IROC Energy Services Corp. Announces Increased Net Income and Filing of Second Quarter 2011 Financial Statements

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[{"type":"text","content":"\n\n\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY\n UNITED STATES NEWS SERVICES/\n\n\nCALGARY, Aug. 15, 2011 /CNW/ - IROC Energy Services Corp. (\"IROC\" or the\n \"Corporation\") (TSXV: \"ISC\") is pleased to present a summary of its\n operating and financial results for the three and six months ended June\n 30, 2011.  For a complete copy of IROC's interim financial statements\n and management's discussion and analysis (\"MDA\") please visit www.sedar.com.\n\n\nHighlights for the three months ended June 30, 2011:\n\n\nTotal revenue increased 32% to $14.3 million for the three months ended\n June 30, 2011 as compared to $10.8 million in the comparable period of\n the prior year.\n\n\nGross margin increased 30% to $4.2 million for the three months ended\n June 30, 2011 as compared to $3.3 million in the comparable period of\n the prior year.\n\n\nEBITDAS increased 79% to $2.0 million for the three months ended June\n 30, 2011 as compared to $1.1 million in the comparable period of the\n prior year.\n\n\nNet loss decreased 65% to a $0.3 million loss for the three months ended\n June 30, 2011 as compared to a $0.9 million loss in the comparable\n period of the prior year.\n\n\nHighlights for the six months ended June 30, 2011:\n\n\nTotal revenue increased 52% to $41.0 million for the six months ended\n June 30, 2011 as compared to $27.1 million in the comparable period of\n the prior year.\n\n\nGross margin increased 69% to $15.2 million for the six months ended\n June 30, 2011 as compared to $9.0 million in the comparable period of\n the prior year.\n\n\nEBITDAS increased 124% to $10.3 million for the six months ended June\n 30, 2011 as compared to $4.6 million in the comparable period of the\n prior year.\n\n\nNet income increased 3,536% to $4.1 million for the six months ended\n June 30, 2011 as compared to a $0.1 million loss in the comparable\n period of the prior year.\n\n\nOperations\n\n\nIROC's operations are reported in three segments; the Drilling and Production Services segment, the Technology Services segment and Corporate Services.  The following is a discussion of the reporting segments in which IROC\n operates.\n\n\nDRILLING AND PRODUCTION SERVICES\n\n\nThe Drilling and Production Services segment provides services and\n rental equipment to oil and gas exploration, developm...

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