IROC Energy Services Corp. (TSXV: ISC) generated record EBITDA (earnings before interest, taxes, depreciation and amortization) in the first quarter of 2012, en route to 47 per cent jump in net earnings for the three months ended March 31.
The oilfield services company, which is headquartered in Red Deer, reported on Wednesday that it earned $6.8 million from continuing operations during the quarter. That was up from 4.6 million in the same period of 2011.
IROC’s revenues for the three months were $32.5 million, up 33 per cent from $24.4 million a year earlier. Earnings per share were 13 cents, up from 11 cents.
IROC has three operating segments. Its drilling and production services segment consists of Eagle Well Servicing and Helix Coil Services; its rental services segment is made up of Aero Rental Services; and it has a non-operating segment consisting of corporate services and other components.
The company said in a release that its strong first quarter reflected the growth of its oil-related drilling and completion asset base, as well as an increase in the rental equipment it owns.
Strong oil prices were also a factor, it said, although customers with a natural gas focus have been hurt by the continued low price of that commodity.
In trading on the TSX Venture exchange on Wednesday, IROC shares closed at $2.45, down five cents.