Pioneer Drilling's CEO Discusses Q1 2012 Results - Earnings Call Transcript
As a reminder, information reported on this call speaks only as of today, May 8, 2012, so any time sensitive information may no longer be accurate at the time of replay. Management may make forward-looking statements today that are based on beliefs and assumptions and information currently available to them. While they believe these expectations are reasonable, they can give no assurance they will prove to be correct. They are subject to certain risks and uncertainties and assumptions that are described in this morning’s news release as well in a recent public filings with the SEC. If one or more of these risks materialize or underlying assumptions prove to be incorrect, results may differ materially.
Also please note in this conference call we may contain references to non-GAAP measures. You’ll find a reconciliation to the GAAP measures in this morning’s news release. Now I would like to turn the call over to Stacy Locke, Pioneer’s President and CEO. Stacy?
Thank you Anne and good morning. We appreciate you all joining us on our first quarter call. In the room with me today, filling in for Red West is Blaine David, our Senior Vice President of operations for the Drilling Division and Joe Eustace, President of our Production Services division; and Lorne Phillips, our Chief Financial Officer.
Well we have completed another very solid quarter for the company. About everything that could go right did so in this quarter. Revenues were up another 14% quarter over quarter and EBITDA was up 26% quarter-over-quarter. Unless the market changes from what we are seeing today, we’re on track to potentially hit a billion in revenues for the first time in our company’s history. That would be an approximate 40% year-over-year growth in revenue, and that would be on top of our 47% year-over-year growth in revenues from 2010 to 2011. Likewise, as we look out into 2013 with the unit additions in drilling and well service, and wireline and coiled tubing in 2012, we see another robust year revenue and EBITDA growth.
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