Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect the Corporation's operations and financial results are included in reports on file with the Canadian Securities Regulatory Authorities and may be accessed through the SEDAR website (www.sedar.com) or at the Corporation's website. The forward-looking statements and information contained in this document are expressly qualified by this cautionary statement. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Revenue(Stated in thousands of dollars) Three-month periods ended March 31, 2013 2012 % Change--------------------------------------------------------------------------------------------------------------------------------------------------------Revenue 92,667 79,769 16--------------------------------------------------------------------------------------------------------------------------------------------------------
As a result of superior service delivery and strong customer focus, the demand for the Corporation's services was strong across all regions. PHX Energy generated an all-time record level of consolidated revenue and operating days for any quarter. For the three-month period ended March 31, 2013, PHX Energy generated revenue of $92.7 million as compared to $79.8 million in the corresponding 2012-period; an increase of 16 percent. US and international revenue as a percentage of total consolidated revenue were 43 and 10 percent, respectively, for the 2013-quarter as compared to 34 and 10 percent in 2012. Consolidated operating days grew by 16 percent to 7,746 days in 2013 as compared to 6,681 in the 2012-quarter. Average consolidated day rates for the three-month period ended March 31, 2013, excluding the motor rental division in the US, decreased slightly to $11,716, which is 1 percent lower than the day rates of $11,849 in the first quarter of 2012.
In comparison, horizontal and directional drilling as a percentage of total drilling remained steady in Canada while it increased in the US. In the 2013-quarter, horizontal and directional drilling continued to be a significant percentage of the Canadian market, approximately 90 percent of total industry drilling days (2012 - 90 percent). In the US, horizontal and directional activity levels grew to represent 75 percent of the rigs running per day (2012 - 70 percent). (Sources: Daily Oil Bulletin and Baker Hughes)
Operating Costs and Expenses(Stated in thousands of dollars except percentages) Three-month periods ended March 31, 2013 2012 % Change--------------------------------------------------------------------------------------------------------------------------------------------------------Direct costs 70,966 61,663 15Depreciation & amortization (included in direct costs) 5,830 4,834 21Gross profit as percentage of revenue excluding depreciation & amortization 30% 29%--------------------------------------------------------------------------------------------------------------------------------------------------------
