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|FOR IMMEDIATE RELEASE||Contacts:||Union Drilling, Inc.|
|Christopher D. Strong, CEO|
|A.J. Verdecchia, CFO|
|Ken Dennard / Ben Burnham|
UNION DRILLING REPORTS
2008 FOURTH QUARTER AND YEAR-END RESULTS
FORT WORTH, Texas March 5, 2009 Union Drilling, Inc. (NASDAQ: UDRL) announced today financial and operating results for the fourth quarter and year ended December 31, 2008.
Revenues for the fourth quarter of 2008 were $80.9 million, an increase of 20% compared to revenues of $67.4 million in the fourth quarter of 2007. Including a one-time, $7.9 million non-cash charge for the impairment of goodwill, the Company reported a net loss of $3.7 million in the fourth quarter of 2008, or a loss of $0.17 per share, compared to net income of $3.9 million, or $0.18 per diluted share, during the fourth quarter of 2007. Excluding this charge, Union Drillings 2008 fourth quarter net income was $4.2 million, or $0.19 per diluted share.
Fourth quarter revenue includes $3.0 million of early termination payments related to a drilling contract signed in 2006. General and administrative expenses include approximately $4.3 million of bad debt primarily associated with customer bankruptcies.
EBITDA for the fourth quarter of 2008 increased 7% to $19.3 million compared to $18.0 million reported in the same period last year. The Companys calculation of EBITDA excludes the non-cash impairment charge. For additional information regarding EBITDA as a non-GAAP financial measure, please refer to the disclosures contained at the end of this release.
During the quarter, the Company repurchased approximately 1.7 million shares of its common stock for $8.9 million as part of its two million share repurchase program. Subsequent to the end of the quarter, Union Drilling completed the remainder of the authorized share repurchase. In total, the company repurchased two million shares at an average price of $5.23 per share.
The following information was filed by Union Drilling Inc (UDRL) on Friday, March 6, 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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