IROC Energy Services Corp. announces third quarter 2008 results

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[{"type":"text","content":"\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY\nUNITED STATES NEWS SERVICES/\n\n\nCALGARY, Nov. 10 /CNW/ - IROC Energy Services Corp. ("IROC" or the\n"Company") (TSX: "ISC") announces the Company's financial results for the\nthree and nine months ended September 30, 2008.\n\n\nFINANCIAL HIGHLIGHTS\n---------------------\n\n For the 3 months For the 9 months\n ended Sept. 30, ended Sept. 30,\n ---------------- ----------------\n (Unaudited) (Unaudited)\n % %\n 2008 2007 Change 2008 2007 Change\n-------------------------------------------------------------------------\nRevenue\n - continuing\n operations $22,488 $17,773 27% $56,612 $51,497 10%\n-------------------------------------------------------------------------\nOperating\n costs 13,827 10,818 28% 36,369 31,349 16%\n-------------------------------------------------------------------------\nGross margin 8,661 6,955 25% 20,243 20,148 0%\nGross margin % 39% 39% 0% 36% 39% -8%\n-------------------------------------------------------------------------\nGeneral and\n administrative\n expenses 2,529 2,457 3% 7,231 7,629 -5%\n-------------------------------------------------------------------------\nEBITDAS\n - continuing\n operations(1) 6,132 4,498 36% 13,012 12,519 4%\nPer share\n diluted 0.14 0.10 40% 0.29 0.29 0%\n-------------------------------------------------------------------------\nNet earnings\n - continuing\n operations 2,673 468 471% 2,389 909 163%\nPer share\n diluted 0.06 0.01 500% 0.05 0.02 156%\n-------------------------------------------------------------------------\nNet earnings 286 369 -22% 826 1,945 -58%\nPer share\n diluted 0.01 0.01 0% 0.02 0.04 -59%\n-------------------------------------------------------------------------\nNumber of\n shares\n outstanding\n Basic 44,304,504 44,251,080 0% 44,285,624 43,164,377 3%\n Diluted 44,324,122 44,336,011 0% 44,446,091 43,273,275 3%\n-------------------------------------------------------------------------\n(1) EBITDAS and EBITDAS per share are "NON-GAAP MEASURES". EBITDAS is\n defined as "earnings before interest, taxes, depreciation and\n amortization, stock-based compensation expense, foreign exchange\n gains and losses and gains or losses on disposal of property and\n equipment." EBITDAS and EBITDAS per share are not recognized measu...

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