Press Releases
Parker Drilling Reports 2009 Third Quarter Earnings of $0.06 Per Share; Adjusted EPS of $0.04, Excluding Non-Routine Items
HOUSTON, Nov. 3 /PRNewswire-FirstCall/ -- Parker Drilling (NYSE: PKD), a global drilling contractor and service provider, today reported results for the quarter ended Sept. 30, 2009, including net income of $7.1 million or $0.06 per diluted share on revenues of $181.4 million, compared to net income of $17.8 million or $0.16 per diluted share on revenues of $227.5 million for the prior year's third quarter. Excluding the effect of non-routine items, the Company reported 2009 third quarter net income of $4.4 million or $0.04 per diluted share, compared to similarly adjusted 2008 third quarter net income of $21.6 million or $0.19 per diluted share.
"The results of this past quarter reflect the harsh conditions that prevailed in many of our markets as well as the durability and resilience of the Company's strategy, business balance and geographic diversity," said executive chairman Robert L. Parker Jr. "Through cost management actions we were able to moderate the adverse effects on our operations' results while employing our business strategy to advance our competitive position and strengthen our business."
Third Quarter Highlights:
-- Revenues of $181.4 million were 20 percent below the prior year's third
quarter revenues of $227.5 million. Increased revenues related to
project management and construction contracts partially offset declines
in worldwide drilling and tool rental revenues;
-- Gross margin as a percent of revenues increased for International
Drilling and Project Management and Engineering Services, compared with
the prior year's third quarter. These improvements partially offset
lower gross margin profitability from Parker's U.S. Barge Drilling and
Rental Tools operations;
-- The U.S. Barge Drilling segment recorded a positive gross margin for the
third quarter, and improved its year-to-date gross margin to
better-than-breakeven. This is a notable achievement in the industry,
which has experienced a severe downturn in activity and declining
dayrates;
-- Parker successfully completed the sealift of the BP-owned "Liberty" rig
to its operating site off Alaska's North Slope and has initiated rig-up
and commissioning activities. During the quarter Parker was awarded the
operations and maintenance contract for the rig's initial drilling
program;
-- The construction of the two Parker-owned arctic land rigs continues on
schedule for a 2010 deployment to the North Slope to begin drilling on
five-year contracts for BP;
-- The Company achieved a better-than-industry average safety performance.
Parker's September year-to-date Total Recordable Incident Rate (TRIR) of
0.55 surpassed the Company's 2008 industry-leading TRIR of 0.66.
"Our recent results reflect the severe industry downturn of the past several quarters," said Mr. Parker. "The International Drilling, U.S. Gulf of Mexico Barge Drilling and Rental Tools segments experienced significant declines in revenues, compared to the prior year's third quarter. This was caused by lower utilization for the international rig fleet, lower utilization and lower dayrates for the barge drilling operation, and price discounts for rental tools. Meanwhile, Project Management & Engineering Services revenues grew due to the long-term nature of our customers' plans and programs; and Construction Contract revenues increased in line with progress on the Liberty rig. Each of these two operations achieved an increase in gross margin and gross margin as a percent of revenues.
"Despite these difficult and challenging market conditions, our operations overall were profitable, including the contribution from our barge drilling business which recorded a 19 percent gross margin as a percent of revenues this past quarter and has achieved a positive gross margin year-to-date.
"Business activity may have neared the bottom in the third quarter and there are tentative signs that improvement is underway," continued Mr. Parker. "Our U.S. Gulf of Mexico barge rig utilization rate increased sequentially in each of the last two quarters, rental tool placements have risen, the number of tenders for international drilling contracts has grown and project management opportunities have expanded. There are still areas of concern - dayrates remain under pressure, tool rental rates are heavily discounted, and contract commitments are slow to develop. Overall, though, the outlook is slowly improving. I believe these are times of opportunity, when Parker Drilling can make competitive and strategic gains based on the strength of our operations and business relationships," he concluded.
Financial Review
For the three months ended Sept. 30, 2009, Parker Drilling posted net income of $7.1 million, or $0.06 per diluted share, on revenues of $181.4 million, compared to net income of $17.8 million, or $0.16 per diluted share, on revenues of $227.5 million for the 2008 third quarter. Excluding the impact of non-routine items, adjusted net income for the 2009 third quarter was $4.4 million or $0.04 per diluted share, compared with 2008 third quarter adjusted net income of $21.6 million or $0.19 per diluted share. (The results for 2008 have been restated for the impact of the recently issued guidance related to accounting for convertible debt instruments). The results for the 2009 third quarter included non-routine net after-tax income of $2.7 million, or $0.02 per diluted share. This includes expenses related to previously disclosed investigations by the Department of Justice and the Securities and Exchange Commission regarding the Company's utilization of the services of a customs agent in certain countries and an internal investigation regarding U.S. economic sanctions related to the Company's operations in Turkmenistan and the write-off of a prepayment to an equipment supplier who went bankrupt. This was more than offset by income from the recovery of previously unutilized foreign tax credits. The results for the 2008 third quarter included non-routine net after-tax expense of $3.8 million, or $0.03 per diluted share, for non-routine items. (Details of the non-routine items are provided in the attached financial tables.)
U.S. Barge Drilling revenues for the 2009 third quarter declined 72 percent, to $12.4 million from $44.7 million for the 2008 third quarter, due to lower utilization and reduced dayrates for the Gulf of Mexico barge drilling fleet. International Drilling revenues fell 31 percent, to $64.0 million from $92.2 million, the result of lower average fleet utilization. Rental Tools revenues decreased 48 percent, to $23.9 million from $46.0 million, primarily from the decline in U.S. land and Gulf of Mexico shelf drilling activity and the impact of increased discounts. The declines were partially offset by increased demand for workover equipment, growing coverage in the active shale regions and additional offshore deep drilling accounts. Revenues for Project Management and Engineering Services increased 7 percent, to $25.9 million from $24.1 million, reflecting the contribution from a FEED (Front End Engineering & Design) study for a drilling package on the Arkutun-Dagi platform offshore Sakhalin Island, Russia and pre-operational revenues related to the BP-owned Liberty rig. Construction Contract segment revenues of $55.3 million, represents the Company's progress on delivering, rigging-up and commissioning the Liberty rig.
Adjusted EBITDA, after non-routine items, for the 2009 third quarter was $38.1 million compared to $76.0 million in the 2008 third quarter. (Adjusted EBITDA is a non-GAAP financial measure. The calculations of adjusted EBITDA and reconciliation to the most directly comparable GAAP measure are provided in the attached financial tables).
International Drilling's gross margin decreased 23 percent to $22.0 million from the prior year's third quarter gross margin of $28.5 million. Gross margin as a percent of revenues was 34.4 percent in the 2009 third quarter compared to 31.0 percent in the prior year's third quarter. The increase in gross margin percent was primarily the result of lower operating costs throughout the segment.
Project Management and Engineering Services' gross margin for the 2009 third quarter increased significantly to $6.4 million from $2.6 million for the prior year's third quarter. Gross margin as a percent of revenues was 24.9 percent for the 2009 third quarter compared to 11.0 percent in the prior year's third quarter. Much of this improvement was due to the contribution from the Arkutun-Dagi platform and Liberty rig projects and a lower level of reimbursables in the current quarter.
U.S. Barge Drilling reported a gross margin of $2.3 million for the 2009 third quarter, the result of cost management actions and fleet deployment initiatives put in place to counter the low level of activity in the market. The third quarter performance is in line with the Company's objective to enhance its position as the leading and preferred contractor in the U.S. Gulf of Mexico barge drilling market and achieve a better-than-breakeven cash flow for this segment this year.
The decline in gross margin for Rental Tools, to $11.7 million for the 2009 third quarter from $27.8 million for the prior year's third quarter, reflected a decline in overall demand due to reduced drilling activity in the U.S. land market and Gulf of Mexico shelf. This led to competitive discounting of rental rates that has impacted the segment's gross margin and gross margin as a percent of revenues.
For the first nine months of 2009, Parker reported a 7 percent decline in revenues, to $577.1 million from $617.5 million for the same period in the prior year. Adjusted EBITDA, excluding non-routine items, declined 37 percent, to $132.3 million from $210.0 million for the comparable period. Earnings per diluted share, excluding non-routine items, was $0.15, down from $0.56 for the same period of 2008.
