Revenues for the quarter were $25 million compared to $28.3 million for the same quarter last year. EBITDA (earnings before interest, income taxes, depreciation and amortization) was $4.1 million for the quarter compared to $7.2 million for the third quarter last year.
For the nine months ended September 30, 2007, Boots & Coots reported net income attributable to common stockholders of $2.1 million, or $0.03 per diluted share, compared to $7.3 million, or $0.13 per diluted share for the same period last year.
Revenues for the nine months were $69.2 million compared to $63.3 million for the same period last year. EBITDA was $8.9 million for the nine months ended September 30, 2007 compared to $15.8 million for first nine months of 2006. During the current nine-month period, Boots & Coots incurred start-up expenses of $1.8 million for the expansion of the company’s snubbing/workover services into North Texas, international expansion of the company’s snubbing and prevention services, and entrance into the pressure control rental tool business.
Jerry Winchester, president and chief executive officer, said: Domestically, business continues to grow in the Mid-Continent and the Rockies, where we have acquired four rig-assist units and deployed an additional hydraulic unit. Work in the Gulf of Mexico continued to improve sequentially, but remains at a lower level compared to last year. As a result, we have redeployed a number of our hydraulic units to Wyoming, Texas, Africa, the Middle East and Asia where current demand exists for our services, and we continue to look for other deployment opportunities.
