PDS FY 2008 Earnings Report — Precision Drilling Corporation Revenue & Financial Results | Market Cap Arena

Precision Drilling CorporationPDS

FY 2008 Earnings

Reported December 31, 2008

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$806M	—	—	—	—
Op. Income	$258M	—	—	—	—
Gross Margin	45.7%	—	—	—	—
Net Margin	27.5%	—	—	—	—
EPS (Diluted)	$20.71	—	—	—	—
Free Cash Flow	$84M	—	—	—	—

Revenue Flow

Item	Amount
REVENUE	$806M
Cost of Revenue	$438M
GROSS PROFIT	$368M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$49M
Other Expenses	$61M
Operating Expenses	$110M
Cost & Expenses	$548M
OPERATING INCOME	$258M
Interest Income	$0
Interest Expense	$7M
Other Income/Expenses	-$9M
INCOME BEFORE TAX	$249M
Income Tax Expense	$28M
Net Income from Continuing Ops	$221M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$221M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$57M
D&A	$62M
EBIT	$259M
EBITDA	$318M
EPS	$22
EPS Diluted	$21

Income Statement

Item	Amount
REVENUE	$806M
Cost of Revenue	$438M
GROSS PROFIT	$368M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$49M
Other Expenses	$61M
Operating Expenses	$110M
Cost & Expenses	$548M
OPERATING INCOME	$258M
Interest Income	$0
Interest Expense	$7M
Other Income/Expenses	-$9M
INCOME BEFORE TAX	$249M
Income Tax Expense	$28M
Net Income from Continuing Ops	$221M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$221M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$57M
D&A	$62M
EBIT	$259M
EBITDA	$318M
EPS	$22
EPS Diluted	$21

Cash Flow Statement

Item	Amount
Net Income	$221M
Depreciation & Amortization	$62M
Stock-Based Compensation	$0
Deferred Income Tax	$23M
Other Non-Cash Items	$2M
Change in Working Capital	-$62M
OPERATING CASH FLOW	$252M
Capital Expenditure	-$168M
Acquisitions (Net)	-$562M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$16M
NET CASH FROM INVESTING	-$746M
Net Debt Issuance	$698M
Common Stock Repurchased	$0
Common Dividends Paid	-$158M
Other Financing Activities	-$222
NET CASH FROM FINANCING	$540M
FREE CASH FLOW	$84M
Net Change in Cash	$45M

Balance Sheet

Item	Amount
Cash & Equivalents	$45M
Short-Term Investments	$0
Net Receivables	$450M
Inventory	$6M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$501M
PP&E (Net)	$2.4B
Goodwill	$616M
Intangible Assets	$4M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$42M
TOTAL NON-CURRENT ASSETS	$3.0B
TOTAL ASSETS	$3.5B
Account Payables	$198M
Short-Term Debt	$36M
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$249M
Long-Term Debt	$1.0B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$564M
Other Non-Current Liabilities	-$518
TOTAL NON-CURRENT LIABILITIES	$1.6B
TOTAL LIABILITIES	$1.8B
Common Stock	$0
Additional Paid-In Capital	$1.7B
Retained Earnings	-$35M
Treasury Stock	$0
Accum. Other Comp. Income	$11M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.7B
Minority Interest	$0
TOTAL EQUITY	$1.7B
TOTAL LIABILITIES & EQUITY	$3.5B
Total Debt	$1.0B
Net Debt	$992M