Operations Review
-- Average utilization of international rigs, both land and barge rigs, for
the 2009 third quarter was 61 percent, compared to 84 percent for the
prior year's third quarter and 68 percent for the 2009 second quarter.
(Average utilization for each international region's rig fleet by
quarter is available in the "Rig Utilization Schedule" posted on
Parker's website under "Investor Relations" at "Quarterly Support
Materials".)
-- The Company's Americas region operated at 75 percent average
utilization, with eight of ten rigs having worked during the period,
including one rig that began work in September on a multi-well
contract. Seven of the ten rigs in this region have commitments to
work into 2010.
-- Parker's twelve rigs located in the Commonwealth of Independent
States / Africa Middle East (CIS / AME) region achieved average
utilization of 69 percent, with nine rigs having worked during the
period. Seven of the twelve rigs in the CIS / AME region are
operating under contracts that extend beyond 2009.
-- The eight-rig Parker fleet located in the Asia Pacific region
operated at 40 percent average utilization, with four of the eight
rigs having worked during the period. One rig began work in August
under a new term contract. While most contracts in this region are
for short duration projects, three rigs are committed to programs
that extend into 2010.
-- Average utilization for the Company's Gulf of Mexico barge rigs for the
2009 third quarter was 33 percent, compared to 79 percent for the prior
year's third quarter and 30 percent for the 2009 second quarter.
Currently, barge rig utilization is 60 percent. The Company's barge
dayrates in the Gulf of Mexico averaged $26,200 during the 2009 third
quarter, compared to $39,900 per day in the 2008 third quarter and
$29,800 per day in the 2009 second quarter. (Average dayrates for each
classification of barge by quarter are available in the "Dayrates - GOM"
schedule posted on Parker's website under "Investor Relations" at
"Quarterly Support Materials".)
-- Rental tool revenues slowed in all the established regions, partially
offset by business from our new operation in Pennsylvania, serving the
Marcellus shale play. The greatest declines occurred in the regions
serving primarily conventional oil or gas drilling operators while the
downturn was less severe in the regions with major gas or oil shale
plays, such as the Haynesville, Barnett, Fayetteville and Bakken shale
areas.
-- In Project Management and Engineering Services, rig-up and commissioning
of the BP-owned Liberty rig in Alaska was underway following the rig's
successful delivery to the satellite drilling island off the North Slope
of Alaska. In addition, we continued work on the FEED study for the
Arkutun-Dagi platform's drilling package.
Capital expenditures for the three months ended Sept. 30, 2009 totaled $32.9 million, including $9.1 million for the construction of Parker's two newbuild arctic land rigs for Alaska, and $5.4 million for tubular goods and other rental equipment.
At the end of the period total debt was $425.7 million and the Company's total debt-to-capitalization ratio was 41.5 percent. Adjusted for the Company's cash and cash equivalents balance of $94.4 million, Parker's ratio of net-debt-to-net capitalization was 35.6 percent, compared to 31.6 percent at the end of 2008. The Company's $50 million term loan began to amortize on Sept. 30, 2009 at $3.0 million per quarter. The remaining components of the Company's debt do not mature until 2012 and 2013.
Conference Call
Parker Drilling has scheduled a conference call at 10:00 a.m. CST (11:00 a.m. EST) on Tuesday, November 3, 2009 to discuss 2009 third quarter results. Those interested in listening to the call by telephone may do so by dialing (480) 629-9722. Alternatively, the call can be accessed through the Investor Relations section of the Company's Web site at http://www.parkerdrilling.com. A replay of the call will be available by telephone from November 3 through November 11 by dialing (303) 590-3030 and using the access code 4171242#, and for 12 months on the Company's Web site.
