Cabo Announces 1st Quarter Results
(Thomson Reuters ONE) -
Cabo Drilling Corp. /
Cabo Announces 1st Quarter Results
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The issuer is solely responsible for the content of this announcement.
November 30, 2010
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)
today reported results for its fiscal year 2011 first quarter ended September
30, 2010.
1(st) QUARTER HIGHLIGHTS
+-------------------------------------------------+---------+----------+-------+
|(CDN $000s, except earnings per share) |Q1 - 2011|Q1 - 2010|FY 2010|
| | | | |
| |Sept. 30 | Sept. 30 |June 30|
+-------------------------------------------------+---------+----------+-------+
|Revenue | 10,272| 6,340| 28,986|
+-------------------------------------------------+---------+----------+-------+
|Earnings (Loss) Before Interest, Taxes,| | | |
|Amortization, Stock Based Compensation and Other| | | |
|Items (EBITDA) | 1,011| 482| 1,546|
+-------------------------------------------------+---------+----------+-------+
|Net Earnings (Loss) Before Taxes | 308| (463)|(2,208)|
+-------------------------------------------------+---------+----------+-------+
|Net Earnings (Loss) After Taxes | 198| (463)|(1,496)|
+-------------------------------------------------+---------+----------+-------+
|Earnings (Loss) per Share ($) (Basic and Diluted)| | | |
|Before Interest, Taxes, Amortization, Stock-based| | | |
|Compensation and Other Items (EBITDA) | | | |
| | | | |
| | 0.02| 0.01| 0.03|
+-------------------------------------------------+---------+----------+-------+
|Earnings (Loss) per Share ($) (Basic and Diluted)| 0.00| (0.01)| (0.03)|
+-------------------------------------------------+---------+----------+-------+
|Cash from Operations* | 868| 388| 1,057|
+-------------------------------------------------+---------+----------+-------+
|Gross Margin % | 24.0%| 29.1%| 25.3%|
+-------------------------------------------------+---------+----------+-------+
|Working Capital (deficiency) | 6,413| 4,706| 5,744|
+-------------------------------------------------+---------+----------+-------+
*before changes in non-cash working capital items
The Company reports:
§ Quarterly revenue for the 1(st) quarter fiscal 2011 of $10.27 million, a 62%
improvement compared to $6.34 million in the 1(st) quarter fiscal 2010.
§ 1(st) quarter fiscal 2011 earnings before interest, taxes, amortization,
stock-based compensation and other items of $1.01 million compared to 1(st)
quarter fiscal 2010 earnings before interest, tax, amortization, stock based
compensation and other items (EBITDA) of $482,152, resulting in 1(st) quarter
fiscal 2011 earnings before interest, taxes, amortization, stock-based
compensation and other items of $0.02 per share and $0.01 per share in the
1(st) quarter of fiscal 2010.
§ Net before tax income for the 1(st) quarter of fiscal 2011 of $307,544
compared to a 1(st) quarter fiscal 2010 before tax loss of $463,495.
§ Net after tax earnings for the 1(st) quarter of fiscal 2011 of $197,544
compared to a net after tax loss for the 1(st) quarter of fiscal 2010 of
$463,495, resulting in 1(st) quarter fiscal 2011 net after tax earnings of $0.00
per share compared to a net after tax loss for 1(st) quarter fiscal 2010 of
$0.01 per share.
§ Gross margin percentage for the 1(st )quarter fiscal 2011 was 24.0% compared
with a gross margin of 29.1% in 1(st) quarter fiscal 2010 and 19.4% in the
4(th) quarter of fiscal 2010.
§ Cash from operations, before changes in non-cash working capital items, was
$868,036 for the 1(st) quarter fiscal 2011 compared to 1(st) quarter fiscal
2010 cash from operations of $388,239.
§ A current asset balance of $20.66 million and working capital of $6.4
million.
§ Total assets of $35.01 million and total liabilities of $16.04 million.
"Cabo Drilling's first quarter for fiscal 2011 is on track for the $40 million
in gross revenues that the Company is budgeting for the fiscal year," said Mr.
Versfelt, Cabo's President & CEO. "Gross revenues of $10.27 million improved
62% compared to the first quarter of fiscal 2010 and 26% compared to the fourth
quarter of fiscal 2010. Drilling activity and revenues in all regions where
Cabo Drilling is working has improved, with utilization at approximately 50% for
the quarter."
"Gross margin improved from 19.4% in the fourth quarter of fiscal 2010 to
24.0% in the first quarter of fiscal 2011" stated Mr. Versfelt. "This increase
is within 1% of what management is expecting for the year."
"The Company recorded earnings of $197,544 during the 1(st) quarter of fiscal
2011 or $0.00 earnings per share compared to a loss of $463,495 or $0.01 per
share in the 1(st) quarter of fiscal 2010," noted John A. Versfelt. "EBITDA
improved dramatically quarter over quarter to $1.01 million for the first
quarter ending September 30, 2010 from $75,136 in the previous quarter and from
$482,152 in the first quarter of fiscal 2010. Both before and after tax
earnings of $307,544 and $197,544 for the first quarter of fiscal 2011 were the
highest earnings that the Company experienced since the December 31, 2008
quarter."
First quarter ended September 30, 2011
Revenue for the quarter ending September 30, 2010 increased $3.93 million or
62% to $10.27 million, compared to $6.34 million comparable period in fiscal
2010. The primary reason for the increase is the increased activity in Canada
and the international activity in Colombia and Albania. The Pacific and the
Atlantic divisions represent the majority of the increase in activity in the
first quarter of fiscal 2011 as compared to the first quarter of fiscal 2010.
The Company also experienced a 26% increase in revenues comparing the $8.16
million recorded in the fourth quarter of fiscal 2010 to the $10.27 million in
the first quarter of fiscal 2011. This increase is directly related to increased
revenues in the Pacific and Atlantic divisions and in Columbia. Management
expects international operations from its bases in Panama and Albania to achieve
approximately 25-30% of revenues in fiscal 2011.
Cash flow from operations (before changes in non-cash operating working capital
items) was $868,036 during the 1(st) quarter of fiscal 2011, compared $388,239
in the 1(st) quarter of fiscal 2010.
Net income for the first quarter of fiscal 2011 was $197,544 compared to a net
loss of $463,495 in the first quarter of fiscal 2010 and a net loss of $106,120
during the fourth quarter of fiscal 2010.
For the full version of this news release please go to the Company's website
www.cabo.ca or SEDAR www.sedar.ca.
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#1466812]
--- 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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Source: Cabo Drilling Corp. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 30.11.2010 - 15:01 Uhr
Sprache: Deutsch
News-ID 49267
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contact information:
Town:
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Kategorie:
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