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FOR IMMEDIATE RELEASE
Contacts: Union Drilling, Inc.
Christopher D. Strong, CEO
Tina Castillo, CFO
Ken Dennard / Ben Burnham
UNION DRILLING REPORTS
2011 THIRD QUARTER RESULTS
Company to Divest Most of its Smaller Rig Fleet
FORT WORTH, Texas, October 31, 2011 Union Drilling, Inc. (NASDAQ: UDRL) announced today financial and operating results for the three and nine month periods ended September 30, 2011.
Revenues for the third quarter of 2011 were $66.7 million compared to $52.0 million in the third quarter of 2010. The Company reported net income of $0.6 million for the quarter, or $0.03 per share, compared to a net loss of $4.4 million, or $0.19 per share, during the prior year period. Union Drillings 2011 third quarter results included a non-cash $0.8 million, or $0.02 per share, impairment charge related to six of the thirty-one rigs scheduled to be divested.
EBITDA for the third quarter of 2011 totaled $14.7 million compared to $6.2 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, Third quarter results reflect the significant gains weve made over the past year. Utilization and pricing continued to rise while average operating costs were kept to a more reasonable level compared to the first half of 2011. Appalachia was an area of particular strength during the quarter due to accelerating activity in the Marcellus and Utica shale plays, as well as to favorable seasonal conditions.
The decision to divest a portion of our smaller rig fleet is consistent with our stated strategy of investing in equipment and our people to serve customers who are actively engaged in exploring for and developing unconventional oil and gas resources. These customers are generally larger, have multi-year planning horizons and view the safety of our crews as an essential component of overall rig performance. Im pleased to say the sale of these smaller,
The following information was filed by Union Drilling Inc (UDRL) on Monday, October 31, 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.
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