PHX Energy Services Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2012; Revises Capital Expenditure Guidance for 2012
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.