PDS FY 2010 Earnings Report — Precision Drilling Corporation Revenue & Financial Results | Market Cap Arena

Precision Drilling CorporationPDS

FY 2010 Earnings

Reported December 31, 2010

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2010	Prior Q	FY 2009	QoQ Change	YoY Change
Revenue	$1.0B	—	$876M	—	19.4%
Op. Income	$185M	—	$137M	—	35.2%
Gross Margin	38.0%	—	42.2%	—	-4.2pp
Net Margin	4.3%	—	13.5%	—	-9.2pp
EPS (Diluted)	$3.22	—	$9.22	—	-65.1%
Free Cash Flow	$95M	—	$228M	—	-58.4%

Revenue Flow

Item	Amount
REVENUE	$1.0B
Cost of Revenue	$649M
GROSS PROFIT	$397M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$79M
Other Expenses	$134M
Operating Expenses	$212M
Cost & Expenses	$861M
OPERATING INCOME	$185M
Interest Income	$0
Interest Expense	$155M
Other Income/Expenses	-$166M
INCOME BEFORE TAX	$40M
Income Tax Expense	-$6M
Net Income from Continuing Ops	$32M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$45M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$32M
D&A	$134M
EBIT	$174M
EBITDA	$327M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$1.0B
Cost of Revenue	$649M
GROSS PROFIT	$397M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$79M
Other Expenses	$134M
Operating Expenses	$212M
Cost & Expenses	$861M
OPERATING INCOME	$185M
Interest Income	$0
Interest Expense	$155M
Other Income/Expenses	-$166M
INCOME BEFORE TAX	$40M
Income Tax Expense	-$6M
Net Income from Continuing Ops	$32M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$45M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$32M
D&A	$134M
EBIT	$174M
EBITDA	$327M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$45M
Depreciation & Amortization	$134M
Stock-Based Compensation	$0
Deferred Income Tax	-$11M
Other Non-Cash Items	$11M
Change in Working Capital	-$51M
OPERATING CASH FLOW	$223M
Capital Expenditure	-$129M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$42M
NET CASH FROM INVESTING	-$86M
Net Debt Issuance	-$24M
Common Stock Repurchased	-$4.4K
Common Dividends Paid	$0
Other Financing Activities	-$18M
NET CASH FROM FINANCING	-$43M
FREE CASH FLOW	$95M
Net Change in Cash	$92M

Balance Sheet

Item	Amount
Cash & Equivalents	$188M
Short-Term Investments	$0
Net Receivables	$276M
Inventory	$4M
Other Current Assets	$0
TOTAL CURRENT ASSETS	$495M
PP&E (Net)	$2.1B
Goodwill	$539M
Intangible Assets	$5M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$47M
TOTAL NON-CURRENT ASSETS	$2.6B
TOTAL ASSETS	$3.1B
Account Payables	$93M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	-$2M
TOTAL CURRENT LIABILITIES	$158M
Long-Term Debt	$588M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$488M
Other Non-Current Liabilities	$22M
TOTAL NON-CURRENT LIABILITIES	$1.1B
TOTAL LIABILITIES	$1.3B
Common Stock	$0
Additional Paid-In Capital	$1.6B
Retained Earnings	$124M
Treasury Stock	$0
Accum. Other Comp. Income	-$273M
Other Equity	$472M
TOTAL STOCKHOLDERS' EQUITY	$1.9B
Minority Interest	$0
TOTAL EQUITY	$1.9B
TOTAL LIABILITIES & EQUITY	$3.1B
Total Debt	$588M
Net Debt	$401M