Bronco Drilling Reports 1st Quarter 2009 Results



Bronco Drilling Company announced financial and operational results for the three months ended March 31, 2009.

Consolidated Results

Revenues for the first quarter of 2009 were $50.6 million compared to $76.0 million for the fourth quarter of 2008 and $62.3 million for the first quarter of 2008. Net loss for the first quarter of 2009 was $1.7 million compared to a net loss of $19.8 million for the previous quarter and net income of $8.1 million for the first quarter of 2008. The Company generated EBITDA of $13.1 million for the first quarter of 2009 compared to $20.5 million before impairments for the previous quarter and $25.9 million for the first quarter of 2008. The Company's fully diluted earnings per share for the quarter ended March 31, 2009, were a loss of $0.06 based on 26.6 million shares.

The company's effective tax rate was higher than it has been historically for the first quarter of 2009 due to the recognition of a permanent difference related to the company’s stock based compensation. This resulted in reducing the company's tax benefit by $683,000.

Land Drilling

Average operating land rigs for the first quarter of 2009 were 45 compared to 43 for the previous quarter and 45 for the first quarter of 2008. Revenue days for the quarter decreased to 2,362 from 3,300 for the previous quarter and from 2,848 for the first quarter of 2008. Utilization for the first quarter of 2009 was 58% compared to 83% for the previous quarter and 69% for the first quarter of 2008. Average daily cash margins for our land drilling fleet for the quarter ended March 31, 2009, were $7,613 compared to $9,087 for the previous quarter and $7,333 for the first quarter of 2008.

Well Servicing

Average operating workover rigs for the first quarter of 2009 were 52 compared to 53 for the previous quarter and 48 for the first quarter of 2008. Revenue hours for the quarter decreased to 8,012 from 16,793 for the previous quarter and from 23,865 for the first quarter of 2008. Utilization for the first quarter of 2009 was 24% compared to 49% for the previous quarter and 77% for the first quarter of 2008. Average hourly cash margins for our well servicing fleet for the quarter ended March 31, 2009, were $58 compared to $60 for the previous quarter and $137 for the first quarter of 2008.
 


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