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IROC Energy Services Corp. announces increased net income, filing of 2011 annual audited financial statements, and declaration of quarterly dividend
CALGARY, March 20, 2012 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (T...
About this update from Information Services Corp. Class A
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, March 20, 2012 /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 months and one year\n periods ended December 31, 2011. For a complete copy of IROC's annual\n audited financial statements and annual management's discussion and\n analysis (\"MD&A\") please visit www.sedar.com.\n\n\nBasis of Presentation\n\n\nThroughout this news release amounts are presented on a continuing\n operations basis to more accurately reflect the way in which IROC\n intends to operate on a continuing basis.\n\n\nHighlights for the three month quarter ended December 31, 2011:\n\n\nTotal revenue increased 44% to $26.7 million for the three months ended\n December 31, 2011 as compared to $18.5 million in the comparable\n quarter of the prior year.\n\nGross margin increased 53% to $10.8 million for the three months ended\n December 31, 2011 as compared to $7.1 million in the comparable quarter\n of the prior year.\n\nEBITDAS increased 62% to $8.6 million for the three months ended\n December 31, 2011 as compared to $5.3 million in the comparable quarter\n of the prior year.\n\nNet income from continuing operations increased 77% to $4.8 million for\n the three months ended December 31, 2011 as compared to $2.7 million in\n the comparable quarter of the prior year.\n\n\nHighlights for the year ended December 31, 2011:\n\n\nTotal revenue increased 60% to $85.7 million for the year ended December\n 31, 2011 as compared to $53.6 million in 2010.\n\nGross margin increased 90% to $35.3 million for the year ended December\n 31, 2011 as compared to $18.5 million in 2010.\n\nEBITDAS increased 125% to $26.9 million for the year ended December 31,\n 2011 as compared to $12.0 million in 2010.\n\nNet income from continuing operations increased 324% to $13.4 million\n for the year ended December 31, 2011 as compared to net income of $3.2\n million in 2010.\n\nSuccessfully completed the $27.6 million 2011 capital program through\n the addition of six new service rigs, three new coil tubing units, and\n the addition of $6.6 million of rental equipment.\n\nCommenced payment of a quarterly dividend, currently $0.025 per common\n share.\n\n\nOperations\nIROC's operations are reported in three segments; the Drilling and Production ...