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Union Drilling, Inc.
|Christopher D. Strong, CEO|
FOR IMMEDIATE RELEASE
|Ken Dennard / Ben Burnham|
UNION DRILLING REPORTS
2009 FOURTH QUARTER RESULTS
FORT WORTH, TX March 4, 2010 Union Drilling, Inc. (NASDAQ: UDRL) announced today financial and operating results for the three and twelve month periods ended December 31, 2009.
Revenues for the fourth quarter of 2009 were $40.6 million compared to $80.9 million in the fourth quarter of 2008. The Company reported a net loss of $2.9 million for the quarter, or $0.12 per share, compared to a net loss of $3.7 million, or $0.17 per share, during the fourth quarter of 2008. Union Drillings 2009 fourth quarter results included a non-cash $1.1 million charge for the impairment of certain fixed assets related to two rigs that moved from Texas to Appalachia, while the fourth quarter of 2008 included a non-cash $7.9 million charge for the impairment of goodwill. Excluding these charges, fourth quarter 2009 net loss would have been $1.9 million, or $0.08 per share, compared to net income of $4.2 million, or $0.19 per share in the prior year period.
EBITDA for the fourth quarter of 2009 totaled $10.1 million compared to $19.3 million reported in the same period last year. The Companys calculation of EBITDA excludes the non-cash impairment charges. 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, Were pleased with the sequential improvement in the fourth quarter from both an operational and financial perspective. So far, the trend in the first quarter has been one of increasing activity, but we have been hampered by weather in all of our markets and were seeing lower dayrates than we had last year. The colder than normal winter weather that has brought gas storage levels back to historical norms also has caused us some operational inefficiency in the Northeast. The Barnett Shale, which has been a weak market over the last two
The following information was filed by Union Drilling Inc (UDRL) on Thursday, March 4, 2010 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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