Thursday, March 4, 2010

Union Drilling (Nasdaq:UDRL) Narrows Losses

Union Drilling Quarterly Results

Union Drilling (Nasdaq:UDRL) lowered its losses in the fourth-quarter of 2009 over the fourth quarter of 2008, but revenue plunged to about half of what it was year-over-year.

In 2008, profits surged largely because of a writedown on assets held by the company.

Losses this year came in at $2.9 million, or 12 cents a share, while losses in fourth quarter of 2008 stood at $3.7 million or 17 cents a share.

But taking into account the charges for both quarter, the 2009 fourth quarter was a disaster, as the 2008 fourth quarter would have ended with a profit of $4.2 million, while this fourth quarter would have resulted in losses of $1.9 million otherwise.

Revenue mixed expectations, although not by much, as it dropped to $40.6 million, while analysts had looked for $41 million. From a year ago though, revenue had been $80.9 million.

For all of 2009, Union Drilling profits were down by about $12 million, or 55 cents a share. In 2008 the company generated $7.8 million, or 35 cents a share profit.

Revenue also dropped in a big way from $302.8 million in 2008 to only $168.9 million in 2009. A bad year no matter how you look at it.

Union Drilling Quarterly Results

No comments: