Tesco Corporation today reported net income for the quarter ended December 31, 2010 of $1.2 million, or $0.03 per diluted share. This compares to a net loss of $9.0 million, or$0.24 per diluted share, for the fourth quarter of 2009, and net income of $3.0 million, or $0.08 per diluted share, for the third quarter of 2010.
The current quarter includes a $2.2 million charge ($1.8 million in our Tubular Services segment and $0.4 million in our CASING DRILLING™) to operating income resulting from a customer dispute over contract term interpretations and a $1.6 million increase in income tax expense for valuation allowance adjustments established on certain foreign subsidiaries net operating losses.
Revenue was $114.2 million for the quarter ended December 31, 2010, compared to revenue of $85.6 million for the comparable period in 2009 and $93.1 million for the third quarter of 2010.
