Allis-Chalmers Energy Inc. today announced results for the full year and fourth quarter ended December 31, 2007.
For the full year ended December 31, 2007, total revenues were $571.0 million, which represented an increase of 83.6 percent compared to $311.0 million for the year ended December 31, 2006.
According to a company release, revenues increased in all of the company’s business segments due principally to acquisitions completed during 2006 and 2007. The Houston-based company also cited the investment in new equipment, and the opening of new operating locations as factors in their revenue spike.
The most significant increase in revenues was due to the acquisition of DLS Drilling, Logistics & Services Corporation, which established the company’s International Drilling segment.
Income from operations for the full year ended December 31, 2007 totaled $124.8 million, compared to $67.7 million for the year ended December 31, 2006. Net income for the year ended December 31, 2007 was $50.4 million, or $1.45 per diluted share, compared to net income of $35.6 million, or $1.66 per diluted share, in 2006.