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Contacts: Union Drilling, Inc.
Christopher D. Strong, CEO
Tina Castillo, CFO
FOR IMMEDIATE RELEASE
Ken Dennard / Ben Burnham
UNION DRILLING REPORTS
2011 FOURTH QUARTER RESULTS
FORT WORTH, Texas, March 7, 2012 Union Drilling, Inc. (NASDAQ: UDRL) announced today financial and operating results for the three month and full year periods ended December 31, 2011.
Revenues for the fourth quarter of 2011 were $68.2 million compared to $58.2 million in the fourth quarter of 2010. The Company reported net income of $2.1 million for the quarter, or $0.09 per share, compared to a net loss of $0.3 million, or $0.01 per share, during the prior year period. Union Drillings 2011 fourth quarter results included a $2.7 million pre-tax, or $0.09 per share after tax, gain on disposal of assets associated with the auction of 31 of its smaller rigs and related equipment. 2010 fourth quarter results included a $1.2 million pre-tax gain on sale of spare equipment, which added $0.03 to after-tax earnings per share.
EBITDA for the fourth quarter of 2011 totaled $15.9 million compared to $12.4 million reported in the same period last year. Adjusted EBITDA, which excludes the gain on disposal of assets for both periods, totaled $13.2 million compared to $11.2 million in the prior year period. For additional information regarding EBITDA and Adjusted EBITDA as non-GAAP financial measures, please refer to the disclosures contained at the end of this release.
Christopher D. Strong, Union Drillings President and Chief Executive Officer, stated, We had solid financial and operating results in the second half of 2011 and were well positioned to build on that foundation in 2012. In December, we completed the auction of 31 older, smaller rigs, which in many ways represents the culmination of our six year transition to a fleet of premium, modern rigs. That fleet, combined with our experienced, knowledgeable crews, is allowing us to increase our customer exposure to major and large independent E&P companies primarily focused on deep horizontal drilling in oil and natural gas bearing formations.
The following information was filed by Union Drilling Inc (UDRL) on Wednesday, March 7, 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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