Cabo Announces Filing of Amended 4th Qtr and Annual Financial Statements and Related MD&A
(Thomson Reuters ONE) -
Cabo Drilling Corp. /
Cabo Announces Filing of Amended 4th Qtr and Annual Financial Statements and
Related MD&A
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The issuer is solely responsible for the content of this announcement.
Contact: John A. Versfelt, Chairman, President and CEO
Telephone: (604) 984-8894
Facsimilie: (604) 983-8056
e-mail: ir(at)cabo.ca
web site: www.cabo.ca
North Vancouver, BC - Cabo Drilling Corp. ("Cabo" or the "Company") (TSX-V: CBE)
reports it has filed amended financial statements and management discussion and
analysis (MD&A) for the 4th Quarter and for the Year Ended June 30, 2010, as the
Company discovered an error in the calculation of its weighted average number of
common shares outstanding.
The Company's weighted average number of common shares outstanding, at June
30, 2010 is revised from 60,340,680 to 52,705,458. This correction has resulted
in the Company realizing a loss per share of $0.028 (rounded to $0.03) and not
$0.024 (rounded to $0.02) as previously reported. Amended 4th quarter and
annual highlights are stated below.
4th QUARTER & ANNUAL HIGHLIGHTS
+-------------------------+------------------+------------------+-------+------+
|(CDN $000s, except| 3 months ending | 3 months ending | | |
|earnings per share) | June 30-10 | June 30-09 | | |
| | | |FY 2010|FY2009|
+-------------------------+------------------+------------------+-------+------+
|Revenue | 8,158| 6,197| 28,986|41,162|
+-------------------------+------------------+------------------+-------+------+
|Net Earnings (Loss)| 74| (62)| 1,546| 3,981|
|Before Interest, Tax,| | | | |
|Amortization, Stock-| | | | |
|based Compensation and| | | | |
|Other Items (EBITDA) | | | | |
+-------------------------+------------------+------------------+-------+------+
|Net Earnings (Loss)| (819)| (1,028)|(2,208)| 408|
|Before Taxes | | | | |
+-------------------------+------------------+------------------+-------+------+
|Net Earnings (Loss) After| (107)| (1,192)|(1,496)| (847)|
|Taxes | | | | |
+-------------------------+------------------+------------------+-------+------+
|Earnings (Loss) per Share| 0.00| 0.00| 0.03| 0.08|
|($) Basic Before| | | | |
|Interest, Tax,| | | | |
|Amortization, Stock-based| | | | |
|Compensation and Other| | | | |
|Items (EBITDA) | | | | |
+-------------------------+------------------+------------------+-------+------+
|Earnings (Loss) per Share| 0.00| (0.02)| (0.03)|(0.02)|
|($) Basic | | | | |
+-------------------------+------------------+------------------+-------+------+
|Cash from operations* | (60)| (339)| 1,057| 2,060|
+-------------------------+------------------+------------------+-------+------+
|Gross Margin % | 19.4%| 28.4%| 25.3%| 26.7%|
+-------------------------+------------------+------------------+-------+------+
|Working Capital | 5,744| 4,578| 5,744| 4,578|
+-------------------------+------------------+------------------+-------+------+
*before changes in non-cash working capital items
Cabo has identified the cause of the error and has taken steps to correct the
problem and prevent future misstatements. The amended financial statements and
MD&A for the 4th Quarter and for the Year Ended June 30, 2010, are available on
the Company's website www.cabo.ca and on SEDAR www.sedar.com.
About Cabo Drilling Corp. (TSX-V: CBE)
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 (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) and SEDAR (www.sedar.com) or by contacting Sheri Barton,
Corporate Communications at 403-217-5830 or Mr. John A. Versfelt, Chairman,
President & CEO of the Company at 604-984-8894. For general investor relation
inquiries you may also contact Renmark Financial Communications Inc. Barbara
Komorowski: bkomorowski(at)renmarkfinancial.com or Arash Shahi:
ashahi(at)renmarkfinancial.com at Tel: 514-939-3989 or 416-644-2020.
* * * *
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 work programs, geological interpretations, potential mineral
recovery processes and other business transactions 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#1458357]
--- 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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originality of the information contained therein.
Source: Cabo Drilling Corp. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 03.11.2010 - 02:57 Uhr
Sprache: Deutsch
News-ID 48329
Anzahl Zeichen: 7753
contact information:
Town:
Vancouver BC
Kategorie:
Business News
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