Parker Drilling Company today reported financial and operating results for the three and twelve months ended December 31, 2006.
For the three months ended December 31, 2006, Parker posted earnings of $37.2 million on revenues of $146.3 million, compared to revenues of $149.6 million and net income of $56.7 million for the fourth quarter of 2005.
Net income in the fourth quarter of 2006 included net non-routine income of $12.8 million, of which $12.6 million was non-cash deferred taxes. The fourth quarter of 2005 included $44.6 million of non-routine items, $44.9 million of which was non-cash deferred tax benefit.
Earnings before interest, taxes, depreciation and amortization were $51.7 million for the fourth quarter of 2006, 18 percent higher than the $43.9 million in the fourth quarter of 2005.
For the year ended December 31, 2006, Parker Drilling reported revenues of $586.4 million, a 10 percent increase from $531.7 million in 2005.