Also, we will use certain non-GAAP measures. The earnings release issued this morning contains an explanation and a reconciliation of these measures to GAAP measures, and we refer you to that release for additional information.Now on to our second quarter results. We reported net income and EPS in Q2 of $13.1 million or $0.34 per share on $136.7 million of revenue compared to $14.4 million of net income or $0.37 per share in Q1 on $152.4 million of revenue. Operating income increased during the quarter to $24.6 million, up from operating income of $19 million for Q1. Operating margins increased to 18% for Q2 as compared to 12% in Q1. This quarter's results include a $13.3 million pretax gain on the sale of CASING DRILLING business, which is included in the aforementioned operating income. When the results are adjusted for the gain from the sale of CASING DRILLING, as well as other one-off items, which we will discuss shortly, operating income would have been $14.7 million or 10.7% OI margin and then EPS would have been $0.22.
Tesco Management Discusses Q2 2012 Results - Earnings Call Transcript
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