Business
IROC Energy Services Corp. announces record first quarter results, filing of interim financial statements, and declaration of quarterly dividend
CALGARY, May 23, 2012 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (TSX...
About this update from Information Services Corp. Class A
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 23, 2012 /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 months ended March 31,\n 2011. For a complete copy of IROC's interim financial statements and\n management's discussion and 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 March 31, 2012:\n\n\nTotal revenue increased 33% to $32.5 million for the three months ended\n March 31, 2012 as compared to $24.4 million in the first quarter of\n 2011.\n\nGross margin increased 37% to $14.4 million for the three months ended\n March 31, 2012 as compared to $10.5 million in the first quarter of\n 2011.\n\nEBITDAS increased 40% to $11.8 million for the three months ended March\n 31, 2012 as compared to $8.4 million in the first quarter of 2011.\n\nNet income from continuing operations increased 47% to $6.8 million for\n the three months ended March 31, 2012 as compared to $4.6 million in\n the first quarter of 2011.\n\n\nOperations\n\n\nIROC's operations are reported in three segments; the Drilling and Production Services segment, the Rental Services segment and Corporate Services and Other.  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 to oil\n and gas exploration, development and production companies with most of\n our customers and operations being located in western Canada, in the\n provinces of Alberta and Saskatchewan.\n\n\nThe Drilling and Production Services segment consists of two divisions:\n\n\nEagle Well Servicing (\"Eagle\") contracts service rigs to oil and gas\n companies to perform various completion, workover and maintenance\n services on oil and natural gas wells.  Eagle has offices and equipment\n in Red Deer and Grande Prairie in Alberta and Lloydminster and Estevan\n in Saskatchewan with equipment being used in those geographic areas.\n\n\nHelix Coil Services (\"Helix\") contracts coil tubing units to oil an...