Poseidon Concepts Corp. reported consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported revenue of $54.875 million against $9.647 million a year ago. EBITDA was $46.008 million or $0.57 per basic and diluted share against EBITDA of $7.245 million or $0.12 per basic and diluted share a year ago. Net income from continuing operations was $31.183 million or $0.38 per basic and diluted share against net income from continuing operations of $4.781 million or $0.08 per basic and diluted share a year ago. Quarterly revenue, EBITDA, cash flow from operations and net income are driven by continued growth in customer demand during the three months ended June 30, 2012.

For the six moths, the company reported revenue of $107.004 million against $20.974 million a year ago. EBITDA was $89.711 million or $1.11 per diluted share against EBITDA of $16.083 million or $0.27 per diluted share a year ago. Net income from continuing operations was $60.822 million or $0.75 per diluted share against net income from continuing operations of $11,062 million or $0.19 per diluted share a year ago.

The company continues to forecast for the year 2012 EBITDA of $210 million and growth in the tank fleet to 500 units at the end of the third quarter. The company announced that 2012 EBITDA forecast of $210 million is expected to result in approximately $170 million in after-tax cash flow from operations, which in conjunction with existing bank lines to fund ongoing working capital requirements.