IROC Energy Services Corp. announces year end and fourth quarter 2008 results and disbands special committee

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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, March 30 /CNW/ -\n\n\nFINANCIAL HIGHLIGHTS\n--------------------\n\n For the 3 months For the year\n ended Dec. 31, ended Dec. 31,\n ---------------- --------------\n (Unaudited) (Audited)\n % %\n 2008 2007 Change 2008 2007 Change\n-------------------------------------------------------------------------\nRevenue\n - continuing\n operations $17,004 $14,978 14% $65,324 $56,810 15%\n-------------------------------------------------------------------------\nOperating costs 10,291 9,311 11% 40,439 34,669 17%\n-------------------------------------------------------------------------\nGross margin 6,713 5,667 18% 24,885 22,141 12%\nGross margin % 39% 38% 3% 38% 39% -3%\n-------------------------------------------------------------------------\nGeneral and\n administrative\n expenses 2,411 2,684 -10% 8,666 8,925 -3%\n-------------------------------------------------------------------------\nEBITDAS\n - continuing\n operations (1) 4,302 2,983 44% 16,219 13,216 23%\nPer share\n diluted (1) 0.10 0.07 43% 0.37 0.30 23%\n-------------------------------------------------------------------------\nNet earnings\n (loss)\n - continuing\n operations 1,786 (57) 3233% 3,983 615 548%\n\nPer share\n diluted 0.04 0.00 100% 0.09 0.01 536%\n-------------------------------------------------------------------------\nNet earnings\nPer share 1,522 196 677% 2,348 2,139 10%\n diluted 0.03 0.00 100% 0.05 0.05 8%\n-------------------------------------------------------------------------\nNumber of\n shares\n outstanding\n Basic 44,304,504 44,251,080 0% 44,294,837 43,438,286 2%\n Diluted 44,324,122 44,336,011 0% 44,304,653 43,533,725 2%\n-------------------------------------------------------------------------\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 measures\n under GAAP.\n\n\nOverall 2008 was a mixed year for the oilfield service industry. The year\nbegan with...

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