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IROC Energy Services Corp. announces fourth quarter and year end 2012 results
CALGARY, March 20, 2013 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (T...
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[{"type":"text","content":"\n\n\n\n\n\nCALGARY, March 20, 2013 /CNW/ - IROC Energy Services Corp. (\"IROC\" or\n the \"Corporation\") (TSXV: \"ISC\") is pleased to present a summary of its\n operating and financial results for the three and twelve months ended\n December 31, 2012. For a complete copy of IROC's interim financial\n statements and management's discussion and analysis (\"MD&A\") please\n visit www.sedar.com.\n\n\nHIGHLIGHTS\n\n\nFollowing a robust industry environment in 2011, lower commodity prices\n caused exploration and production companies to curtail their capital\n spending in 2012, negatively impacting industry activity levels in\n 2012.  In spite of the macro industry challenges, IROC was able to\n continue to execute its growth plans resulting in a number of positive\n achievements in 2012:\n\n\nAchieved record annual revenue and EBITDAS of $101.2 million and $30.3\n million, respectively, representing a 18% and 13% respective increase\n in revenue and EBITDAS over fiscal 2011;\n\nInvested $37.0 million in capital expenditures, increasing IROC's\n service rig fleet by 9 rigs and added $10.1 million in new rental\n assets.  Continued demand for IROC's services prompted the board of\n directors to approve a $25.2 million capital expenditure budget for\n 2013, which will include 6 new service rigs, $8.0 million in new rental\n assets and $2.5 million for miscellaneous equipment and maintenance\n capital; and\n\nReturned a total of $5.0 million to investors via dividends, with a\n further $1.5 million paid in January 2013.\n\n\nThe positive results achieved in 2012 were a direct result of IROC's\n $69.9 million investment in the enhancement and expansion of the\n Corporation's operating assets over the last two years.  Strong\n customer demand for IROC's service rigs allowed the Corporation to\n expand its service rig fleet by 9 rigs in 2012 leaving IROC with a\n fleet of 50 free standing service rigs as at December 31, 2012. \n Revenue also benefited from IROC's expansion of its rental business\n during 2011 and 2012, resulting in a 10% increase in rental revenue for\n 2012 versus 2011.  IROC continues to invest in opportunities to expand\n its service rig fleet as well as its inventory of specialized high\n pressure completions rental equipment.\n\n\nAlthough revenue increased $15.4 million year over year, ...