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Union Drilling, Inc.
Christopher D. Strong, CEO
Tina Castillo, CFO
Ken Dennard / Ben Burnham
UNION DRILLING REPORTS
2010 FOURTH QUARTER RESULTS
FORT WORTH, TX March 3, 2011 Union Drilling, Inc. (NASDAQ: UDRL) announced today financial and operating results for the three and twelve month periods ended December 31, 2010.
Revenues for the fourth quarter of 2010 were $58.2 million compared to $40.6 million in the fourth quarter of 2009. The Company reported a net loss of $0.3 million for the quarter, or $0.01 per share, compared to a net loss of $2.9 million, or $0.12 per share, during the fourth quarter of 2009. Union Drillings 2009 fourth quarter results included a $1.1 million, or $0.04 per share, charge for the impairment of certain fixed assets.
EBITDA for the fourth quarter of 2010 totaled $12.4 million compared to $10.1 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, stated, Im pleased to report that the investment and asset deployment decisions weve made over the past year have resulted in a significant improvement to our operating results. I believe that oil prices will remain high enough to drive overall rig count growth even if gas directed activity moderates and that as horizontal oil drilling expands, the equipment and trained work force we have will continue to experience healthy demand. My outlook for 2011 is positive, since our higher dayrate long-term contracts are generally renewing at their existing rates and the rigs that we activated more recently are mostly renewing at higher rates.
We lost some on-hire days in early 2011 due to weather and will experience normal seasonal impacts in the Northeast either late in the first quarter or early in the second quarter depending upon how the rest of winter plays out. Consistent with past practice, we will continue
The following information was filed by Union Drilling Inc (UDRL) on Thursday, March 3, 2011 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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