Grey Wolf, Inc. Announces Operating Results for the Quarter Ended March 31, 2008
biz.yahoo.com
Wednesday April 30, 6:00 pm ET
HOUSTON--(BUSINESS WIRE)--Grey Wolf, Inc.(AMEX:GW) reported net income of $31.3 million, or $0.15 per share on a diluted basis, for the three months ended March 31, 2008 compared with net income of $58.6 million, or $0.27 per share on a diluted basis, for the first quarter of 2007. Revenues for the first quarter of 2008 were $201.5 million compared with revenues for the first quarter
“Grey Wolf delivered positive financial results in the first quarter of 2008,” commented Thomas P. Richards, Chairman, President and Chief Executive Officer. “U.S. land rig supply has outpaced demand for several quarters which has dampened year-over-year results. However, our first quarter daywork EBITDA per day declined only slightly from the fourth quarter of 2007. Even though daywork revenue per day decreased quarter over quarter, our experienced personnel were able to keep operating costs contained, a focus which continues at Grey Wolf. For the second quarter of 2008 to date, Grey Wolf is averaging 104 rigs working, which is higher than the two previous quarters.” |
