TODCO Announces First Quarter 2004 Results

TODCO reported a net loss from continuing operations for the three months ended March 31, 2004, of $22.3 million, or $0.53 per diluted share, on revenue of $73.8 million compared with a net loss from continuing operations of $57.0 million, or $4.70 per diluted share on revenues of $53.3 million for the same quarter of 2003.

For the three months ended March 31, 2004, earnings before interest, taxes, depreciation and amortization ("EBITDA") was a loss of $4.2 million compared to a loss of $37.9 million for the same quarter of 2003. EBITDA for the three months ended March 31, 2004 included $7.8 million of non-cash general and administrative expenses associated with the grant or vesting of employee stock options and restricted stock in connection with the Company's initial public offering.
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