ALLIS-CHALMERS ENERGY INC.

PRESS RELEASE
Contact: 
Victor M. Perez, CFO
   
713-369-0550

ALLIS-CHALMERS ENERGY REPORTS
THIRD QUARTER 2010 RESULTS
3rd Quarter Revenues up 45%
Adjusted EBITDA up 77%

HOUSTON, TEXAS, November 4, 2010 - Allis-Chalmers Energy Inc. (NYSE: ALY) today reported results for the third quarter of 2010. Revenues for the third quarter of 2010 increased 45.2% to $174.3 million compared to $120.0 million for the third quarter of 2009 and Adjusted EBITDA increased 77% in the third quarter of 2010 to $34.5 million compared to $19.5 million for the third quarter of 2009.   Allis-Chalmers reported a net loss attributed to common stockholders for the third quarter of 2010 of $3.2 million, or $0.04 per diluted share, after preferred stock dividend of $637,000, compared to a net loss of $10.3 million, or $0.14 per diluted share in the third quarter of 2009, after preferred stock dividend of $630,000.
 
Results for the third quarter of 2010 include $718,000 in professional fees related to the previously announced proposed transaction with Seawell Limited and the acquisition of American Well Control, Inc., and a $650,000 estimated negative impact on pre-tax operating income from a general strike in Argentina.
 
Revenues for the first nine months of 2010 increased 25.3% to $473.3 million compared to $377.6 million for the first nine months of 2009.  Allis-Chalmers reported a net loss attributed to common stockholders for the first nine months of 2010 of $19.4 million, or $0.27 per diluted share, compared to a net loss of $13.0 million, or $0.27 per diluted share for the first nine months of 2009.  Results for the first nine months of 2009 include a pre-tax gain of $26.4 million on debt extinguishment associated with the repurchase of $74.8 million of senior notes in June 2009.
 
The increase in revenues and net income in the third quarter and the first nine months of 2010, as compared to the third quarter and the first nine months of 2009, excluding the pre-tax gain on debt extinguishment in the 2009 period, was due primarily to an improvement in equipment utilization and pricing for our services.
 
Weighted average shares of common stock outstanding on a diluted basis were 72.2 million for the third quarter of 2010 compared to 70.9 million for the third quarter of 2009.  For the nine month period ended September 30, 2010, weighted average shares of common stock outstanding on a diluted basis increased to 71.5 million compared to 47.8 million for the first nine months of 2009.

 
 

The following information was filed by Allis Chalmers Energy Inc. (ALY) on Thursday, November 4, 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.

View differences made from one quarter to another to evaluate Allis Chalmers Energy Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Allis Chalmers Energy Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account