Latest News by Industry
![Independence Contract Drilling, Inc. [ICD] reports annual net loss of $37,697,000.0](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FICD.png&w=1200&q=75)
Independence Contract Drilling, Inc. [ICD] has reported a net loss of $37,697,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $210.1 million
Based in HOUSTON, Texas, Independence Contract Drilling, Inc. operates in the MINING sector.
In the Consolidated Statements of Operations for the 12 Months Ended Dec. 31, 2023, it is reported that the total Revenues amounted to $210.1 million, showing an increase from the previous year's figure of $186.7 million.
Moving on to the Costs and expenses, Operating costs were $130.3 million in the current reporting period compared to $123.4 million in the same period last year. Selling, general and administrative costs were $24.5 million in 2023 compared to $24.8 million in 2022. Depreciation and amortization costs increased to $43.5 million from $40.4 million. Asset impairment costs rose significantly to $14.9 million in the current period compared to $0.35 million in the previous year. However, a gain on the disposition of assets was recorded at $38, a reversal from a loss of $0.196 million.
The total costs and expenses summed up to $213.8 million in the current year, reflecting an increase from $188.8 million in the same period last year.
The Operating loss for the period was $3.7 million in 2023, a higher loss than the $2.1 million reported in 2022. Interest expenses increased to $35.9 million from $29.6 million. A loss on extinguishment of debt was recorded at $46.3 million. The change in fair value of embedded derivative liability amounted to $4.3 million. A realized gain on extinguishment of derivative was reported at $10.8 million.
The Loss before income taxes in 2023 was $39.7 million, an improvement from the loss of $71.5 million in the previous year. The Income tax benefit further reduced the net loss to $37.7 million in the current period, an improvement from the net loss of $65.3 million in the same period last year.
The Loss per share for Basic and Diluted amounts were $2.69 in 2023, a better performance than the loss of $5.01 per share in 2022. The Weighted average number of common shares outstanding for Basic and Diluted shares also saw an increase from 13.0 million to 14.0 million shares.
Also Read: