Tesco Corporation today reported record net income for the quarter ended September 30, 2008 of $17.6 million, or $0.46 per diluted share. This compares to net income of $10.8 million, or $0.29 per diluted share, for the third quarter of 2007, and net income of $12.7 million, or $0.34 per diluted share, for the second quarter of 2008.
Revenue was $140.0 million for the quarter ended September 30, 2008, also a company record, compared to revenue of $113.9 million for the comparable period in 2007 and $126.2 million in the second quarter of 2008.
Commentary
Julio Quintana, TESCO's Chief Executive Officer, commented "This quarter was an excellent quarter for the Company. We are pleased to report that Quarter 3 represented record revenue, operating income and net income for TESCO. We not only built a total of 39 new Top Drives during the quarter, but we also grew our backlog of Top Drive orders to 77 units as of September 30. This is up from 52 units at June 30. We also realized some excellent performance in our Casing Services business line."
"The Company substantially improved the operating income of Casing Services both on the back of record proprietary work and improved CASING DRILLING profitability. We generated strong cash flow from operations during the quarter, and used $23.5 million of that operating cash flow to reduce our outstanding debt. We will continue to focus on cash generation going forward. Although the volatility and disruption of the capital and credit markets and recent adverse changes in the global economy will undoubtedly affect our business, we are firm in our belief that our products and services, combined with our financial position and increased operating efficiencies, will enable our Company to endure an economic downturn and prepare for the future." -- www.cnxmarketlink.com
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