Exhibit 99.1
     
(ALLIS-CHALMERS ENERGY LOGO)
  ALLIS-CHALMERS ENERGY INC.
         
PRESS RELEASE
  Contact:   Jeffrey Freedman
 
      Vice President — IR
 
      713-369-0550
ALLIS-CHALMERS ENERGY REPORTS RESULTS FOR
FULL YEAR AND FOURTH QUARTER 2007
2007 revenues increased 83.6% to $571.0 million
2007 income from operations increased 84.2% to $124.8 million
HOUSTON, TEXAS, March 4, 2008 — Allis-Chalmers Energy Inc. (NYSE: ALY) today announced results for the full year and fourth quarter ended December 31, 2007. The results for the full year and fourth quarter 2007 are in line with the preliminary unaudited results that were announced on January 31, 2008.
For the full year ended December 31, 2007, total revenues were $571.0 million, which represented an increase of 83.6% compared to $311.0 million for the year ended December 31, 2006. Revenues increased in all of our business segments due principally to acquisitions completed during 2006 and 2007, the investment in new equipment, and the opening of new operating locations. The most significant increase in revenues was due to the acquisition of DLS Drilling, Logistics & Services Corporation, or DLS, on August 14, 2006, which established our International Drilling segment. Revenues also increased significantly at our Rental Services segment due to the acquisition of substantially all of the assets of Oil & Gas Rental Services, Inc., or OGR, on December 18, 2006.
Income from operations for the full year ended December 31, 2007 totaled $124.8 million, compared to $67.7 million for the year ended December 31, 2006. Net income for the year ended December 31, 2007 was $50.4 million, or $1.45 per diluted share, compared to net income of $35.6 million, or $1.66 per diluted share, in 2006.
Weighted average shares of common stock outstanding on a diluted basis increased 62.1% to 34.7 million shares for the full year ended December 31, 2007 compared to 21.4 million shares for the full year ended December 31, 2006, primarily due to the issuance of common stock related to our 2006 acquisitions and the common stock offering that we completed in January 2007 in order to repay the bridge financing of our purchase of OGR’s assets. The provision for income taxes for the year ended December 31, 2007 was $28.8 million, or 36.4% of net income before income taxes, compared to $11.4 million, or 24.3% of net income before income taxes, for 2006. The effective tax rate in 2006 was favorably impacted by the reversal of the valuation allowance on our deferred tax assets. The valuation allowance was reversed due to operating results that allowed for the realization of our deferred tax assets.

 

 


The following information was filed by Allis Chalmers Energy Inc. (ALY) on Tuesday, March 4, 2008 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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