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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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10-K Annual Report February 2008
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Tesco Corp provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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Ticker: TESO
CIK: 1022705
Form Type: 10-K Annual Report
Accession Number: 0001193125-08-038897
Submitted to the SEC: Tue Feb 26 2008 5:35:14 PM EST
Accepted by the SEC: Wed Feb 27 2008
Period: Monday, December 31, 2007
Industry: Oil And Gas Field Machinery And Equipment
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