Union Drilling Reports 2010 Fourth Quarter Results

Union Drilling, Inc. UDRL announced today financial and operating results for the three and twelve month periods ended December 31, 2010. Revenues for the fourth quarter of 2010 were $58.2 million compared to $40.6 million in the fourth quarter of 2009. The Company reported a net loss of $0.3 million for the quarter, or $0.01 per share, compared to a net loss of $2.9 million, or $0.12 per share, during the fourth quarter of 2009. Union Drilling's 2009 fourth quarter results included a $1.1 million, or $0.04 per share, charge for the impairment of certain fixed assets. EBITDA for the fourth quarter of 2010 totaled $12.4 million compared to $10.1 million reported in the same period last year. For additional information regarding EBITDA as a non-GAAP financial measure, please refer to the disclosures contained at the end of this release.