IROC Energy Services Corp V.ISC

good financials, dividend too

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IROC Energy Services Corp. announces record first quarter results, filing of interim financial statements, and declaration of quarterly dividend

Press Release: IROC Energy Services Corp. –

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RELATED QUOTES

Symbol	Price	Change
ISC.V	2.45	-0.05

CALGARY , May 23, 2012 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (TSXV: "ISC") is pleased to present a summary of its operating and financial results for the three months ended March 31, 2011 . For a complete copy of IROC's interim financial statements and management's discussion and analysis ("MD&A") please visit www.sedar.com.

Basis of Presentation

Throughout this news release amounts are presented on a continuing operations basis to more accurately reflect the way in which IROC intends to operate on a continuing basis.

Highlights for the three month quarter ended March 31, 2012:

• Total revenue increased 33% to $32.5 million for the three months ended March 31, 2012 as compared to $24.4 million in the first quarter of 2011.
  
• Gross margin increased 37% to $14.4 million for the three months ended March 31, 2012 as compared to $10.5 million in the first quarter of 2011.
  
• EBITDAS increased 40% to $11.8 million for the three months ended March 31, 2012 as compared to $8.4 million in the first quarter of 2011.
  
• Net income from continuing operations increased 47% to $6.8 million for the three months ended March 31, 2012 as compared to $4.6 million in the first quarter of 2011.