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FOR IMMEDIATE RELEASE
Union Drilling, Inc.
|Christopher D. Strong, CEO|
|Tina Castillo, CFO|
|Ken Dennard / Ben Burnham|
UNION DRILLING REPORTS
2012 FIRST QUARTER RESULTS
FORT WORTH, Texas, May 2, 2012 Union Drilling, Inc. (NASDAQ: UDRL) announced today financial and operating results for the three month period ended March 31, 2012.
Revenues for the first quarter of 2012 were $64.6 million compared to $56.0 million in the first quarter of 2011. The Company reported a net loss of $2.2 million for the quarter, or $0.10 per share, compared to a net loss of $4.6 million, or $0.20 per share, during the prior year period.
EBITDA for the first quarter of 2012 totaled $9.8 million compared to $6.4 million reported in the same period last year. For additional information regarding EBITDA and as a non-GAAP financial measure, please refer to the disclosures contained at the end of this release.
During the quarter, Union Drilling repurchased approximately 1.0 million shares of its common stock at an average price of $5.53 per share, including commissions. As of March 31, 2012, the Company had cumulatively repurchased 1.1 million shares since the authorization of its 3.0 million share repurchase program in October 2011.
Christopher D. Strong, Union Drillings President and Chief Executive Officer, stated, Although we anticipated some weakness in the first quarter due to seasonal issues and the shifting of rigs to oil and liquids plays, the financial results were more significantly impacted than we expected. Several rigs were idle for two or three months of the quarter as they transitioned between jobs, and we continued to incur expenses during those periods. In addition were seeing more cost inflation across the fleet, especially for labor.
Several but not all of the transitioning rigs are back to work today, and dayrates are continuing to trend upwards, though at a modest pace. We took delivery of one newbuild early in the second quarter and expect to have two more before the second quarter ends. In total, we currently have 41 of our 50 rigs working as of today.
The following information was filed by Union Drilling Inc (UDRL) on Wednesday, May 2, 2012 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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