PDS FY 2011 Earnings Report — Precision Drilling Corporation Revenue & Financial Results | Market Cap Arena

Precision Drilling CorporationPDS

FY 2011 Earnings

Reported December 31, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$1.4B	—	$1.0B	—	36.5%
Op. Income	$240M	—	$185M	—	30.1%
Gross Margin	42.0%	—	38.0%	—	4.1pp
Net Margin	9.9%	—	4.3%	—	5.6pp
EPS (Diluted)	$9.80	—	$3.22	—	204.5%
Free Cash Flow	-$142M	—	$95M	—	-249.5%

Revenue Flow

Item	Amount
REVENUE	$1.4B
Cost of Revenue	$827M
GROSS PROFIT	$600M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$91M
Other Expenses	$268M
Operating Expenses	$275M
Cost & Expenses	$1.1B
OPERATING INCOME	$240M
Interest Income	$1M
Interest Expense	$84M
Other Income/Expenses	-$64M
INCOME BEFORE TAX	$176M
Income Tax Expense	$35M
Net Income from Continuing Ops	$142M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$142M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$142M
D&A	$184M
EBIT	$239M
EBITDA	$423M
EPS	$10
EPS Diluted	$10

Income Statement

Item	Amount
REVENUE	$1.4B
Cost of Revenue	$827M
GROSS PROFIT	$600M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$91M
Other Expenses	$268M
Operating Expenses	$275M
Cost & Expenses	$1.1B
OPERATING INCOME	$240M
Interest Income	$1M
Interest Expense	$84M
Other Income/Expenses	-$64M
INCOME BEFORE TAX	$176M
Income Tax Expense	$35M
Net Income from Continuing Ops	$142M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$142M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$142M
D&A	$184M
EBIT	$239M
EBITDA	$423M
EPS	$10
EPS Diluted	$10

Cash Flow Statement

Item	Amount
Net Income	$142M
Depreciation & Amortization	$184M
Stock-Based Compensation	$15M
Deferred Income Tax	-$75M
Other Non-Cash Items	$168M
Change in Working Capital	-$44M
OPERATING CASH FLOW	$390M
Capital Expenditure	-$531M
Acquisitions (Net)	-$68M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$76M
NET CASH FROM INVESTING	-$523M
Net Debt Issuance	$278M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$9M
NET CASH FROM FINANCING	$268M
FREE CASH FLOW	-$142M
Net Change in Cash	$154M

Balance Sheet

Item	Amount
Cash & Equivalents	$342M
Short-Term Investments	$0
Net Receivables	$421M
Inventory	$5M
Other Current Assets	$34M
TOTAL CURRENT ASSETS	$769M
PP&E (Net)	$2.2B
Goodwill	$266M
Intangible Assets	$5M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$47M
TOTAL NON-CURRENT ASSETS	$2.5B
TOTAL ASSETS	$3.2B
Account Payables	$187M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$322M
Long-Term Debt	$907M
Deferred Revenue NC	-$1.1B
Deferred Tax Liabilities	$430M
Other Non-Current Liabilities	$20M
TOTAL NON-CURRENT LIABILITIES	$1.4B
TOTAL LIABILITIES	$1.7B
Common Stock	$0
Additional Paid-In Capital	$13M
Retained Earnings	-$61M
Treasury Stock	$0
Accum. Other Comp. Income	-$37M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.6B
Minority Interest	$0
TOTAL EQUITY	$1.6B
TOTAL LIABILITIES & EQUITY	$3.2B
Total Debt	$907M
Net Debt	$565M