Business
Ensign Energy Services Inc. Reports Summary 2011 Second Quarter Results
CALGARY, Aug. 2, 2011 /CNW/ - Ensign Energy Services Inc. ("Ensign" or the "Company") is plea...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 2, 2011 /CNW/ - Ensign Energy Services Inc. (\"Ensign\" or\n the \"Company\") is pleased to report its summary financial results for\n the three months and six months ended June 30, 2011.\n\n\nThe Company recorded revenue of $334.4 million in the three months ended\n June 30, 2011, an increase of 30 percent from revenue of $257.6 million\n recorded in the second quarter of the prior year. The Company recorded\n revenue of $836.7 million for the six months ended June 30, 2011, a 37\n percent increase from revenue of $610.4 million for the six months\n ended June 30, 2010. EBITDA (defined as earnings before interest,\n taxes, depreciation, amortization and share-based compensation expense)\n totaled $65.1 million in the second quarter of 2011, 38 percent higher\n than EBITDA of $47.2 million in the second quarter of 2010. EBITDA for\n the six months ended June 30, 2011 totaled $235.4 million, an increase\n of 67 percent from EBITDA of $140.9 million recorded in the first six\n months of 2010. Adjusted net income (defined as net income before\n share-based compensation expense, tax-effected using an income tax rate\n of 35%) totaled $18.9 million ($0.12 per common share) in the second\n quarter of 2011, 89 percent higher than Adjusted net income of $10.0\n million ($0.07 per common share) in the second quarter of 2010.\n Adjusted net income for the six months ended June 30, 2011 totaled\n $106.6 million ($0.70 per common share), an increase of 119 percent\n from Adjusted net income of $48.6 million ($0.32 per common share)\n recorded in the first six months of 2010. Due to the negative impact\n of share-based compensation expense in the second quarter of 2011\n compared to a recovery in the second quarter of 2010, net income for\n the second quarter of 2011 increased only slightly over the comparable\n prior year period to $16.1 million ($0.11 per common share) compared to\n net income of $16.0 million ($0.10 per common share) for the second\n quarter of 2010. Net income for the six months ended June 30, 2011\n totaled $95.8 million ($0.63 per common share), an increase of 75\n percent from net income of $54.8 million ($0.36 per common share)\n recorded in the first six months of 2010. Funds from operations\n increased 44 percent to $66.4 million ($0.43 per common share) in the\n second quarter of 2011 fro...