Cabo Announces 1st Quarter Results
(Thomson Reuters ONE) - For Immediate Release: November 30, 2009 Telephone: (604)984-8894 Facsimile: (604) 983-8056 e-mail: ir(at)cabo.caCONTACT: John A. Versfelt, Chairman, President and CEO web site: www.cabo.caCabo Announces 1st Quarter ResultsNorth Vancouver, BC - Cabo Drilling Corp. ("Cabo" or the "Company")(TSX-V:CBE) today reported results for its fiscal year 2010 firstquarter ended September 30, 2009.1st QUARTER HIGHLIGHTS+-------------------------------------------------------------------+| (CDN $000s, except earnings | Q1 - 2010 | Q1 - 2009 | FY 2009 || per share) | Sept. 30 | Sept. 30 | June 30 ||--------------------------------+-----------+------------+---------|| Revenue | 6,340 | 16,617 | 41,162 ||--------------------------------+-----------+------------+---------|| Earnings (Loss) Before | | | || Interest, Taxes, Amortization, | 482 | 2,504 | 6,773 || Stock Based Compensation and | | | || Other Items (EBITDA) | | | ||--------------------------------+-----------+------------+---------|| Net Earnings (Loss) Before | (463) | 1,695 | 408 || Taxes | | | ||--------------------------------+-----------+------------+---------|| Net Earnings (Loss) After | (463) | 1,090 | (847) || Taxes | | | ||--------------------------------+-----------+------------+---------|| Earnings (Loss) per Share ($) | | | || (Basic and Diluted) Before | | | || Interest, Taxes, Amortization, | (0.01) | 0.05 | 0.08 || Stock-based Compensation and | | | || Other Items (EBITDA) | | | ||--------------------------------+-----------+------------+---------|| Earnings (Loss) per Share ($) | (0.01) | 0.02 | (0.02) || (Basic and Diluted) | | | ||--------------------------------+-----------+------------+---------|| Cash from Operations* | 388 | 1,821 | 2,060 ||--------------------------------+-----------+------------+---------|| Gross Margin % | 29.1% | 26.0% | 26.7% ||--------------------------------+-----------+------------+---------|| Working Capital (deficiency) | 4,706 | 7,716 | 4,588 |+-------------------------------------------------------------------+*before changes in non-cash working capital items "The first quarter of fiscal 2010 reversed the trend of threeconsecutive quarters of reduced revenues compared to the previousquarter, giving us renewed optimism that the Company has experiencedthe bottom of the cycle. The Company has drills operating in allregions at this time." stated John A. Versfelt, Cabo's President &CEO. "Drill utilization has increased in all divisions with newsigned contracts in Atlantic, Pacific, Mexico and Europe divisionsand a more substantial increase in the Ontario division. " "General and administration costs have decreased in the firstquarter of fiscal 2010 by 24% compared to the first quarter of fiscal2009 and 17% compared to the fourth quarter of fiscal 2009," notedMr. Versfelt. "This is a result of the salary and wage reductions,restructuring, and improved control costs. Management expectsadditional efficiencies through the use of technology, and expectsgeneral and administration expenses in the range of $5.2 million to$5.6 million for the fiscal year 2010.""Gross margins remained consistent for the first quarter of fiscal2010 at 29.1% compared to 29.6% in the fourth quarter of fiscal 2009and improved from the 26.0% recorded in the 1st quarter of fiscal2009," stated John A. Versfelt. "The Company is experiencingimproved cost controls, reduced unit costs, more efficientpurchasing, wage reductions and better supervision. All these changeshave resulted in the gross margin averaging 29% for the previous twoquarters." "The Company recorded a net loss of $463,495 during the 1st quarterof fiscal 2010 or $0.01 loss per share compared $1.09 million or$0.02 earnings per share in the 1st quarter of fiscal 2009," notedJohn A. Versfelt. "EBITDA decreased to $482,152 during the firstquarter of fiscal 2010, compared to $2.50 million in the previouscorresponding period.""As stated at the end of fiscal 2009, the Company is receiving morebid requests. Gold is leading the way in Canada, as well as in Mexicoand Central America," said Mr. Versfelt. "Copper and iron oreprojects are also requesting bids for drilling services.Consequently, Cabo Drilling is experiencing and projecting growth indrill utilization for the balance of fiscal 2010."First quarter ended September 30, 2009Revenue for the quarter ending September 30, 2009 decreased $10.28million or 62% to $6.34 million, compared to $16.62 million in thefirst quarter of fiscal 2009; however it improved from $6.20 millionrecorded in the fourth quarter fiscal 2009. The primary reason forthe decrease is due to the contraction of the drilling market thatbegan in the Fall of 2008 as a result of the economic downturn.Net loss for the first quarter of fiscal 2010 was $463,495 comparedto net earnings of $1.09 million in the first quarter of fiscal 2009.For the full version of this news release please go to the Company'swebsite www.cabo.ca or SEDAR www.sedar.ca.Cabo Drilling Corp. is a drilling services company headquartered inNorth Vancouver, British Columbia, Canada. The Company providesmining related and specialty drilling services through its Canadiandivisions in Surrey, British Columbia; Montréal, Quebec; KirklandLake, Ontario; and Springdale, Newfoundland; as well as Cabo Drillingde Mexico S.A. de C.V. of Hermosillo, Mexico; Cabo Drilling (Panama)Corp. of Panama, Republic of Panama; Cabo Drilling Spain S.L. ofSevilla, 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 theFrankfurt Exchange under the symbol: DHL and on the TSX VentureExchange under the symbol: CBE.ON BEHALF OF THE BOARD "John A. Versfelt"John A. VersfeltChairman, President and CEOFurther information about the Company can be found on the Cabowebsite (http://www.cabo.ca) and SEDAR (www.sedar.com) or bycontacting Sheri Barton, Corporate Communications at 403-217-5830 orMr. John A. Versfelt, Chairman, President & CEO of the Company at604-984-8894. * * * *The TSX Venture Exchange does not accept responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements including but not limited to commentsregarding the timing and content of upcoming work programs,geological interpretations, potential mineral recovery processes andother business transactions timing. Forward-looking statementsaddress future events and conditions and therefore, involve inherentrisks and uncertainties. Actual results may differ materially fromthose currently anticipated in such statements.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.11.2009 - 09:00 Uhr
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