TODCO Announces Second Quarter 2004 Results

TODCO (NYSE THE) reported a net loss from continuing operations for the three months ended June 30, 2004, of $7.4 million ($0.12 per diluted share) on revenues of $80.8 million compared with a net loss from continuing operations of $101.7 million ($8.37 per diluted share) on revenues of $55.5 million for the same quarter of 2003. For the three months ended June 30, 2004, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $14.5 million compared to negative EBITDA of $100.9 million for the same quarter of 2003.

Included in the second quarter 2003 net loss and negative EBITDA, was a $49.5 million loss on retirement of debt, a $21.3 million impairment of an investment in and advance to a joint venture and an $11.6 million impairment on long-lived assets.
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