Swick Mining Services Limited Reports Unaudited Revenue Results for the Third Quarter and Year-Date of March 31, 2013; Reports Operating Results for the Third Quarter of 2013; Provides Earnings Guidance for the Full Year of Fiscal 2013
The company reported year-to-date revenue of $111.5 million.
A total of 59 rigs from a fleet of 76 (including three client owned rigs) were operating in the field as of March 31, 2013 compared to 50 rigs in operation from a fleet of 69 (including three client owned rigs) a year ago. The company has also completed the build of an additional three underground diamond drill rigs and expects these to be commissioned into work in the last quarter.
Capital expenditure for growth, R&D and maintenance for the full fiscal year 2013 period will approximate a total of $20 million reviewed down from previous guidance of around $23 million. Full year guidance refined to $145 million - $150 million revenue and EBITDA of $30.0 million - $32.0 million.