, 2006. The net impact on the Company's 2005 earnings is expected
to be a reduction in compensation expense of approximately $0.05
per share. Cooper Cameron Chairman, President and Chief Executive
Officer Sheldon R. Erikson said, "In our previous earnings
guidance, we had assumed we would incur approximately $0.10 per
share of share-based compensation expense during 2005 for both
stock options and restricted stock grants. Since we have elected to
defer adoption of SFAS 123R, the amount of share-based compensation
expense we expect to record during 2005 will be reduced by
approximately $0.05 per share related to stock options, leaving
$0.05 per share for the year in expense related to restricted stock
grants," he said. Cooper Cameron Corporation is a leading
international manufacturer of oil and gas pressure control
equipment, including valves, wellheads, controls, chokes, blowout
preventers and assembled systems for oil and gas drilling,
production and transmission used in onshore, offshore and subsea
applications, and provides oil and gas separation equipment. Cooper
Cameron is also a leading manufacturer of centrifugal air
compressors, integral and separable gas compressors and
turbochargers. Website: http://www.coopercameron.com/ In addition
to the historical data contained herein, this document includes
forward-looking statements regarding the future earnings of the
Company, made in reliance upon the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The Company's
actual results may differ materially from those described in
forward-looking statements. Such statements are based on current
expectations of the Company's performance and are subject to a
variety of factors, some of which are not under the control of the
Company, which can affect the Company's results of operations,
liquidity or financial condition. Such factors may include overall
demand for, and pricing of, the Company's products; the size and
timing of orders; the Company's ability to successfully execute the
large subsea systems projects it has been awarded; changes in the
price of (and demand for) oil and gas in both domestic and
international markets; raw material costs and availability;
political and social issues affecting the countries in which the
Company does business; fluctuations in currency markets worldwide;
and variations in global economic activity. In particular, current
and projected oil and gas prices historically have generally
directly affected customers' spending levels and their related
purchases of the Company's products and services. Additionally,
changes in oil and gas price expectations may impact the Company's
financial results due to changes in cost structure, staffing or
spending levels. Because the information herein is based solely on
data currently available, it is subject to change as a result of
changes in conditions over which the Company has no control or
influence, and should not therefore be viewed as assurance
regarding the Company's future performance. Additionally, the
Company is not obligated to make public indication of such changes
unless required under applicable disclosure rules and regulations.
DATASOURCE: Cooper Cameron Corporation CONTACT: R. Scott Amann,
Vice President, Investor Relations of Cooper Cameron Corporation,
+1-713-513-3344 Web site: http://www.coopercameron.com/
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