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IROC Energy Services Corp. announces record second quarter results, filing of interim financial statements, and declaration of quarterly dividend
CALGARY, Aug. 14, 2012 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (TS...
About this update from Information Services Corp. Class A
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 14, 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 and six months ended June\n 30, 2012. For a complete copy of IROC's interim financial statements\n and management's discussion and analysis (\"MD&A\") please visit www.sedar.com.\n\n\nBasis of Presentation\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 June 30, 2012:\n\n\nTotal revenue increased 43% to $16.7 million for the three months ended\n June 30, 2012 as compared to $11.7 million in the second quarter of\n 2011.\n\nGross margin increased 46% to $5.1 million for the three months ended\n June 30, 2012 as compared to $3.5 million in the second quarter of\n 2011.\n\nEBITDAS increased 93% to $3.2 million for the three months ended June\n 30, 2012 as compared to $1.6 million in the second quarter of 2011.\n\nNet income from continuing operations was $0.1 million for the three\n months ended June 30, 2012 as compared to a net loss of $0.3 million in\n the second quarter of 2011 marking the first time in the Corporation's\n history that the Corporation was profitable during the spring breakup\n period.\n\nHighlights for the six months ended June 30, 2012:\n\n\nTotal revenue increased 36% to $49.1 million for the six months ended\n June 30, 2012 as compared to $36.1 million during the comparable period\n of the prior year.\n\nGross margin increased 39% to $19.5 million for the six months ended\n June 30, 2012 as compared to $14.0 million during the comparable period\n of the prior year.\n\nEBITDAS increased 49% to $14.9 million for the six months ended June 30,\n 2012 as compared to $10.0 million during the comparable period of the\n prior year.\n\nNet income from continuing operations increased 61% to $6.9 million for\n the six months ended June 30, 2012 as compared to $4.3 million during\n the comparable 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 Rental Services segment and Corporate Services and Other. The following is a discussion ...