Business
Ensign Energy Services Inc. - Record Revenue Drives Strong 2011 Financial Results
CALGARY, March 19, 2012 /CNW/ - Overview Ensign Energy Services Inc. ("Ensign" or...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, March 19, 2012 /CNW/ -\n\n\nOverview\n\n\nEnsign Energy Services Inc. (\"Ensign\" or the \"Company\") generated record\n revenue for the year ended December 31, 2011, increasing 39 percent\n over the prior year to $1,890.4 million.  Net income for the year ended\n December 31, 2011 was $212.4 million ($1.39 per common share), a 78\n percent increase from $119.3 million ($0.78 per common share) recorded\n in 2010.  Operating earnings, expressed as EBITDA (defined as earnings\n before interest, income taxes, depreciation, and share-based\n compensation expense (recovery)), for 2011 were $502.0 million ($3.28\n per common share), a 54 percent increase from EBITDA of $325.6 million\n ($2.13 per common share) for the year ended December 31, 2010.  Funds\n from operations increased 59 percent to $475.6 million ($3.11 per\n common share) in 2011, a record high for the Company, from $299.9\n million ($1.96 per common share) in the prior year.\n\n\nDuring the fourth quarter of 2011, the Company generated the highest\n fourth quarter revenue in its history, increasing 43 percent over 2010\n to $578.0 million.  Net income increased 64 percent to $52.6 million\n ($0.34 per common share) compared to $32.1 million ($0.21 per common\n share) recorded in 2010.  EBITDA was $155.2 million ($1.02 per common\n share) for the fourth quarter of 2011, an increase of 49 percent over\n EBITDA of $104.0 million ($0.68 per common share) recorded in the\n fourth quarter of 2010.  Funds from operations were $140.5 million\n ($0.92 per common share) for the fourth quarter of 2011, a 55 percent\n increase from $90.5 million ($0.59 per common share) recorded in the\n fourth quarter of 2010.\n\n\nThe improved financial results in the fourth quarter and year ended\n December 31, 2011 reflect the continued recovery in demand for oilfield\n services and generally higher revenue rates for oilfield services as\n pricing, particularly in Canada, improved in line with the increased\n level of operating activity.  Improvements to operating results in the\n Company's United States and international operations were somewhat\n reduced by the translational impact of a weakening United States dollar\n against the Canadian dollar.  Although the United States dollar\n strengthened towards the end of the 2011 fiscal ...