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UNION DRILLING REPORTS 2006
FOURTH QUARTER RESULTS
Company reports diluted EPS of $0.40 on revenues of $72.1 million
Results include a $0.05/share non-cash write-off of trade name
Steigerwald announces retirement; Verdecchia to be new CFO
FT. WORTH, TX — March 7, 2007 — Union Drilling, Inc. (NASDAQ: UDRL) announced today financial and operating results for the three months and fiscal year ended December 31, 2006.
Revenues for the fourth quarter of 2006 were $72.1 million, up 55.1% compared to revenues of $46.5 million in the fourth quarter of 2005. EBITDA for the fourth quarter of 2006 was $23.5 million, compared to $11.3 million reported in the same period last year. For additional information regarding EBITDA as a non-GAAP financial measure, please refer to the disclosures contained at the end of this release. Net income in the fourth quarter of 2006 was $8.6 million, or $0.40 per diluted share, versus net income of $4.3 million, or $0.23 per diluted share, during the fourth quarter of 2005. Results for the 2006 fourth quarter include a $1 million ($0.05 per diluted share, after tax) non-cash charge for the write-off of the Thornton Drilling trade name intangible asset as the Company brought all operations under the Union Drilling trade name.
For the full year 2006, Union Drilling reported revenues of $256.9 million, EBITDA of $80.6 million and net income of $31.9 million, or $1.47 per diluted share, compared to 2005 when the company had revenues of $141.6 million, EBITDA of $27.2 million and net income of $5.6 million, or $0.34 per diluted share.
Christopher D. Strong, Union Drilling’s President and Chief Executive Officer, stated, ‘‘We are pleased with our results from the fourth quarter as the Company produced record revenues, drilling margins and EBITDA. Operationally, we benefited from additional rigs that came online during the third and fourth quarters of 2006, as well as firm dayrates across our rig fleet. The sequential increase in drilling margin per day was somewhat offset by normal seasonal declines in utilization during the fourth quarter due to off hire days over the holidays. We expect utilization rates to remain relatively constant in the first quarter as we continue to relocate our Rocky Mountain fleet.
‘‘Looking ahead, we remain optimistic about our business prospects during the first half of 2007. While most customers have expressed less interest in term contracts compared to 2006, we have experienced little, if any, erosion of dayrates in our respective markets. Our focus on higher growth unconventional drilling markets should provide some insulation against minor slowdowns in the market. Since December 31, 2006, we have taken delivery of two of the three remaining 1,500 horsepower Ideal® rigs, each of which is currently under contract in the Barnett Shale, and expect to
The following information was filed by Union Drilling Inc (UDRL) on Friday, March 9, 2007 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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