IROC Energy Services Corp V.ISC

great earnings out for oil services co..

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IROC Energy Services Corp. announces increased net income, filing of 2011 annual audited financial statements, and declaration of quarterly dividend

Press Release: IROC Energy Services Corp. –

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• IROC Energy Services Corporation

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Symbol	Price	Change
ISC.V	2.57	+0.02

CALGARY , March 20, 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 and one year periods ended December 31, 2011 . For a complete copy of IROC's annual audited financial statements and annual 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 December 31, 2011:

• Total revenue increased 44% to $26.7 million for the three months ended December 31, 2011 as compared to $18.5 million in the comparable quarter of the prior year.
  
• Gross margin increased 53% to $10.8 million for the three months ended December 31, 2011 as compared to $7.1 million in the comparable quarter of the prior year.
  
• EBITDAS increased 62% to $8.6 million for the three months ended December 31, 2011 as compared to $5.3 million in the comparable quarter of the prior year.
  
• Net income from continuing operations increased 77% to $4.8 million for the three months ended December 31, 2011 as compared to $2.7 million in the comparable quarter of the prior year.

Highlights for the year ended December 31, 2011:

• Total revenue increased 60% to $85.7 million for the year ended December 31, 2011 as compared to $53.6 million in 2010.
  
• Gross margin increased 90% to $35.3 million for the year ended December 31, 2011 as compared to $18.5 million in 2010.
  
• EBITDAS increased 125% to $26.9 million for the year ended December 31, 2011 as compared to $12.0 million in 2010.
  
• Net income from continuing operations increased 324% to $13.4 million for the year ended December 31, 2011 as compared to net income of $3.2 million in 2010.
  
• Successfully completed the $27.6 million 2011 capital program through the addition of six new service rigs, three new coil tubing units, and the addition of $6.6 million of rental equipment.
  
• Commenced payment of a quarterly dividend, currently
  .025 per common share.