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Tesco Corporation Reports Q4 2008 and Record 2008 Results
For Immediate Release
TESO on NASDAQ
February 26, 2009
Houston, TexasTesco Corporation (TESCO or the Company) today reported net income for the quarter ended December 31, 2008 of $12.0 million, or $0.31 per diluted share. This compares to net income of $6.6 million, or $0.18 per diluted share, for the fourth quarter of 2007, and net income of $17.6 million, or $0.46 per diluted share, for the third quarter of 2008.
Revenue was $139.4 million for the quarter ended December 31, 2008, compared to revenue of $124.4 million for the comparable period in 2007 and $140.0 million in the third quarter of 2008.
Summary of Results
(in millions of U.S. $, except per share amounts)
|Quarter 4||Quarter 3||Year Ended|
Adjusted EBITDA* (as defined)
|*||See explanation of Non-GAAP measure below|
Julio Quintana, TESCOs Chief Executive Officer, commented We are very pleased with our Q4 and full year 2008 results. While we expect 2009 to be a challenging economic time, we are confident that our solid financial position and focus on operating efficiencies will enable TESCO to endure an economic downturn and prepare for the future. While our Q4 2008 margins were impacted by the recent adverse market conditions, our overall financial performance remained strong; 2008 was a record year for us in terms of revenues, operating income and operating cash flows. We increased our revenues in all three of our operating segments and reduced our outstanding debt by over $31 million.
The following information was filed by Tesco Corp (TESO) on Friday, February 27, 2009 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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