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Including a charge related to the termination of the merger with Grey Wolf Inc., net income was $18.7 million, or 45 cents a share. During the year-ago quarter, earnings were $21.7 million, or 52 cents a share.
Revenue for the period ended June 30 rose to $251.5 million from $223.3 million a year ago. Analysts were looking for revenue of $243 million.
Midland, Texas-based Basic Energy is a provider of well site services to oil and gas drilling and producing companies.
For 2008, the company said it still expects general and administrative expense as a percentage of revenue of 11%. Depreciation and amortization expense is projected to be in the range of $118 million to $120 million for the year.
The current consensus estimate is a per-share profit of $2.05 on revenue of $977 million for the year.
Shares of Basic Energy closed the regular session down 7.4% at $24.92. Katherine Hunt kh
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