Ensign Energy Services Inc. (ESI.TO) reported its summary financial results for the three months and six months ended June 30, 2011.
The company recorded revenue of $334.4 million in the three months ended June 30, 2011, an increase of 30% from revenue of $257.6 million recorded in the second quarter of the prior year. The company recorded revenue of $836.7 million for the six months ended June 30, 2011, a 37% increase from revenue of $610.4 million for the six months ended June 30, 2010.
EBITDA (defined as earnings before interest, taxes, depreciation, amortization and share-based compensation expense) totaled $65.1 million in the second quarter of 2011, 38% higher than EBITDA of $47.2 million in the second quarter of 2010. EBITDA for the six months ended June 30, 2011 totaled $235.4 million, an increase of 67% from EBITDA of $140.9 million recorded in the first six months of 2010.
Adjusted net income (defined as net income before share-based compensation expense, tax-effected using an income tax rate of 35%) totaled $18.9 million ($0.12 per common share) in the second quarter of 2011, 89% higher than Adjusted net income of $10.0 million ($0.07 per common share) in the second quarter of 2010. Adjusted net income for the six months ended June 30, 2011 totaled $106.6 million ($0.70 per common share), an increase of 119% from Adjusted net income of $48.6 million ($0.32 per common share) recorded in the first six months of 2010.
Due to the negative impact of share-based compensation expense in the second quarter of 2011 compared to a recovery in the second quarter of 2010, net income for the second quarter of 2011 increased only slightly over the comparable prior year period to $16.1 million ($0.11 per common share) compared to net income of $16.0 million ($0.10 per common share) for the second quarter of 2010. Net income for the six months ended June 30, 2011 totaled $95.8 million ($0.63 per common share), an increase of 75% from net income of $54.8 million ($0.36 per common share) recorded in the first six months of 2010.
Funds from operations increased 44% to $66.4 million ($0.43 per common share) in the second quarter of 2011 from $46.0 million ($0.30 per common share) in the second quarter of the prior year. Funds from operations for the first six months of 2011 increased 66% to $220.9 million ($1.44 per common share) from $132.8 million ($0.87 per common share) recorded in the same period in 2010.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
