We are also required to use EBITDA to report compliance with financial covenants under our revolving credit facility. Our press release today and our website provide a reconciliation of EBITDA to net income, which is the nearest GAAP financial measure. Please review that disclosure if you're interested in seeing how we calculate it.If you have not received our press release for any reason, please visit our website to obtain a copy. I will now turn our call over to our president and CEO, Rick Hubbell. Rick Hubbell Jim, thank you. This morning, we issued our earnings press release for RPC's second quarter of 2012. Following my comments, Ben Palmer will discuss our financial results in more detail. During the second quarter, we continued our strong operational execution in a difficult operating environment. While we are pleased with our quarterly results, low natural gas prices and the resulting decline in natural gas drilling activity continue to impact RPC's activity levels and pricing. We relocated some equipment from dry gas (spaces) with declining prospects to areas with stronger fundamentals and anticipate that the last fleet of pressure-pumping equipment that we received this year will work in the upcoming quarter. Our CFO, Ben Palmer, will now review our financial results for the second quarter. Ben Palmer Thanks, Rick. The quarter ended June 30, 2012. Revenues increased to $500.1 million, a 12.9% increase compared to the prior year. These high revenues resulted primarily from a larger fleet of equipment. EBITDA for the second quarter increased 5.3% to $172.9 million compared to $164.2 million for the same period last year and operating profit for the quarter was $119.9 million, essentially unchanged compared to the prior year. Our diluted earnings per share during the quarter were $0.33, also virtually the same compared to last year. Cost of revenues increased from $243 million in the prior year to $281.3 million in the current year due to the bearable nature of these expenses.
Cost of revenues for the second quarter as a percentage of revenues increased from 54.8% in the prior year to 56.2% due primarily to the increasingly competitive pricing environment and inefficiencies associated with equipment relocation.These increases will partially offset our favorable variances in the cost of materials and supplies used in providing our services due to job mix and better logistical management compared to this time last year. Selling, general and administrative expenses during the quarter were $43.1 million, an increase of 19.9% compared to $36 million in the prior year due to higher head count to support higher activity levels and new operational locations. SG&A costs as a percentage of revenues increased slightly from 8.1% last year to 8.6% this year. Depreciation and amortization were $54 million for the second quarter, an increase of 20.2% compared to $44.9 million in the prior year. This increase is a result of additional equipment placed in service over the past 12 months. Our technical services segment revenues increased 13.5%. Operating profits for this segment increased $112.4 million compared to $109.5 million in the prior year. The improvement in revenue and operating profit was due to higher revenues from the larger fleet of revenue-producing equipment in our pressure pumping and coil tubing service line as well as more equipment and higher activity levels in downhole tool system. These improvements were partially offset by lower pricing in most of our service lines within this segment. Revenues in our Support Services segment increased by 6% due primarily to increased activity levels in most of the service lines in this segment except for our rental tools business. This segment generated an operating profit of $12.5 million compared to $13.2 million last year. This decrease was primarily due to lower utilization in our rental tools service line, the largest service line in this segment. Read the rest of this transcript for free on seekingalpha.com