Tesco Corporation Reports Record Annual Revenue and Operating Income
with Q4 2012 and Full Year 2012 Results
For Immediate Release
"TESO" on NASDAQ
February 28, 2013
Houston, Texas--Tesco Corporation ("TESCO" or the "Company") today reported net income for the quarter ended December 31, 2012, of $13.3 million or $0.34 per diluted share. This compares to net income of $11.5 million, or $0.29 per diluted share, for the fourth quarter of 2011. Net income was $9.0 million, or $0.23 per diluted share, for the third quarter of 2012. Revenue was $137.6 million for the quarter ended December 31, 2012, compared to revenue of $163.1 million for the comparable period in 2011 and $126.4 million for the third quarter of 2012.
Net income was $49.8 million or $1.27 per diluted share for the year ended December 31, 2012, compared to $27.0 million or $0.69 per diluted share for 2011. Revenue and operating income were $553.1 million and $76.8 million, respectively, for the year ended December 31, 2012, compared to $513.0 million and $42.5 million, respectively, for 2011. The year ended December 31, 2012 included a $12.4 million pre-tax gain on the sale of our CASING DRILLING™ business.
Julio Quintana, TESCO's Chief Executive Officer, commented, "We are pleased with the strong finish to 2012 by recording the highest annual revenue and operating income in the Company's history. Despite a number of delays and operational challenges, we were able to grow both of our Tubular Services and Top Drive revenue sequentially quarter-over-quarter and year-over-year and maintain our margins through our operating efficiency focus. Our transformation post-CASING DRILLING™ continues. With this increased focus on our base businesses and continuous improvements in our operational efficiency, we are excited about the opportunities in 2013."
The following information was filed by Tesco Corp (TESO) on Monday, March 4, 2013 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: 0001022705-13-000018 Submitted to the SEC: Tue Mar 05 2013 11:39:59 AM EST Accepted by the SEC: Tue Mar 05 2013 Period: Monday, December 31, 2012 Industry: Oil And Gas Field Machinery And Equipment