Exhibit 99.1
     
(GRAPHIC)
  ALLIS-CHALMERS ENERGY INC.
     
PRESS RELEASE   Contact: Victor M. Perez
713-369-0550
ALLIS-CHALMERS ENERGY REPORTS
SECOND QUARTER 2010 RESULTS
2nd quarter Revenues up 41%
Adjusted EBITDA up 159%
HOUSTON, TEXAS, August 3, 2010 — Allis-Chalmers Energy Inc. (NYSE: ALY) today reported results for the second quarter of 2010. Revenues for the second quarter of 2010 increased 41.0% to $158.6 million compared to $112.5 million for the second quarter of 2009 and Adjusted EBITDA increased 159% in the quarter to $27.2 million compared to $10.5 million for the second quarter of 2009. Allis-Chalmers reported a net loss attributed to common stockholders for the second quarter of 2010 of $6.0 million, or $0.08 per diluted share, compared to a net loss of $125,000, or $0.00 per diluted share in the second quarter of 2009. Results for the second quarter of 2010 included the impact of a strike in Argentina which negatively affected pre-tax income by an estimated $1.7 million. Results for the second quarter of 2009 included a $26.4 million pre-tax gain on debt extinguishment.
Revenues for the first six months of 2010 increased 16.1% to $299.0 million compared to $257.6 million for the first six months of 2009. Allis-Chalmers reported a net loss attributed to common stockholders for the first six months of 2010 of $16.2 million, or $0.23 per diluted share, compared to a net loss of $2.7 million, or $0.08 per diluted share for the first six months of 2009. Results for the first six months of 2010 included the impact of a strike in Argentina which negatively affected pre-tax income by an estimated $1.7 million. Results for the first six months of 2009 included a pre-tax gain of $26.4 million from the extinguishment of debt.
EBITDA and Adjusted EBITDA are non-GAAP financial measures that are not necessarily comparable from one company to another and additional information and discussion regarding EBITDA and Adjusted EBITDA are provided later in this release.
Weighted average shares of common stock outstanding on a diluted basis increased to 71.3 million for the second quarter of 2010 compared to 37.0 million for the second quarter of 2009.

 

 


The following information was filed by Allis Chalmers Energy Inc. (ALY) on Tuesday, August 3, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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