Please wait while we load the requested 10-Q report or click the link below:
Contacts: Union Drilling, Inc.
Christopher D. Strong, CEO
Tina Castillo, CFO
Ken Dennard / Ben Burnham
UNION DRILLING REPORTS
2011 SECOND QUARTER RESULTS
Expands Credit Facility to $150 Million
FORT WORTH, Texas, August 3, 2011 Union Drilling, Inc. (NASDAQ: UDRL) announced today financial and operating results for the three and six month periods ended June 30, 2011.
Revenues for the second quarter of 2011 were $59.9 million compared to $43.7 million in the second quarter of 2010. The Company reported a net loss of $3.4 million for the quarter, or $0.15 per share, compared to a net loss of $5.3 million, or $0.23 per share, during the second quarter of 2010.
EBITDA for the second quarter of 2011 totaled $9.1 million compared to $3.6 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, Top line growth has driven our earnings improvement both sequentially and over the prior year. Although margins expanded, utilization was lower than expected due to seasonal weather factors that persisted through much of May in Appalachia. Further, average operating cost per day was negatively affected by higher than anticipated repair and maintenance expense, primarily in Texas. Lowering our average operating expense per day is a top priority, provided we do so without sacrificing safety or drilling efficiency.
Looking ahead, the third quarter is typically our strongest of the year and the overall outlook for the business is very positive. As previously disclosed, we have four new rigs backed by term contracts in the construction queue, with the first expected to be delivered late in the third quarter. With our expanded credit facility and anticipated cash flow from operations, we will continue to seek opportunities to acquire new rigs backed by term contracts.
The following information was filed by Union Drilling Inc (UDRL) on Wednesday, August 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Union Drilling Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Union Drilling Inc.