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Tesco Corporation Reports Record Revenues for Q4 2007

For Immediate Release

Trading Symbol:

“TESO” on NASDAQ

“TEO” on TSX

February 24, 2008

Houston, Texas—Tesco Corporation (“TESCO” or the “Company”) today reported net income for the quarter ended December 31, 2007 of $6.6 million, or $0.18 per diluted share. This compares to net income of $10.5 million, or $0.29 per diluted share, for the fourth quarter of 2006, and net income of $10.8 million1, or $0.29 per diluted share for the third quarter of 2007. Net income for the fourth quarter of 2007 included a loss of $1.2 million related to the expiration of the Turnkey E&P warrants. Net income for the year ended December 31, 2007 was $32.3 million, or $0.86 per diluted share, compared to net income of $30.5 million, or $0.83 per diluted share for 2006.

Revenue was a quarterly record of $124.4 million for the period ended December 31, 2007 compared to revenue of $114.3 million for the comparable period in 2006 and $113.9 million in the third quarter of 2007. Revenue was $462.4 million for the year ended December 31, 2007 compared to $386.2 million in 2006.

Summary of Results

(in millions of U.S. $, except per share amounts)

U.S. GAAP—Unaudited

 

     Quarter 4    Quarter 3    Year Ended
December 31,
     2007    2006    2007    2007    2006

Revenues

   $ 124.4    $ 114.3    $ 113.9    $ 462.4    $ 386.2

Operating Income

     13.3      19.3      8.6      48.5      60.9

Net Income

     6.6      10.5      10.8      32.3      30.5

EPS (diluted)

   $ 0.18    $ 0.29    $ 0.29    $ 0.86    $ 0.83

Adjusted EBITDA* (as defined)

   $ 18.9    $ 26.4    $ 18.1    $ 79.2    $ 85.0

*See explanation of Non-GAAP measure below

 

 

1

Net income for the third quarter of 2007 included $6.2 million of after-tax benefits for various tax and contingency matters disclosed in the Company’s Quarterly Report on Form 10-Q for the third quarter of 2007.


The following information was filed by Tesco Corp (TESO) on Wednesday, February 27, 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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