Ensign Energy Services Inc. Reports 2014 Second Quarter Results

About this update from Ensign Energy Services Inc.

[{"type":"text","content":"\n\n\nCALGARY, Aug. 11, 2014 /CNW/ -\n\n\nOverview\n\n\nRevenue for the second quarter of 2014 for Ensign Energy Services Inc.\n (\"Ensign\" or the \"Company\") was $511.6 million, 17 percent higher than\n revenue of $437.9 million recorded in the second quarter of 2013. \n Revenue for the six months ended June 30, 2014 was $1,135.8 million, 11\n percent higher than revenue of $1,019.0 million for the six months\n ended June 30, 2013.  Net income for the second quarter of 2014\n increased 364 percent to $15.2 million ($0.10 per common share)\n compared to net income of $3.3 million ($0.02 per common share) for the\n second quarter of 2013.  Net income for the six months ended June 30,\n 2014 increased 11 percent to $75.7 million ($0.50 per common share)\n compared to net income of $68.3 million ($0.45 per common share) for\n the first six months of 2013.  Included in the prior year comparative\n earnings for the second quarter was the negative impact of a $21.8\n million foreign exchange and other loss primarily due to the effect of\n a weakening Australian dollar on United States dollar debt in the\n Company's Australian operations.  Excluding the tax-effected impact of\n share based compensation expense (recovery) and foreign exchange and\n other, adjusted net income for the second quarter of 2014 totaled $14.4\n million ($0.09 per common share), one percent lower than adjusted net\n income of $14.5 million ($0.09 per common share) in the second quarter\n of 2013.  For the six months ended June 30, 2014 adjusted net income\n was $68.3 million ($0.45 per common share), 16 percent lower than\n adjusted net income of $81.1 million ($0.53 per common share) for the\n six months ended June 30, 2013.  Adjusted EBITDA, defined as \"income\n before interest, income taxes, depreciation, share-based compensation\n expense (recovery) and foreign exchange and other\", totaled $97.1\n million ($0.64 per common share) in the second quarter of 2014, 13\n percent higher than adjusted EBITDA of $85.7 million ($0.56 per common\n share) in the second quarter of 2013.  For the first six months of 2014\n adjusted EBITDA was $257.2 million ($1.68 per common share), three\n percent higher than adjusted EBITDA of $250.1 million ($1.64 per common\n share) for the first six months of 2013.  Funds from operati...

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