Thursday, Pioneer Drilling Co. Inc. (PDC), a contract land drilling service provider, reported a swing to loss in the fourth quarter, hurt by goodwill impairment charges of $118.6 million and intangible asset impairment charge of $52.8 million. Quarterly revenues increased from the prior year quarter.
The San Antonio, Texas-based company reported a fourth-quarter net loss of $117.90 million or $2.37 per share, compared to net income of $14.78 million or $0.29 per share in the year ago quarter. On an adjusted basis, net income for the quarter, which excludes impairment charges, was $18.70 million or $0.37 per share.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.39 per share for the quarter. Analysts' estimates typically exclude special items.
Results for current quarter included impact of goodwill impairment charge of $118.6 million and a $52.8 million intangible asset impairment charge, as the result of overall downturn within the industry. The company noted that the goodwill and intangible assets were recorded earlier in 2008 related to the acquisitions for its Production Services Division.
Total revenues increased to $170.70 million from $104.59 million in the comparable quarter last year. Analysts expected the company to report revenue of $161.65 million for the quarter.
Depreciation and amortization expenses increased to $26.22 million from $16.66 million in the year ago quarter. Selling, general and administrative expenses were $12.12 million, up from $5.81 million in the previous year quarter.
Total operating costs and expenses increased to $308.43 million from $86.20 million in the prior year quarter. For the current quarter, the company had production services expenses of $26.23 million.
For the full year, Pioneer Drilling reported a net loss of $62.75 million or $1.26 per share, compared to net income of $56.86 million or $1.13 per share a year ago. On an adjusted basis, net income was $73.86 million or $1.47 per share for the full year. Total revenue increased to $610.88 million from $417.23 million last year. Analysts expected the company to earn $1.51 per share on revenue of $601.37 million for the full year.
PDC is currently trading at $3.85, down $0.30 or 7.23% on a volume of 452,344 shares on the AMEX.
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