IROC Energy Services Corp. announces first quarter 2009 results

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[{"type":"text","content":"\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY\nUNITED STATES NEWS SERVICES/\n\n\nCALGARY, May 11 /CNW/ - IROC Energy Services Corp. ("IROC" or the\n"Company") (TSX: "ISC") announces the Company's financial results for the\nthree months ended March 31, 2009.\n\n\nFINANCIAL HIGHLIGHTS\n--------------------\n\n For the 3 months ended Mar 31,\n ------------------------------\n (Unaudited)\n 2009 2008 % Change\n-------------------------------------------------------------------------\nRevenue - continuing operations $ 14,007 $ 19,520 -28%\n-------------------------------------------------------------------------\nOperating costs 9,226 11,685 -21%\n-------------------------------------------------------------------------\nGross margin 4,781 7,835 -39%\nGross margin % 34% 40% -15%\n-------------------------------------------------------------------------\nGeneral and administrative\n expenses 2,201 1,922 15%\n-------------------------------------------------------------------------\nEBITDAS - continuing operations(1) 2,580 5,913 -56%\nPer share diluted(1) 0.06 0.13 -54%\n-------------------------------------------------------------------------\nNet earnings - continuing\n operations 82 2,124 -96%\nPer share diluted 0.00 0.05 -100%\n-------------------------------------------------------------------------\nNet earnings 488 2,710 -82%\nPer share diluted 0.01 0.06 -83%\n-------------------------------------------------------------------------\nNumber of shares outstanding\n Basic 44,296,448 44,251,080 0%\n Diluted 44,296,448 44,277,345 0%\n-------------------------------------------------------------------------\n(1) EBITDAS and EBITDAS per share are "NON-GAAP MEASURES". EBITDAS is\n defined as "earnings before interest, taxes, depreciation and\n amortization, stock-based compensation expense, foreign exchange\n gains and losses and gains or losses on disposal of property and\n equipment." EBITDAS and EBITDAS per share are not recognized measures\n under GAAP.\n\nOverview\n--------\n\n\nThe first quarter of 2009 began with the expectation of continued reduced\nactivity for the oilfield services industry as a result of uncertainty\ncontinuing to hang over our industry. The global economic conditions and the\nuncertainty of commodity prices for oil and gas l...

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