This release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of the Securities Acts. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including earnings per share guidance, the outlook for rig utilization and dayrates, general industry conditions including demand for drilling and customer spending and the factors affecting demand, competitive advantages including cost effective integrated solutions and technological innovation, future technological innovation, future operating results of the Company's rigs and rental tool operations, capital expenditures, expansion and growth opportunities, asset sales, successful negotiation and execution of contracts, strengthening of financial position, increase in market share and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this release are based on reasonable assumptions, actual results may differ materially from those expressed or implied in the forward-looking statements due to certain risk factors, including the ongoing credit crisis which has created volatility in oil and natural gas prices and could result in reduced demand for drilling services. For a detailed discussion of risk factors that could cause actual results to differ materially from the Company's expectations, please refer to the Company's reports filed with the SEC, and in particular, the report on Form 10-K for the year ended December 31, 2008. Each forward-looking statement speaks only as of the date of this release, and the Company undertakes no obligation to publicly update or revise any forward-looking statement.
PARKER DRILLING COMPANY AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
September 30, 2009 December 31, 2008
------------------ -----------------
(Unaudited)
ASSETS (Dollars in Thousands)
CURRENT ASSETS
Cash and Cash Equivalents $94,431 $172,298
Accounts and Notes
Receivable, Net 196,039 186,164
Rig Materials and Supplies 28,901 30,241
Deferred Costs 6,989 7,804
Deferred Income Taxes 9,735 9,735
Other Current Assets 76,669 67,049
------ ------
TOTAL CURRENT ASSETS 412,764 473,291
------- -------
PROPERTY, PLANT AND
EQUIPMENT, NET 702,820 675,548
OTHER ASSETS
Deferred Income Taxes 38,458 22,956
Other Assets 36,375 33,925
------ ------
TOTAL OTHER ASSETS 74,833 56,881
------ ------
TOTAL ASSETS $1,190,417 $1,205,720
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current Portion of Long-Term
Debt $12,000 $6,000
Accounts Payable and Accrued
Liabilities 137,483 152,528
------- -------
TOTAL CURRENT LIABILITIES 149,483 158,528
------- -------
LONG-TERM DEBT 413,692 435,394
LONG-TERM DEFERRED TAX
LIABILITY 8,178 8,230
OTHER LONG-TERM LIABILITIES 19,719 21,396
STOCKHOLDERS' EQUITY 599,345 582,172
---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,190,417 $1,205,720
========== ==========
Current Ratio 2.76 2.99
Total Debt as a Percent of
Capitalization 42% 43%
Book Value Per Common Share $5.16 $5.13
PARKER DRILLING COMPANY AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -----------------
2009 2008 2009 2008
---- ---- ---- ----
(Dollars in Thousands) (Dollars in Thousands)
REVENUES:
International
Drilling $63,966 $92,226 $220,626 $238,885
U.S. Drilling 12,350 44,743 35,095 139,999
Project Management
and Engineering
Services 25,869 24,089 81,814 72,219
Construction
Contract 55,325 20,421 149,642 40,501
Rental Tools 23,899 45,975 89,948 125,858
------ ------ ------ -------
TOTAL REVENUES 181,409 227,454 577,125 617,462
------- ------- ------- -------
OPERATING EXPENSES:
International
Drilling 41,964 63,682 140,628 172,915
U.S. Drilling 10,057 21,850 34,821 65,502
Project Management
and Engineering
Services 19,420 21,451 63,597 61,819
Construction
Contract 52,203 19,323 142,117 38,373
Rental Tools 12,232 18,166 41,438 50,014
Depreciation and
Amortization 29,307 30,663 85,382 84,995
------ ------ ------ ------
