Cabo Announces 3rd Quarter Results
(Thomson Reuters ONE) -
Cabo Drilling Corp. / Cabo Announces 3rd Quarter Results processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
For Immediate Release: May 31, 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 3(rd) Quarter Results
North Vancouver, BC - Cabo Drilling Corp. ("Cabo" or the "Company") (TSX-V:CBE)
today reported results for its fiscal year 2010 third quarter ended March
31, 2010.
3(RD) QUARTER HIGHLIGHTS
+--------------------+-------------+--------------+--------------+-------------+
|(CDN $000s, except| 3 months | 3 months | 9 months | 9 months |
|earnings per share) | ending | ending | ending |ending March |
| | March 31/10 | March 31/09 | March 31/10 | 31/09 |
+--------------------+-------------+--------------+--------------+-------------+
|Revenue | 6,505| 6,522| 20,829| 34,964|
+--------------------+-------------+--------------+--------------+-------------+
|Earnings (Loss)| | | | |
|Before Interest,| | | | |
|Taxes, Amortization,| 153| 102| 1,471| 4,043|
|Stock Based| | | | |
|Compensation and| | | | |
|Other Items | | | | |
|(EBITDA) | | | | |
+--------------------+-------------+--------------+--------------+-------------+
|Net Earnings (Loss)| (778)| (765)| (1,389)| 1,435|
|Before Taxes | | | | |
+--------------------+-------------+--------------+--------------+-------------+
|Net Earnings (Loss)| (777)| (1,075)| (1,390)| 345|
|After Taxes | | | | |
+--------------------+-------------+--------------+--------------+-------------+
|Earnings (Loss) per| | | | |
|Share ($) (Basic and| | | | |
|Diluted) Before| 0.00| 0.00| 0.03| 0.08|
|Interest, Taxes,| | | | |
|Amortization, | | | | |
|Stock-based | | | | |
|Compensation and| | | | |
|Other Items (EBITDA)| | | | |
+--------------------+-------------+--------------+--------------+-------------+
|Earnings (Loss) per| (0.02)| (0.02)| (0.03)| 0.01|
|Share ($) (Basic and| | | | |
|Diluted) | | | | |
+--------------------+-------------+--------------+--------------+-------------+
|Cash from| 3| (346)| 1,120| 2,399|
|Operations* | | | | |
+--------------------+-------------+--------------+--------------+-------------+
|Gross Margin % | 25.0%| 27.0%| 27.6%| 26.2%|
+--------------------+-------------+--------------+--------------+-------------+
|Working Capital| 5,778| 7,243| 5,778| 7,243|
|(deficiency) | | | | |
+--------------------+-------------+--------------+--------------+-------------+
*before changes in non-cash working capital items
The Company reports:
§ Revenue for the 3(rd) quarter fiscal 2010 of $6.51 million, compared to $6.52
million in 3(rd) quarter fiscal 2009 and $7.98 million in the 2(nd) quarter
fiscal 2010.
§ Gross margin percentage for the 3(rd) quarter fiscal 2010 was 25.0% compared
with a gross margin of 27.0% in 3(rd) quarter fiscal 2009 and 28.5% in the
2(nd) quarter of fiscal 2010.
§ Cash from operations, before changes in non-cash working capital items, was
$3,456 for the 3(rd) quarter fiscal 2010 compared to 3(rd) quarter fiscal 2009
cash from operations of $(345,533).
§ A current asset balance of $16.51 million and working capital of $5.78
million.
§ Total assets of $31.12 million and total liabilities of $12.67 million.
"Although revenues have decreased slightly in the third quarter of fiscal
2010, the Company has recently been awarded several large long term contracts in
the Ontario, Pacific, and Panama divisions," stated John A. Versfelt, Cabo's
President & CEO. "The third quarter is normally one of the slowest quarters due
to the reduced activity because of seasonal conditions throughout Canada. 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 the Ontario division. We expect modest revenue growth over the balance of the
year."
"The Company recorded a net after tax loss of $776,683 during the 3(rd) quarter
of fiscal 2010 or $0.02 loss per share compared to a loss of $1,074,666 or $0.02
loss per share in the 3(rd) quarter of fiscal 2009," noted John A. Versfelt.
"Our third quarter is a 28% improvement over the same quarter in fiscal 2009.
EBITDA increased to $153,175 during the third quarter of fiscal 2010, compared
to $101,828 in the previous corresponding period."
"At this time drilling companies are experiencing the competitive squeeze that
can be expected when demand is ramping up after a significant downturn,"
remarked John A. Versfelt. "The customers are expecting lower prices, but the
labour force is pushing for higher wages; however, the utilization of drills is
increasing and drilling companies are less willing to offer lower drill rates,
which in turn is relieving the pressure on margins going into the Summer and
Fall, 2010."
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; 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 the Cabo 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#1420455]
--- End of Message ---
Cabo Drilling Corp.
3rd Floor, 120 Lonsdale Avenue North Vancouver BC Canada
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
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Datum: 01.06.2010 - 10:00 Uhr
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News-ID 21757
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Town:
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