Thursday, Pioneer Drilling Co. (PDC) reported a decline in the first-quarter net income from the year-ago period reflecting lower drilling services revenue and higher operating costs.
The San Antonio, Texas-based company reported a first-quarter net income of $0.62 million or $0.01 per share, down from $11.85 million or $0.24 per share in the corresponding quarter last year. On average, nine analysts polled by Thomson Reuters estimated a net loss of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter declined to $100.84 million from $113.40 million in the similar period last year. Analysts estimated revenue of $102.36 million for the quarter.
Drilling services for the quarter was $71.37 million down from $100.04 million in the comparable period of fiscal 2008.
The company reported an operational income of $2.86 million compared to $18.0 million in the first-quarter of fiscal 2008.
Total operating costs and expenses for the quarter increased to $97.98 million from $95.40 million in the corresponding period of fiscal 2008.
Production services expense for the quarter was $18.72 million, up from $6.93 million in the prior-year similar period.
Depreciation and amortization charge for the quarter increased to $25.45 million from $17.12 million in the same period last year.
Selling, general and administrative expense for the quarter was $10.03 million, compared to $7.72 million in the last year similar period.
Total other expense for the quarter was $2.42 million compared to total other income of $0.10 million in the first-quarter of 2008.
Income tax benefit for the quarter was $0.18 million compared to an income tax expense of $6.25 million in the year-ago similar period.
Pioneer Drilling is currently trading at $6.00, up $0.34 or 6.01%, on a volume of 368,507 shares on the AMEX.
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