TOTAL OPERATING
EXPENSES 165,183 175,135 507,983 473,618
------- ------- ------- -------
TOTAL OPERATING
GROSS MARGIN 16,226 52,319 69,142 143,844
------ ------ ------ -------
General and
Administrative
Expense (9,812) (9,271) (33,998) (24,420)
Provision for
Reduction in
Carrying Value of
Certain Assets (2,757) - (2,757) -
Gain on Disposition
of Assets, Net 1,225 799 2,007 2,014
----- --- ----- -----
TOTAL OPERATING
INCOME 4,882 43,847 34,394 121,438
----- ------ ------ -------
OTHER INCOME AND
(EXPENSE):
Interest Expense (7,093) (7,026) (22,663) (20,908)
Interest Income 435 383 895 1,121
Equity in Loss of
Unconsolidated
Joint Venture
and Related
Charges, net of
tax - - - (1,105)
Other Income
(Expense) (285) 299 (365) 503
---- --- ---- ---
TOTAL OTHER INCOME
AND (EXPENSE) (6,943) (6,344) (22,133) (20,389)
------ ------ ------- -------
INCOME (LOSS)
BEFORE INCOME
TAXES (2,061) 37,503 12,261 101,049
------ ------ ------ -------
INCOME TAX EXPENSE
(BENEFIT)
Current 1,325 14,179 14,224 13,024
Deferred (10,480) 5,494 (15,554) 25,096
------- ----- ------- ------
TOTAL INCOME TAX
EXPENSE (BENEFIT) (9,155) 19,673 (1,330) 38,120
------ ------ ------ ------
NET INCOME $7,094 $17,830 $13,591 $62,929
====== ======= ======= =======
EARNINGS PER SHARE
- BASIC $0.06 $0.16 $0.12 $0.57
- DILUTED $0.06 $0.16 $0.12 $0.56
NUMBER OF COMMON
SHARES USED IN
COMPUTING EARNINGS
PER SHARE
Basic 113,263,123 111,756,322 112,905,172 111,243,745
Diluted 115,237,348 112,647,450 114,604,108 112,324,566
PARKER DRILLING COMPANY AND SUBSIDIARIES
Selected Financial Data
(Unaudited)
Three Months Ended
--------------------------------
September 30, June 30,
-------------- --------
2009 2008 2009
---- ---- ----
(Dollars in Thousands)
REVENUES:
International Drilling $63,966 $92,226 $79,279
U.S. Drilling 12,350 44,743 12,889
Project Management and
Engineering Services 25,869 24,089 23,891
Construction Contract 55,325 20,421 77,572
Rental Tools 23,899 45,975 28,160
------ ------ ------
Total Revenues 181,409 227,454 221,791
------- ------- -------
OPERATING EXPENSES:
International Drilling 41,964 63,682 48,887
U.S. Drilling 10,057 21,850 11,628
Project Management and
Engineering Services 19,420 21,451 18,283
Construction Contract 52,203 19,323 74,000
Rental Tools 12,232 18,166 12,752
------ ------ ------
Total Operating Expenses 135,876 144,472 165,550
------- ------- -------
OPERATING GROSS MARGIN:
International Drilling 22,002 28,544 30,392
U.S. Drilling 2,293 22,893 1,261
Project Management and
Engineering Services 6,449 2,638 5,608
Construction Contract 3,122 1,098 3,572
Rental Tools 11,667 27,809 15,408
Depreciation and Amortization (29,307) (30,663) (28,951)
------- ------- -------
Total Operating Gross Margin 16,226 52,319 27,290
General and Administrative Expense (9,812) (9,271) (11,126)
Provision for Reduction in Carrying
Value of Certain Assets (2,757) - -
Gain on Disposition of Assets, Net 1,225 799 704
------ ------- -------
TOTAL OPERATING INCOME $4,882 $43,847 $16,868
====== ======= =======
Marketable Rig Count Summary
As of September 30, 2009
Total
-----
U.S. Gulf of Mexico Barge Rigs
Workover 2
Intermediate 3
Deep 10
---
Total U.S. Gulf of Mexico Barge Rigs 15
International Land and Barge Rigs
Asia Pacific 8
Americas 10
CIS/AME 12
Other 1
---
Total International Land and Barge Rigs 31
---
Total Marketable Rigs 46
===
Adjusted EBITDA
(Unaudited)
(Dollars in Thousands)
Three Months Ended
-------------------------------------------------------------
September 30, June 30, March 31, December 31, September 30,
2009 2009 2009 2008 2008
------------ ---------- --------- ------------ -------------
Previously
Reported
Net Income
(Loss) $7,094 $4,391 $2,106 $(39,477) $18,551
Restated
Interest
Expense,
Net of Tax
- Per APB
14-1 - - - (724) (721)
--- --- --- ---- ----
Restated Net
