ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On October 29, 2008, Grey Wolf, Inc. issued a press release announcing
operating results for the quarter ended September 30, 2008. A copy of this press
release is being furnished as an exhibit to this report.
The Company has presented earnings before interest expense, income taxes,
depreciation and amortization ("EBITDA") in the press release furnished as an
exhibit to this report, which is a "non-GAAP" financial measure under
Regulation G of the rules and regulations of the Securities and Exchange
Commission. In the press release and in accordance with Regulation G, the
Company has included a reconciliation of EBITDA to net income, which is the
nearest comparable generally accepted accounting principles ("GAAP") financial
measure. However, because EBITDA is not prescribed by GAAP, it is not
necessarily comparable to similar measures presented by other companies. The
Company included EBITDA in the press release because it believes EBITDA provides
investors additional information to assist them in assessing the Company's
business and performance in comparison to other companies in the same industry.
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