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Independence Contract Drilling Q2 net income $1.6 million

Staff writer ▼ | September 15, 2014
Independence Contract Drilling reported financial results for the quarter ended June 30, 2014. The company reported net income of $1.6 million, or $0.13 per share, compared to a net loss of $0.7 million, or $0.05 per share, for the quarter ended June 30, 2013.
Independence Contract Drilling
Second quarter   Non-cash income $1.4 million
Included in net income during the second quarter of 2014 was non-cash income of $1.4 million, or $0.11 per share (net of tax), associated with a decrease in the estimated fair market value of the warrant issued in March 2012 as well as $2.0 million, or $0.11 per share (net of tax), of income associated with the receipt of insurance proceeds related to a previously reported asset impairment.

Included in net loss during the second quarter of 2013 was a non-cash gain of $0.4 million, or $0.03 per share (net of tax), associated with a decrease in the estimated fair market value of the warrant issued in March 2012.

Excluding these items, the Company reported a net loss of $1.1 million, or $0.09 per share, for the second quarter of 2014, compared to a net loss of $1.0 million, or $0.8 per share, for the second quarter ended June 30, 2013.

Revenues for the second quarter of 2014 were $14.7 million, compared to $9.8 million for the second quarter of 2013, and Adjusted EBITDA for the second quarter of 2014 was $3.9 million, compared to $1.5 million for the second quarter of 2013.


 

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