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Ensign Energy Services Reports Summary 2011 Second Quarter Results

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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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.

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