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TESO » Topics » Note 14-Selected Quarterly Financial Data (Unaudited)

These excerpts taken from the TESO 10-K filed Feb 27, 2008.

Note 14—Selected Quarterly Financial Data (Unaudited)

The following table presents unaudited quarterly financial data for 2007 and 2006.

 

     For the 2007 quarterly period ended
     March 31    June 30    September 30    December 31

Revenue

    $ 114,304    $ 109,803    $ 113,890    $ 124,381

Operating Income

    $ 18,981    $ 7,592    $ 8,613    $ 13,334

Net Income

    $ 11,020    $ 3,854    $ 10,839    $ 6,589

EPS

            

Basic

    $ 0.30    $ 0.11    $ 0.29    $ 0.18

Diluted

    $ 0.30    $ 0.10    $ 0.29    $ 0.18

 

F-35

Table of Contents
Index to Financial Statements

TESCO CORPORATION

Notes to the Consolidated Financial Statements

 

     For the 2006 quarterly period ended
     March 31    June 30    September 30    December 31

Revenue

    $ 83,609    $ 86,772    $ 101,450    $ 114,346

Operating Income

    $ 14,310    $ 12,741    $ 14,575    $ 19,277

Net Income Before Cumulative Effect of Accounting Change

    $ 8,817    $ 2,551    $ 8,466    $ 10,467

Net Income

    $ 9,063    $ 2,551    $ 8,466    $ 10,467

EPS

            

Basic

    $ 0.25    $ 0.07    $ 0.24    $ 0.29

Diluted

    $ 0.25    $ 0.07    $ 0.23    $ 0.29

For the three months ended September 30, 2007, income tax benefits totaling $2.1 million related to the filing of our Canadian income tax return in June 2007 were based on a change in strategy related to the treatment of foreign tax credits and research and development credits. Because these benefits relate to a change in Canadian tax strategy, such benefit should have been recorded in the three month period ended June 30, 2007 instead of the three month period ended September 30, 2007. We believe that the effect of recording these benefits during the three month period ended September 30, 2007 instead of the earlier period is immaterial to both quarterly financial statements taken as a whole.

Note 14—Selected Quarterly Financial Data (Unaudited)

FACE="Times New Roman" SIZE="2">The following table presents unaudited quarterly financial data for 2007 and 2006.

 




















































































































   For the 2007 quarterly period ended
   March 31  June 30  September 30  December 31

Revenue

  $114,304  $109,803  $113,890  $124,381

Operating Income

  $18,981  $7,592  $8,613  $13,334

Net Income

  $11,020  $3,854  $10,839  $6,589

EPS

        

Basic

  $0.30  $0.11  $0.29  $0.18

Diluted

  $0.30  $0.10  $0.29  $0.18

 


F-35






Table of Contents


Index to Financial Statements



TESCO CORPORATION

ALIGN="center">Notes to the Consolidated Financial Statements

 






































































































































   For the 2006 quarterly period ended
   March 31  June 30  September 30  December 31

Revenue

  $83,609  $86,772  $101,450  $114,346

Operating Income

  $14,310  $12,741  $14,575  $19,277

Net Income Before Cumulative Effect of Accounting Change

  $8,817  $2,551  $8,466  $10,467

Net Income

  $9,063  $2,551  $8,466  $10,467

EPS

        

Basic

  $0.25  $0.07  $0.24  $0.29

Diluted

  $0.25  $0.07  $0.23  $0.29

For the three months ended September 30, 2007, income tax benefits totaling $2.1 million related
to the filing of our Canadian income tax return in June 2007 were based on a change in strategy related to the treatment of foreign tax credits and research and development credits. Because these benefits relate to a change in Canadian tax strategy,
such benefit should have been recorded in the three month period ended June 30, 2007 instead of the three month period ended September 30, 2007. We believe that the effect of recording these benefits during the three month period ended
September 30, 2007 instead of the earlier period is immaterial to both quarterly financial statements taken as a whole.

This excerpt taken from the TESO 10-K filed Mar 29, 2007.

Note 14 – Selected Quarterly Financial Data (Unaudited)

The following table presents unaudited quarterly financial data for 2006 and 2005.

 

     For the 2006 quarterly period ended  
     March 31    June 30    September 30    December 31  

Revenue

    $ 83,609    $ 86,772    $ 101,450    $ 114,346  

Operating Income

    $ 14,310    $ 12,741    $ 14,575    $ 19,277  

Net Income

    $ 9,063    $ 2,551    $ 8,466    $ 10,467  

EPS

            

Basic

    $ 0.25    $ 0.07    $ 0.24    $ 0.29  

Diluted

    $ 0.24    $ 0.07    $ 0.23    $ 0.29  
     For the 2005 quarterly period ended  
     March 31    June 30    September 30    December 31  

Revenue

    $ 44,383    $ 41,480    $ 51,303    $ 65,581  

Operating Income

    $ 7,614    $ 3,920    $ 5,116    $ 1,095  

Net Income

    $ 4,502    $ 2,978    $ 1,805    $ (1,237 )

EPS

            

Basic

    $ 0.13    $ 0.08    $ 0.05    $ (0.04 )

Diluted

    $ 0.13    $ 0.08    $ 0.05    $ (0.04 )

EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 27, 2008
10-K
Mar 29, 2007

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