TODCO Sees Increase in 3Q06 Net Income
TODCO (NYSE: THE) reported net income for the three months ended September 30, 2006, of $55.5 million, or $0.92 per diluted share, on revenues of $242.3 million compared to net income of $19.1 million, or $0.31 per share, on revenues of $141.4 million for the same quarter of 2005. The third quarter of 2006 included $13.0 million (or $0.13 per diluted share, after tax) of rig reactivation expense versus only $6.9 million (or $0.07 per diluted share, after tax) of rig reactivation expenses during the third quarter of 2005. For the three months ended September 30, 2006, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $109.7 million compared to $55.5 million for the same quarter of 2005.
The improvement in third quarter 2006 results over the same quarter last year was principally caused by improved utilizations and dayrates which will be discussed during TODCO's publicly accessible third quarter conference call. The conference call will be at 8:00 a.m. (CST), Thursday, November 2, 2006.
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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