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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
2012 SECOND QUARTER RESULTS
FORT WORTH, Texas, August 1, 2012 Union Drilling, Inc. (NASDAQ: UDRL) announced today financial and operating results for the three month period ended June 30, 2012.
Revenues for the second quarter of 2012 were $68.1 million compared to $59.9 million in the second quarter of 2011. The Company reported net income of $0.6 million for the quarter, or $0.03 per share, compared to a net loss of $3.4 million, or $0.15 per share, during the prior year period.
EBITDA for the second quarter of 2012 totaled $13.3 million compared to $9.1 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.
Christopher D. Strong, Union Drillings President and Chief Executive Officer, stated, The improvement in financial results this quarter was driven primarily by higher average dayrates. While construction of our two new 1,500 horsepower electric rigs for Arkoma was delayed, those rigs are expected to enter service this month and the third rig for Appalachia is now projected to enter service early in the fourth quarter.
For the remainder of 2012, we are seeing moderate weakness in certain markets, but activity remains fairly stable. Our strong term contract coverage should mitigate some of the impact from any short-term slowdown. In total, we currently have 37 of our 50 rigs working as of today, with 31 of those on term contracts.
The following information was filed by Union Drilling Inc (UDRL) on Wednesday, August 1, 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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