Cabo Announces 2nd Quarter Results
(Thomson Reuters ONE) -
For Immediate Release: March 2, 2010
Telephone: (604) 984-8894
Facsimile: (604) 983-8056
e-mail: ir(at)cabo.ca
CONTACT: John A. Versfelt, Chairman, President and CEO
web site: www.cabo.ca
Cabo Announces 2(nd) Quarter Results
North Vancouver, BC - Cabo Drilling Corp. ("Cabo" or the "Company") (TSX-V:CBE)
today reported results for its fiscal year 2010 second quarter ended December
31, 2009.
2(ND) QUARTER HIGHLIGHTS
+---------------------+--------------+-------------+-------------+-------------+
|(CDN $000s, except| 3 months | 3 months | 6 months | 6 months |
|earnings per share) | ending | ending | ending | ending Dec. |
| | Dec. 31/09 | Dec. 31/08 | Dec. 31/09 | 31/08 |
+---------------------+--------------+-------------+-------------+-------------+
|Revenue | 7,983| 11,825| 14,324| 28,442|
+---------------------+--------------+-------------+-------------+-------------+
|Earnings (Loss)| | | | |
|Before Interest,| 836| 1,441| 1,318| 3,941|
|Taxes, Amortization,| | | | |
|Stock Based| | | | |
|Compensation and| | | | |
|Other Items (EBITDA)| | | | |
+---------------------+--------------+-------------+-------------+-------------+
|Net Earnings (Loss)| (147)| 515| (611)| 2,201|
|Before Taxes | | | | |
+---------------------+--------------+-------------+-------------+-------------+
|Net Earnings (Loss)| (150)| 339| (614)| 1,420|
|After Taxes | | | | |
+---------------------+--------------+-------------+-------------+-------------+
|Earnings (Loss) per| | | | |
|Share ($) (Basic and| | | | |
|Diluted) Before| 0.02| 0.03| 0.02| 0.08|
|Interest, Taxes,| | | | |
|Amortization, | | | | |
|Stock-based | | | | |
|Compensation and| | | | |
|Other Items (EBITDA) | | | | |
+---------------------+--------------+-------------+-------------+-------------+
|Earnings (Loss) per| 0.00| 0.01| (0.01)| 0.03|
|Share ($) (Basic and| | | | |
|Diluted) | | | | |
+---------------------+--------------+-------------+-------------+-------------+
|Cash from Operations*| 729| 924| 1,117| 2,745|
+---------------------+--------------+-------------+-------------+-------------+
|Gross Margin % | 28.5%| 26.1%| 28.8%| 26.0%|
+---------------------+--------------+-------------+-------------+-------------+
|Working Capital| 6,076| 7,765| 6,076| 7,765|
|(deficiency) | | | | |
+---------------------+--------------+-------------+-------------+-------------+
*before changes in non-cash working capital items
The Company reports:
§ Improved quarterly revenue for the 2(nd) quarter fiscal 2010 of $7.98
million, compared to $6.34 million in the 1(st) quarter fiscal 2010 and a
decrease compared to $11.82 million in 2(nd) quarter fiscal 2009.
§ Gross margin percentage for the 2(nd)quarter fiscal 2010 was 28.5% compared
with a gross margin of 26.1% in 2(nd) quarter fiscal 2009 and 29.1% in the
1(st) quarter of fiscal 2010.
§ Cash from operations, before changes in non-cash working capital items, was
$728,657 for the 2(nd) quarter fiscal 2010 compared to 2(nd) quarter fiscal
2009 cash from operations of $924,014.
§ A current asset balance of $17.14 million and working capital of $6.08
million.
§ Total assets of $32.55 million and total liabilities of $13.14 million.
"The second quarter of fiscal 2010 is the second consecutive quarter of improved
revenues, after three consecutive quarters of reduced revenues," stated John A.
Versfelt, Cabo's President & CEO. "At this time, the Company has drills
operating in all operating regions. Drill utilization has increased in all
divisions with newly signed contracts in Atlantic, Pacific, Mexico and European
divisions and a more substantial increase in contracts in the Ontario division.
We expect modest revenue growth over the balance of the year."
"The Company recorded a net after tax loss of $150,093 during the 2(nd) quarter
of fiscal 2010 or $0.00 per share compared to earnings of $339,053 or $0.01
earnings per share in the 2nd quarter of fiscal 2009," noted John A. Versfelt.
"Our second quarter is a 69% improvement over our 1(st) quarter fiscal 2010 loss
of $463,495 or $0.01 loss per share. EBITDA decreased to $835,577 during the
second quarter of fiscal 2010, compared to $1.44 million in the previous
corresponding period and increased 73% from the $482,152 recorded during the
first quarter of fiscal 2010."
"Our expectation is that we will continue to see slight increases of
exploration spending during 2010 and a greater improvement in 2011," remarked
Mr. Versfelt. "This increase in spending will be supported by the current gold
and base metal market and pricing improvements, as well as the lack of new
discoveries, lower metal supply and higher metal demand factors."
For the full version of this news release please go to the Company's website
www.cabo.ca
Cabo Drilling Corp. is a drilling services company headquartered in North
Vancouver, British Columbia, Canada. The Company provides mining related and
specialty drilling services through its Canadian divisions in Surrey, British
Columbia; Montréal, Quebec; Kirkland Lake, Ontario; and Springdale,
Newfoundland; as well as Cabo Drilling de Mexico S.A. de C.V. of Hermosillo,
Mexico; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; Cabo
Drilling Spain S.L. of Sevilla, Spain; Balkan States Drilling SH.P.K. of Tirana,
Albania; Cabo Drilling (Ghana) Limited of Accra, Ghana; and Cabo Drilling
(International) Inc. The Company's common shares trade on the Frankfurt
Exchange under the symbol: DHL and on the TSX Venture Exchange under the symbol:
CBE.
ON BEHALF OF THE BOARD
"John A. Versfelt"
John A. Versfelt
Chairman, President and CEO
Further information about the Company can be found on Cabo's website
(http://www.cabo.ca
contacting Sheri Barton, Corporate Communications at 403-217-5830 or Mr. John A.
Versfelt, Chairman, President & CEO of the Company at 604-984-8894.
* * * *
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release. This news release may contain forward-looking
statements including but not limited to comments regarding the timing and
content of upcoming business transactions and timing. Forward-looking
statements address future events and conditions and therefore, involve inherent
risks and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
[HUG#1389845]
Unternehmensinformation / Kurzprofil:
Datum: 02.03.2010 - 12:04 Uhr
Sprache: Deutsch
News-ID 13052
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contact information:
Town:
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