Income
(Loss) 7,094 4,391 2,106 (40,201) 17,830
Adjustments:
Income Tax
(Benefit)
Expense (9,155) 5,079 2,746 (31,178) 19,673
Total Other
Income and
Expense 6,943 7,398 7,792 9,121 6,344
Loss/(Gain)
on
Disposition
of Assets,
Net (1,225) (704) (78) (683) (799)
Impairment
of Goodwill - - - 100,315
Depreciation
and
Amortization 29,307 28,951 27,124 31,961 30,663
Provision for
Reduction in
Carrying
Value of
Certain
Assets 2,757 - - - -
----- --- --- --- ---
Adjusted
EBITDA $35,721 $45,115 $39,690 $69,335 $73,711
======= ======= ======= ======= =======
Adjustments:
Non-routine Items 2,402 4,048 5,308 6,279 2,264
----- ----- ----- ----- -----
Adjusted
EBITDA
after Net
Non-routine
Items $38,123 $49,163 $44,998 $75,614 $75,975
======= ======= ======= ======= =======
Three Months Ended
-----------------------------------------------------
June 30, March 31, December 31, September 30,
2008 2008 2007 2007
--------- ---------- ------------- --------------
Previously
Reported Net
Income (Loss) $22,596 $23,888 $34,571 $22,653
Restated
Interest
Expense,
Net of
Tax - Per
APB 14-1 (699) (686) (670) (562)
---- ---- ---- ----
Restated
Net Income
(Loss) 21,897 23,202 33,901 22,091
Adjustments:
Income Tax
(Benefit)
Expense 13,762 4,685 (21,830) 18,803
Total Other
Income and
Expense 6,531 7,514 31,385 9,706
Loss/(Gain)
on
Disposition
of Assets,
Net (636) (579) 784 (543)
Impairment
of Goodwill
Depreciation
and
Amortization 28,166 26,166 25,059 23,043
Provision
for
Reduction
in Carrying
Value of
Certain
Assets - - 371 1,091
--- --- --- -----
Adjusted
EBITDA $69,720 $60,988 $69,670 $74,191
======= ======= ======= =======
Adjustments:
Non-
routine
Items 2,885 441 - -
----- --- --- ---
Adjusted
EBITDA
after Net
Non-routine
Items $72,605 $61,429 $69,670 $74,191
======= ======= ======= =======
PARKER DRILLING COMPANY AND SUBSIDIARIES
Reconciliation of Non-Routine Items *
(Unaudited)
(Dollars in Thousands, except Per Share)
Three Months Ending Nine Months Ending
September 30, September 30,
2009 2009
------------------- ------------------
Net income $7,094 $13,591
Earnings per diluted share $0.06 $0.12
Adjustments:
Provision for reduction in
carrying value $2,757 $2,757
DOJ investigation 2,402 11,758
----- ------
Total adjustments $5,159 $14,515
Tax effect of pre-tax non-
routine adjustments (1,806) (5,080)
Income tax provision
adjustment (6,053) (6,053)
------ ------
Net non-routine
adjustments $(2,700) $3,382
------- ------
Adjusted net income $4,394 $16,973
====== =======
Adjusted earnings per diluted
share $0.04 $0.15
===== =====
Three Months Ending Nine Months Ending
September 30, September 30,
2008 2008
------------------- ------------------
Previously reported net
income $18,551 $65,035
Previously reported earnings
per diluted share $0.16 $0.58
Restated interest expense, net
of tax - per APB 14-1 $(721) $(2,106)
Restated net income $17,830 $62,929
Restated earnings per share $0.16 $0.56
Adjustments:
Saudi Arabia $- $1,105
FIN 48 tax benefit -
Kazakhstan - (10,560)
PNG tax - 4,127
Other FIN 48 adjustments 2,407 2,407
DOJ investigation 2,264 5,590
----- -----
Total adjustments $4,671 $2,669
Tax effect of non-routine
adjustments (899) (2,219)
---- ------
Net non-routine
adjustments $3,772 $450
------ ----
Adjusted net income $21,602 $63,379
======= =======
Adjusted earnings per diluted
share $0.19 $0.56
===== =====
* Adjusted net income, a non-GAAP financial measure, excludes items that
management believes are of a non-routine nature and which detract from
an understanding of normal operating performance and comparisons with
other periods. Management also believes that results excluding these
items are more comparable to estimates provided by securities analysts
and used by them in evaluating the Company's performance.
SOURCE Parker Drilling Company
Released November 3, 2009