TODCO Announces Fourth Quarter 2004 Results
TODCO (NYSE THE) reported net income from continuing operations for the three months ended December 31, 2004, of $3.4 million ($0.06 per diluted share) on revenues of $103.7 million compared with a net loss from continuing operations of $28.3 million ($2.33 per diluted share) on revenues of $60.4 million for the same quarter of 2003. For the three months ended December 31, 2004, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $28.8 million compared to EBITDA of $4.1 million for the same quarter of 2003.
The improvement in the fourth quarter 2004 results was principally caused by improved dayrates which will be discussed during TODCO's publicly accessible fourth quarter earnings conference call. The conference call will be at 8:00 a.m. (CST) Tuesday, February 15, 2005 and can be heard live on the Company's web site at www.theoffshoredrillingcompany.com or by dialing (800) 946-0785, reference code 6654840. A replay of the conference call will be available for approximately 30 days after the call on the Company's web site or by dialing (719) 457-0820, reference code 6654840.
TODCO is a leading provider of contract oil and gas drilling services with the largest rig fleet in the shallow water of the U.S. Gulf of Mexico and along the U.S. Gulf Coast. TODCO's common stock is traded on the New York Stock Exchange under the symbol "THE".
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