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IROC Energy Services Corp. announces third quarter 2009 results and updates semi-annual dividend process
IROC Energy Services Corp. announces third quarter 2009 results and updates semi-annual dividend ...
About this update from Information Services Corp. Class A
[{"type":"text","content":"\n\n\n\nNov. 30, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 30 /CNW/ -- IROC Energy Services Corp. (TSX Venture Exchange: \"ISC\") announces the Company's financial results for the three and nine months ended September 30, 2009 and updates its semi-annual dividend process.FINANCIAL HIGHLIGHTS(Expressed in thousands of dollars, except share and per share amounts)For the 3 months For the nine monthsended Sept 30, ended Sept 30,-------------- --------------(Unaudited) (Unaudited)% %2009 2008 Change 2009 2008 Change-------------------------------------------------------------------------Revenue -continuingoperations $10,231 $18,647 -45% $33,540 $48,321 -31%-------------------------------------------------------------------------Operatingcosts 6,908 10,909 -37% 22,701 30,148 -25%-------------------------------------------------------------------------Gross margin 3,323 7,738 -57% 10,839 18,173 -40%Gross margin % 32% 41% -22% 32% 38% -16%-------------------------------------------------------------------------General andadministrativeexpenses 1,951 2,220 -12% 6,311 6,256 1%-------------------------------------------------------------------------EBITDAS -continuingoperations(1) 1,372 5,518 -75% 4,528 11,917 -62%Per sharediluted(1) 0.03 0.12 -75% 0.10 0.27 -63%-------------------------------------------------------------------------Net earnings(loss) -continuingoperations (9,314) 2,024 -560% (10,490) 2,280 -560%Per sharediluted (0.21) 0.05 -520% (0.24) 0.05 -575%-------------------------------------------------------------------------Net earnings(loss) (9,324) 315 -3060% (10,096) 910 -1209%Per sharediluted (0.21) 0.01 -2200% (0.23) 0.02 -1243%-------------------------------------------------------------------------WeightedAverageNumber ofsharesoutstandingBasic 43,947,852 44,304,504 -1% 44,147,039 44,285,624 0%Diluted 43,947,852 44,324,122 -1% 44,147,039 44,446,091 -1%-------------------------------------------------------------------------(1) Refer to the \"NON-GAAP MEASURES\" section for further details.Overall Performance-------------------While the Corporation posted EBITDAS of $1.4 million, one-time, non-cash charges led to a net loss from continuing operations of $9.3 million, $0.21 per share, for the three months ended September 30, 2009 compared to a net profit of $2.0 million, $0.05 per share, for the comparable period for 20...