PDS FY 2009 Earnings Report — Precision Drilling Corporation Revenue & Financial Results | Market Cap Arena

Precision Drilling CorporationPDS

FY 2009 Earnings

Reported December 31, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2009	Prior Q	FY 2008	QoQ Change	YoY Change
Revenue	$876M	—	$806M	—	8.7%
Op. Income	$137M	—	$258M	—	-47.0%
Gross Margin	42.2%	—	45.7%	—	-3.5pp
Net Margin	13.5%	—	27.5%	—	-14.0pp
EPS (Diluted)	$9.22	—	$20.71	—	-55.5%
Free Cash Flow	$228M	—	$84M	—	172.3%

Revenue Flow

Item	Amount
REVENUE	$876M
Cost of Revenue	$506M
GROSS PROFIT	$370M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$72M
Other Expenses	$161M
Operating Expenses	$143M
Cost & Expenses	$649M
OPERATING INCOME	$137M
Interest Income	$0
Interest Expense	$108M
Other Income/Expenses	-$78M
INCOME BEFORE TAX	$119M
Income Tax Expense	$416.9K
Net Income from Continuing Ops	$118M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$118M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$114M
D&A	$101M
EBIT	$227M
EBITDA	$327M
EPS	$10
EPS Diluted	$9

Income Statement

Item	Amount
REVENUE	$876M
Cost of Revenue	$506M
GROSS PROFIT	$370M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$72M
Other Expenses	$161M
Operating Expenses	$143M
Cost & Expenses	$649M
OPERATING INCOME	$137M
Interest Income	$0
Interest Expense	$108M
Other Income/Expenses	-$78M
INCOME BEFORE TAX	$119M
Income Tax Expense	$416.9K
Net Income from Continuing Ops	$118M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$118M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$114M
D&A	$101M
EBIT	$227M
EBITDA	$327M
EPS	$10
EPS Diluted	$9

Cash Flow Statement

Item	Amount
Net Income	$118M
Depreciation & Amortization	$101M
Stock-Based Compensation	$0
Deferred Income Tax	$11M
Other Non-Cash Items	-$80M
Change in Working Capital	$127M
OPERATING CASH FLOW	$369M
Capital Expenditure	-$141M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$12M
NET CASH FROM INVESTING	-$154M
Net Debt Issuance	-$429M
Common Stock Repurchased	$0
Common Dividends Paid	-$20M
Other Financing Activities	$302M
NET CASH FROM FINANCING	-$147M
FREE CASH FLOW	$228M
Net Change in Cash	$51M

Balance Sheet

Item	Amount
Cash & Equivalents	$96M
Short-Term Investments	$0
Net Receivables	$226M
Inventory	$7M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$329M
PP&E (Net)	$2.1B
Goodwill	$556M
Intangible Assets	$2M
Long-Term Investments	$0
Tax Assets	$47M
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$2.7B
TOTAL ASSETS	$3.1B
Account Payables	$94M
Short-Term Debt	$163.1K
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$94M
Long-Term Debt	$567M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$514M
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$1.1B
TOTAL LIABILITIES	$1.2B
Common Stock	$0
Additional Paid-In Capital	$2.0B
Retained Earnings	$78M
Treasury Stock	$0
Accum. Other Comp. Income	-$218M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.9B
Minority Interest	$0
TOTAL EQUITY	$1.9B
TOTAL LIABILITIES & EQUITY	$3.1B
Total Debt	$567M
Net Debt	$472M