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The Corporation's share in the losses of the equity-accounted investees, RigManager International Inc. ("RMII") and RMS, for the three-month period ended March 31, 2013 were $0.1 million for each investee.
(Stated in thousands of dollars) Three-month periods ended March 31, 2013 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Provision for income taxes 3,100 1,730--------------------------------------------------------------------------------------------------------------------------------------------------------
The provision for income taxes for the first quarter of 2013 was $3.1 million as compared to $1.7 million in the 2012-quarter. The expected combined Canadian federal and provincial tax rate for 2013 is 25 percent. The effective tax rate in the 2013 three-month period of 27 percent is higher than the expected rate mainly due to non-deductible expenses and non-recognition of deferred tax assets for foreign losses.
(Stated in thousands of dollars except per share amounts and percentages) Three-month periods ended March 31, 2013 2012 % Change--------------------------------------------------------------------------------------------------------------------------------------------------------Net earnings 8,306 7,918 5Earnings per share - diluted 0.29 0.28 4EBITDA 18,329 15,038 22EBITDA per share - diluted 0.65 0.53 23EBITDA as a percentage of revenue 20% 19%--------------------------------------------------------------------------------------------------------------------------------------------------------
The Corporation's level of net earnings and EBITDA for the three-month period ended March 31, 2013 have both increased due to strong activity levels achieved across all operating segments and overall profitability. EBITDA as a percentage of revenue for the three-month period ended March 31, 2013 was 20 percent (2012 - 19 percent).
Segmented Information:
The Corporation reports three operating segments on a geographical basis throughout the Canadian provinces of Alberta, Saskatchewan, British Columbia, and Manitoba; throughout the Gulf Coast, Northeast and Rocky Mountain regions of the US; and internationally in Albania, Peru, Russia and Colombia.
Canada(Stated in thousands of dollars) Three-month periods ended March 31, 2013 2012 % Change--------------------------------------------------------------------------------------------------------------------------------------------------------Revenue 44,348 44,490 -Reportable segment profit before tax 9,621 11,011 (13)--------------------------------------------------------------------------------------------------------------------------------------------------------
