Great Quarter! We should see a nice jump tomorrow. Lot's of cash on hand. I woudn't be surprised to see further increases in HHP sometime later this year.
A few highlights:
"Net income was recorded at $24.6 million in Q4 2010, compared to a net loss of ($1.9) million in Q4 2009, while for the year ended December 31, 2010, net income improved to $54.4 million from a net loss of ($11.1) million in 2009."
That is .41 a share.
"Average consolidated revenue per job increased by 171% to $131,576 in Q4 2010, from $48,494 in Q4 2009. This growth is due to Canyon’s continuing success in expanding its market share in the deeper segments of the basin resulting in larger jobs. For the year ended December 31, 2010, average consolidated revenues per job increased by 105% to $98,785 from $48,279 in 2009."
"In Q4 2010, the increased utilization, the focus on completing larger, higher-priced jobs, improved pricing and the operating leverage available in a high fixed cost structure has resulted in EBITDA of $40.2 million, significantly higher than the $1.4 million recorded in Q4 2009."
"During the quarter Canyon’s equipment fleet averaged 96,000 HHP and was fully utilized, resulting in 651 jobs completed compared to 291 in the prior year’s quarter."
This should be significantly higher in Q1 as well.
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