2Q okay jonny and joeIROC Energy Services Corp. Announces Increased Net Income and Filing of Second Quarter 2011 Financial Statements
15 Aug 2011 20:23 ET
CNW Group
/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES/
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 and six months ended June 30, 2011. For a complete copy of IROC's interim financial statements and management's discussion and analysis ("MD&A") please visit
www.sedar.com.
Highlights for the three months ended June 30, 2011:
-- Total revenue increased 32% to $14.3 million for the three
months ended June 30, 2011 as compared to $10.8 million in the
comparable period of the prior year.
-- Gross margin increased 30% to $4.2 million for the three months
ended June 30, 2011 as compared to $3.3 million in the
comparable period of the prior year.
-- EBITDAS increased 79% to $2.0 million for the three months
ended June 30, 2011 as compared to $1.1 million in the
comparable period of the prior year.
-- Net loss decreased 65% to a
.3 million loss for the three
months ended June 30, 2011 as compared to a
.9 million loss
in the comparable period of the prior year.
Highlights for the six months ended June 30, 2011:
-- Total revenue increased 52% to $41.0 million for the six months
ended June 30, 2011 as compared to $27.1 million in the
comparable period of the prior year.
-- Gross margin increased 69% to $15.2 million for the six months
ended June 30, 2011 as compared to $9.0 million in the
comparable period of the prior year.
-- EBITDAS increased 124% to $10.3 million for the six months
ended June 30, 2011 as compared to $4.6 million in the
comparable period of the prior year.
-- Net income increased 3,536% to $4.1 million for the six months
ended June 30, 2011 as compared to a
.1 million loss in the
comparable period of the prior year.
Operations
IROC's operations are reported in three segments; the Drilling and Production Services segment, the Technology Services segment and Corporate Services. The following is a discussion of the reporting segments in which IROC operates.
DRILLING AND PRODUCTION SERVICES
The Drilling and Production Services segment provides services and rental equipment to oil and gas exploration, development and production companies with most of our customers and operations being located in western Canada, in the provinces of Alberta and Saskatchewan.
The Drilling and Production Services segment consists of two divisions:
Eagle Well Servicing ("Eagle") contracts service rigs to oil and gas companies to perform various completion, work-over and maintenance services on oil and natural gas wells. Eagle has offices and equipment in Red Deer, Grande Prairie and Lloydminster in Alberta and an office and equipment in Estevan, Saskatchewan with equipment being used in those geographic areas.
Aero Rental Services ("Aero") provides rental equipment for surface pressure control in drilling and work-over operations and tubular handling equipment used for the work over, re-entry and completion operations. Aero has an office in Red Deer, Alberta with equipment being rented for use primarily in Alberta.