Revenues for the fiscal fourth quarter of 2004 were $33.4 million, compared to revenues of $25.1 million in the fourth quarter of 2003. Net earnings in the fourth quarter of 2004 were $409,000, or $0.02 per diluted share, versus a net loss of $1.9 million, or $0.11 loss per share, during the fourth quarter of 2003.
Revenue days were 2,496 days during the fourth quarter of fiscal 2004 compared to 1,808 days for the fourth quarter of fiscal 2003. Average rig utilization for the fourth quarter was 91 percent, up from 84 percent in the same period last year.
Wm. Stacy Locke, Pioneer's President and Chief Executive Officer, stated, "We ended the fiscal year with a strong fourth quarter. By all measures -- utilization, revenue days, operating income and earnings -- we showed improvement in the fourth quarter over the third quarter. We are pleased that operating income was sufficient to have generated our first net earnings in eight quarters.
"We are optimistic about what we observe in each of our three markets. Demand for rigs continues to improve, thereby allowing us to gradually increase dayrates and profitability on turnkey contracts. With continued strong commodity prices, particularly natural gas prices, we see no reason why the current trends will not continue.
"Over the last several years we have maintained a focus on growth and intend to continue to look for strategic and financially attractive growth opportunities. During our last fiscal year, we increased our rig fleet by 46 percent, from 24 to 35 drilling rigs, in four separate acquisitions, two of which allowed the Company to expand geographically. We also remained focused on achieving favorable returns on our investment in equipment and are pleased to have added the 11 rigs in fiscal 2004, at an average cost of $2.1 million per rig," concluded Mr. Locke.
Revenues for the twelve months of fiscal year 2004 were $107.9 million compared to revenues of $80.2 million for the twelve months of fiscal year 2003. Net loss during the twelve months of 2004 was $1.8 million, or $0.08 loss per share, versus a net loss of $5.1 million, or $0.31 loss per share, during the twelve months of fiscal 2003.
Revenue days were 8,764 days during the full year of fiscal 2004 compared to 6,419 days for fiscal 2003. Average rig utilization during fiscal 2004 was 88 percent, up from 79 percent last year.
The Company also announced that its shelf registration statement was declared effective by the SEC on June 22, 2004. That registration statement relates to possible resale of shares of the Company's common stock by investors who acquired shares in the Company's February 2004 private placement.
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