IROC cuts quarter loss

IROC Energy Services Corp. (TSX:ISC) has reduced its second quarter loss as compared with a year ago.

IROC Energy Services Corp. (TSX:ISC) has reduced its second quarter loss as compared with a year ago.

The oilfield services company, which has its headquarters in Red Deer, announced on Monday that it had a net loss of $1.3 million, or three cents a share, for the three months ended June 30. That was a 33 per cent improvement over a net loss of $1.9 million, or four cents a share, during the same quarter in 2008.

IROC’s revenues in the last quarter were $9.3 million, down eight per cent from the $10.2 million generated during the same period a year ago.

The company said in a news release that continued slow activity in the energy sector has meant lower utilization of oilfield-related services.

“The conditions appear to have hindered the ability for oil and gas producers to access debt or equity markets to finance their operations. Most producers have substantially reduced their spending for 2009 with a focus on balance sheet preservation and matching spending with realistic cash flows.

“The depressed utilization and competitive pricing environment will likely continue through the remainder of 2009 and potentially longer, depending upon oil and gas prices.”

IROC also announced the departure of its chief financial officer, Kevin Howell, effective Aug. 20.

IROC provides a range of products, services and equipment to the oil and gas industry, including well-servicing and equipment, downhole temperature and pressure monitoring tools, and rental services.

In trading on the TSX Venture Exchange on Monday, shares in IROC closed at 69 cents, unchanged from Friday.

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