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Article Excerpt
Fourth quarter revenues were up 66% to $55.4 million
Fourth quarter earnings per diluted share grew 600% to $0.14
SAN ANTONIO, May 26 /PRNewswire-FirstCall/ -- Pioneer Drilling Company today reported results for the fourth quarter and twelve months ended March 31, 2005.
Revenues for the fourth quarter of fiscal 2005 grew to $55.4 million, compared to revenues of $33.4 million in the fourth quarter of fiscal 2004. This 66% increase in revenues was due to an improvement in rig revenue rates, a 62% increase in the average number of rigs in Pioneer's fleet and a 6% increase in Pioneer's rig utilization rate. Net earnings in the fourth quarter of fiscal 2005 were $5.5 million, or $0.14 per diluted share, versus net earnings of $409,000, or $0.02 per share, during the fourth quarter of fiscal 2004.
Revenue days during the fourth quarter of fiscal 2005 increased 69% to 4,207, compared to 2,496 revenue days for the fourth quarter of fiscal 2004. Revenue days by type of contract in the fourth quarter of fiscal 2005 were 3,005 for daywork contracts, 804 for turnkey contracts and 398 for footage contracts. Pioneer's rig utilization rate increased 6% for the fiscal fourth quarter to 97%, up from 91% in the corresponding period last year.
Wm. Stacy Locke, Pioneer's President and Chief Executive Officer, stated, "As forecasted, we continued to show improvement in our operating margin for our fiscal fourth quarter; albeit, at a slower rate of increase, as compared to the last quarter. Average dayrates...
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