Business
Western Energy Services Corp. releases record first quarter 2012 financial and operating results
CALGARY, May 10, 2012 /CNW/ - Western Energy Services Corp. ("Western" or the "Company") (T...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 10, 2012 /CNW/ - Western Energy Services Corp. (\"Western\"\n or the \"Company\") (TSX: WRG) is pleased to release its first quarter\n 2012 financial and operating results.  Additional information relating\n to the Company, including the Company's financial statements and\n management's discussion and analysis as at and for the three months\n ended March 31, 2012 and 2011 will be available on SEDAR at www.sedar.com.  All amounts are denominated in Canadian dollars ($CDN) unless\n otherwise identified.\n\n\nHighlights:\n\n\nRecord revenue in the first quarter of 2012 totalled $110.9 million, a\n $60.8 million increase (or 121%) over the prior year due to an\n increased drilling rig fleet and improved day rates;\n\n\nRecord EBITDA in the first quarter of 2012 totalled $44.2 million (40%\n of revenue), a $25.3 million increase (or 134%) over the prior year. \n The increase reflects improved day rates and the scale achieved through\n the growth in the contract drilling segment which had an average rig\n count of 44 rigs in the first quarter of 2012 as compared to 23 rigs in\n the same period of the prior year;\n\n\nNet income totalled $23.0 million ($0.39 per share) in the first quarter\n of 2012, an increase of 103% as compared to net income of $11.3 million\n ($0.30 per share) in the same period of the prior year;\n\n\nIn Canada, utilization in the contract drilling segment averaged 81% in\n the first quarter as compared to the CAODC industry average of 65%;\n\n\nIn the United States, utilization in the contract drilling segment\n averaged 78% in the first quarter.  Taking mobilization days into\n consideration, the Company's rigs operating in the United States worked\n 98% of the available days in the quarter;\n\n\nOn January 30, 2012 Western completed a private offering of $175.0\n million aggregate principal amount of 7⅞% senior unsecured notes due\n January 30, 2019.\n\n\n\n\n\nSelected Financial Information\n\n\n(stated in thousands, except share and per share amounts)\n\n\n \n\n\n \n\n\n \n\n\nThree months ended March 31\n\n\nFinancial Highlights\n\n\n \n\n\n \n\n\n2012\n\n\n2011\n\n\nChange\n\n\nRevenue\n\n\n \n\n\n \n\n\n110,887\n\n\n50,093\n\n\n121%\n\n\nGross Margin(1)\n\n \n\n\n \n\n\n50,213\n\n\n21,388\n\n\n135%\n\n\nGross ...