Red Deer-based Iroc Energy Services Corp. (TSXV: ISC) is reporting improved numbers for the first quarter of 2010.
The oilfield services company has announced revenues from continuing operations of $16.2 million for the three months ended March 31. That’s up 16 per cent from the $14 million in revenues earned in the first quarter of 2009. The company’s net income from continuing operations for the quarter was $524,000, as compared with $82,000 for the same period a year ago.
Net income per common share was one cent.
Iroc’s drilling and production services segment, which consists of its Eagle Well Servicing and Aero Rental Services divisions, was its most profitable. It had first quarter revenues of $13.5 million.
The company’s technology services segment, which is represented by its Canada Tech division, generated revenue of $2.7 million.
A release issued by Iroc said the company benefited from a continued firming of oil prices, more normal winter activity and expansion of horizontal drilling technology in Western Canada. It predicted increased activity in 2010.