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CALGARY, ALBERTA -- (Marketwire) -- 02/26/13 -- Trican Well Service Ltd. (TSX: TCW)
---------------------------------------------- Three months ended Twelve months ended($ millions, except per share Dec. 31, Dec. 31, Sept. 30, Dec. 31, Dec. 31, amounts; unaudited) 2012 2011 2012 2012 2011----------------------------------------------------------------------------Revenue $485.9 $694.2 $593.2 $2,213 $2,309.6Operating income (i) 35.1 197.3 71.4 240.1 614.5Net income (loss) (7.7) 114.9 22.6 53.3 338.6Net income (loss) per share (basic) ($0.05) $0.78 $0.16 $0.37 $2.32 (diluted) ($0.05) $0.78 $0.16 $0.37 $2.30Adjusted net income (loss) (i) (5.4) 117.9 24.7 63.0 351.0Adjusted net income (loss) per share(i) (basic) ($0.04) $0.80 $0.17 $0.43 $2.41 (diluted) ($0.04) $0.80 $0.17 $0.43 $2.39Funds provided by (used in) operations(i) (14.0) 181.9 49.3 122.8 588.8----------------------------------------------------------------------------Notes:(i) Trican makes reference to operating income, adjusted net income (loss)and funds provided by (used in) operations. These are measures that are notrecognized under International Financial Reporting Standards (IFRS).Management believes that, in addition to net income (loss), operatingincome, adjusted net income (loss) and funds provided by (used in)operations are useful supplemental measures. Operating income providesinvestors with an indication of earnings before depreciation, foreignexchange, taxes and interest. Adjusted net income (loss) provides investorswith information on net income (loss) excluding one-time non-cash chargesand the non-cash effect of stock-based compensation expense. Funds providedby (used in) operations provide investors with an indication of cashavailable for capital commitments, debt repayments and other expenditures.Investors should be cautioned that operating income, adjusted net income(loss), and funds provided by (used in) operations should not be construedas an alternative to net income (loss) and cash flow from operationsdetermined in accordance with IFRS as an indicator of Trican's performance.Trican's method of calculating operating income, adjusted net income (loss)and funds provided by (used in) operations may differ from that of othercompanies and accordingly may not be comparable to measures used by othercompanies.
FOURTH QUARTER HIGHLIGHTS
Consolidated revenue for the fourth quarter of 2012 was $485.9 million, a decrease of 30% compared to the fourth quarter of 2011. Consolidated net loss was $7.7 million compared to net income of $114.9, and diluted loss per share was $0.05 compared to diluted income per share of $0.78 for the same period in 2011. Funds used in operations were $14.0 million compared to fund provided by operations of $181.9 million in the fourth quarter of 2011.
