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COMPETITION WATCH: Acquisitions benefit Producers’ bottom line

CALGARY, Alta. -- Improving on the first quarter of 2005 by 362 per cent, Producers Oilfield Services recorded cons...


CALGARY, Alta. — Improving on the first quarter of 2005 by 362 per cent, Producers Oilfield Services recorded consolidated revenue from continuing operations of $130.1 million, in this year’s first quarter.

In terms of profitability, the company is reporting the significant improvement is directly attributable to the acquisitions completed during the past year and increased operating efficiencies amongst the operating partnerships and companies.

“We are very pleased with how the operations acquired throughout 2005 and early 2006 have come together to generate strong results.” commented Ric Peterson, Producers Oilfield CEO.

In addition, the first quarter of 2006 saw an increase of $33.8 million in consolidated operating income from continuing operations, from the first quarter in 2005. Overall, the increases resulted in diluted earnings per share of $0.29, an increase of $0.19 from the $0.10 generated in the corresponding period one year earlier.


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