Divestco Inc. Announces Earnings Results for the First Quarter Ended March 31, 2018
Divestco Inc. announced earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported revenue of $1,799,000 as compared to $3,981,000 a year ago. LBITDA was $1,200,000 as compared to EBITDA of $1,062,000 a year ago. Net loss was $3,199,000 or 0.05 per basic and diluted share as compared to $2,394,000 or $0.04 per basic and diluted share a year ago. Funds used in operations were $1,211,000 or 0.02 per basic and diluted share as compared to funds from operations of $485,000 or $0.01 per basic and diluted share a year ago. Revenue decreased by $2.2 million (55%) as compared to the same period a year ago, mainly due to low exploration activity levels.