CALGARY, ALBERTA -- (Marketwired) -- 05/07/13 -- Essential Energy Services Ltd. (TSX: ESN) ("Essential" or the "Company") announces first quarter EBITDA(1) of $33.4 million compared to $32.8 million in the first quarter of 2012. "These results validate Essential's business model with our focus on horizontal completions and oil production work. Well servicing and downhole tools both had a very strong winter," said Garnet Amundson, President and CEO. "Our 2013 first quarter EBITDA record was especially rewarding considering that general oilfield service conditions were slower than last year and our current results exclude the benefit of our former drilling division which historically had strong EBITDA performance in the first quarter."
SELECTED INFORMATION For the three months ended March 31,(Thousands of dollars, except per share amounts and percentages) 2013 2012(i)----------------------------------------------------------------------------Revenue $ 120,519 $ 118,182Gross margin $ 37,832 $ 36,740 Gross margin % 31% 31%EBITDA(1) from continuing operations $ 33,426 $ 32,755 EBITDA % (1) 28% 28%Funds flow from continuing operations (1) $ 29,278 $ 29,060 Per share - basic (1) $ 0.24 $ 0.24 Per share - diluted (1) $ 0.23 $ 0.23Total assets $ 436,301 $ 430,674Total long-term debt $ 35,603 $ 57,238Utilization Deep coil tubing rigs 110% 102% Service rigs 69% 68%Equipment fleet (ii) Deep coil tubing rigs 25 25 Service rigs 56 58----------------------------------------------------------------------------(i) Certain comparative amounts have been reclassified to conform to the current period's presentation.(ii) Fleet data represents the number of units at the end of a period.(iii) Essential committed to a plan to divest of its Colombian operations. This resulted in various changes to the presentation of financial information for the current and comparative periods. The operating results and cash flows from continuing operations do not include the results of the Colombian operations. Operating results for the Colombian operations have been reclassified as discontinued operations and cash flows have been reclassified as net cash flows incurred by discontinued operations for the current and all comparative periods.----------------------------------------------------------------------------(1) Refer to "Non-IFRS Measures" section for further information.
