UPDATE: Independence Contract Drilling (ICD) Misses Q4 EPS by 1c, Slight Beat on Revenues

Note: EPS may not be comparable

Independence Contract Drilling (NYSE: ICD) reported Q4 EPS of ($0.12), $0.04 worse than the analyst estimate of ($0.11). Revenue for the quarter came in at $25 million versus the consensus estimate of $24.3 million.

Fourth Quarter 2017 Highlights

• Net loss of $5.7 million, or $0.15 per share.
• Adjusted net loss, as defined below, of $4.6 million, or $0.12 per share.
• Adjusted EBITDA, as defined below, of $3.7 million.
• Fleet utilization of 100.0%.
• Record revenue days of 1,289.
• Fully-burdened margin per day, of $5,244 per day.
• Net debt, excluding capitalized leases, of $46.0 million, on a borrowing base of $106.7 million.

Chief Executive Officer Byron Dunn commented, \"The fourth quarter represented a significant milestone for ICD as we generated record revenue days on 100% utilization of our entire rig fleet. Market conditions continue to improve since year end, with demand and dayrates increasing for ICD\'s ShaleDriller rigs. Since year end, we extended contracts for four rigs adding three rig years of backlog. As a result of improving market conditions and outlook for our business, I am pleased to announce that our Board has approved completion of our next newbuild ShaleDriller rig, which we anticipate entering the market in early-to-mid third quarter of this year.

For earnings history and earnings-related data on Independence Contract Drilling (ICD) click here.

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