PHX Energy Services Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported revenue of $79.8 million as compared to $63.1 million in the 2011-period; a 26% increase. Net earnings increased 104% from $3.9 million in the first quarter of 2011 to $7.9 million in 2012. EBITDA increased by 62% to $15.0 million or $0.53 per share on a diluted basis, in the 2012-period as compared to $9.3 million, or $0.33 per share on a diluted basis, in 2011. As a percentage of revenue, EBITDA was 19% in the 2012-quarter as compared to 15% in the corresponding 2011-quarter. Funds from operations were $13,034,000 or $0.46 per diluted share against $9,520,000 or $0.34 per diluted share a year ago. Earnings before income taxes were $9,648,225 against $5,137,070 a year ago. Earnings attributable to equity holders of the corporation were $7,972,780 or $0.28 per diluted share against $3,909,717 or $0.14 per diluted share a year ago. Net cash from operating activities was $4,075,998 against $215,939 a year ago. Acquisition of drilling and other equipment was $17,559,785 against $10,166,068 a year ago. Capital expenditures was $17,560,000 against $10,166,000 a year ago. The 2012 capital budget was originally set at $38.9 million and has now been revised to $55.1 million, as the company intends to continue to invest in resources and capabilities that provide the company and its shareholders future diversification in operations and income.