Tuscany International Drilling Inc T.TID

Q2- highlights.

[dreaddogs]

Q2 2012 Highlights

• Net income was $1.3 million during the second quarter compared to a loss of $3.1 million during the same period in 2011, an increase of 141%. Net income during the first quarter 2012 was $275 thousand.

• Funds from operations¹ were $11.6 million during the second quarter compared to funds from operations of $0.9 million during the same period in 2011, an increase of 1,198%. Funds from operations during the first quarter 2012 were $13.7 million.

• The Company recorded revenue of $85.2 million during the second quarter compared to $29.8 million during the same period last year, an increase of 185%. Revenue during the first quarter 2012 was $94.3 million.

• Adjusted EBITDA¹ was $17.0 million during the second quarter compared to adjusted EBITDA of $5.1 million during the same period in 2011, increasing 236%. Adjusted EBITDA for the first quarter 2012 was $20.2 million.

• Gross margin¹ was $26.1 million during the second quarter compared to $9.4 million during the same period last year, an increase of 177%. Gross margin was $31.3 million during the first quarter 2012.  -UP

• General and administrative expenses were $10.1 million (11.8% of revenue) during the second quarter compared to $5.7 million (19.1% of revenue) during the same period in 2011. General and administrative expenses were $12.3 million (13.0% of revenue) in the first quarter of 2012.

• Utilization of the Company's fleet was 78.7% during the second quarter as compared to 67.4% during the same period in 2011. Utilization was 89.6% for the first quarter of 2012. _UP

• A letter of intent has been signed with a major oil company to drill in Uganda. A rig is currently being mobilized from the Republic of Congo to Uganda to service this contract.