Tesco Corporation Reports Record Q4 Revenue with Q4 2011 and Full Year 2011 Results
For Immediate Release
"TESO" on NASDAQ
February 23, 2012
Houston, Texas--Tesco Corporation ("TESCO" or the "Company") today reported net income for the quarter ended December 31, 2011, of $11.5 million or $0.29 per diluted share. This compares to net income of $1.2 million, or $0.03 per diluted share, for the fourth quarter of 2010. Net income was $3.8 million, or $0.10 per diluted share, for the third quarter of 2011, which included $1.0 million, net of tax, for foreign exchange losses. Revenue was $163.1 million for the quarter ended December 31, 2011, compared to revenue of $113.5 million for the comparable period in 2010 and $127.0 million for the third quarter of 2011.
Net income was $27.0 million or $0.69 per diluted share for the year ended December 31, 2011, compared to $7.0 million or $0.18 per diluted share for 2010. Revenue was $513.0 million for the year ended December 31, 2011, compared to revenue of $378.7 million for 2010. Operating income was $42.5 million for the year ended December 31, 2011, compared to operating income of $15.3 million for 2010.
Julio Quintana, TESCO's Chief Executive Officer, commented, "We are pleased with the strong finish to 2011. The fourth quarter of 2011 was a record quarter for revenue and the highest quarterly operating income in over three years. Most of our product lines experienced double digit revenue and operating income growth from the fourth quarter 2010 and the third quarter 2011. Further, we ended the quarter with a record backlog of 74 units with a potential revenue value of $91.1 million. Today, our backlog stands at 74 units. With the momentum demonstrated in the fourth quarter and improvements in our operating efficiency, we are excited about the opportunities in 2012."
The following information was filed by Tesco Corp (TESO) on Monday, February 27, 2012 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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Ticker: TESO CIK: 1022705 Form Type:10-K Annual Report Accession Number: 0001022705-12-000009 Submitted to the SEC: Fri Mar 02 2012 3:35:05 PM EST Accepted by the SEC: Fri Mar 02 2012 Period: Saturday, December 31, 2011 Industry: Oil And Gas Field Machinery And Equipment