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Contacts: UnionDrilling, Inc.
Christopher D. Strong, CEO
A.J. Verdecchia, CFO
Ken Dennard / Ben Burnham
UNION DRILLING REPORTS 2007
FOURTH QUARTER AND YEAR-END RESULTS
FT. WORTH, TX March 5, 2008 Union Drilling, Inc. (NASDAQ: UDRL) announced today financial and operating results for the quarter and fiscal year ended December 31, 2007.
Revenues for the fourth quarter of 2007 were $67.4 million, a decrease of 7% compared to revenues of $72.1 million in the fourth quarter of 2006. Net income in the fourth quarter of 2007 was $3.9 million, or $0.18 per diluted share, a 55% decline compared to net income of $8.6 million, or $0.40 per diluted share, during the fourth quarter of 2006. EBITDA for the fourth quarter of 2007 decreased 23% to $18.0 million compared to $23.5 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.
Christopher D. Strong, Union Drillings President and Chief Executive Officer, commented, Fourth quarter results, especially in our Appalachian and Arkoma Basin operations were substantially below the prior quarter and the fourth quarter of 2006. Reduced utilization of our lower horsepower rigs under short-term daywork contracts was the main driver of lower overall EBITDA. Above average precipitation and wide temperature fluctuation in Appalachia also hurt the performance of our rigs drilling under footage contracts. In Texas, we had some offhire on our Ideal rigs for warranty work and the installation of iron roughnecks that should be behind us. During the first two months of 2008, we have continued to experience low utilization, but we expect the recent above-average natural gas storage draws to be supportive of natural gas prices and drilling as we head into spring.
The following information was filed by Union Drilling Inc (UDRL) on Wednesday, March 5, 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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