Cabo Drilling Corp. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2012; Provides Earnings Guidance for the Second Half of Fiscal 2013 and Production and Revenue Guidance for the Fiscal 2013
For the six months, the company reported revenue of CAD 23,003,000 against CAD 31,293,000 for the same period a year ago. EBITDA was CAD 2,453,000 or CAD 0.03 per basic and diluted share against CAD 4,530,000 or CAD 0.06 per basic and diluted share for the same period a year ago. Net earnings before taxes were CAD 397,000 against CAD 2,899,000 for the same period a year ago. Net earnings after taxes were CAD 125,000 or CAD 0.00 per basic and diluted share against CAD 1,960,000 or CAD 0.06 per basic and diluted share for the same period a year ago. Cash from operations was CAD 1,685,000 against CAD 2,581,000 for the same period a year ago.
Management expects the second half of fiscal 2013 to be lower than the second half of fiscal 2012, but higher than the first half of fiscal 2013. Management expects the international revenues to continue to represent a larger portion of overall revenues in the remaining six months of fiscal 2013.
The company management expects average drill utilization in fiscal 2013 to remain near the 40%-45% level, with gross margins at 25%-26%, prior to depreciation expenses included in direct costs.
The company is budgeting annual gross revenues of approximately CAD 46 million - CAD 48 million for fiscal 2013.