Advertisement
NEW WESTMINSTER, BRITISH COLUMBIA -- (Marketwire) -- 02/28/13 -- Cabo Drilling Corp. ("Cabo" or the "Company") (TSX VENTURE: CBE) reports the Company's results for its fiscal year 2013 second quarter ended December 31, 2012.
2nd QUARTER HIGHLIGHTS
---------------------------------------------------------------------------- 3 months 3 months 6 months 6 months(CDN $000s, except ending ending ending ending earnings per share) Dec 31/12 Dec 31/11 Dec 31/12 Dec 31/11----------------------------------------------------------------------------Revenue 9,161 14,363 23,003 31,293----------------------------------------------------------------------------Earnings (Loss) Before Interest, Taxes, Depreciation, Stock Based Compensation and Other Items (EBITDA) 624 1,476 2,453 4,530----------------------------------------------------------------------------Net Earnings (Loss) Before Taxes (372) 637 397 2,899----------------------------------------------------------------------------Net Earnings (Loss) After Taxes (435) 440 125 1,960----------------------------------------------------------------------------Earnings (Loss) per Share ($) (Basic and Diluted) Before Interest, Taxes, Depreciation, Stock- based Compensation and Other Items (EBITDA) 0.01 0.02 0.03 0.06----------------------------------------------------------------------------Earnings (Loss) per Share ($) (Basic and Diluted) (0.01) 0.01 0.00 0.03----------------------------------------------------------------------------Cash from Operations(i) 1,685 2,581 1,685 2,581----------------------------------------------------------------------------Gross Margin % 19.1% 19.8% 20.4% 20.4%----------------------------------------------------------------------------Gross Margin % Adjusted(ii) 25.8% 24.1% 25.9% 24.3%----------------------------------------------------------------------------Working Capital 13,571 8,855 13,571 8,855----------------------------------------------------------------------------
(i)before changes in non-cash working capital items
(ii)gross margin adjusted to exclude depreciation expense
The Company reports:
-- Quarterly revenue for the 2nd quarter fiscal 2013 of $9.16 million compared to $14.36 million in the 2nd quarter fiscal 2012.-- 2nd quarter fiscal 2013 earnings before interest, taxes, depreciation, stock-based compensation and other items (EBITDA) of $624,100 compared to 2nd quarter fiscal 2012 earnings before interest, tax, depreciation, stock based compensation and other items (EBITDA) of $1.48 million, resulting in 2nd quarter fiscal 2013 earnings before interest, taxes, depreciation, stock-based compensation and other items of $0.01 per share and $0.02 per share in the 2nd quarter of fiscal 2012.-- Net before tax loss for the 2nd quarter of fiscal 2013 of $372,126 compared to a 2nd quarter fiscal 2012 before tax income of $636,638.-- Net after tax loss for the 2nd quarter of fiscal 2013 of $434,676 compared to a net after tax earnings for the 2nd quarter of fiscal 2012 of $439,638, resulting in 2nd quarter fiscal 2013 net after tax loss of $0.01 per share compared to a net after tax earnings for 2nd quarter fiscal 2012 of $0.01 per share.-- Gross margin percentage for the 2ndquarter fiscal 2013 was 19.1% with depreciation included in direct costs, compared with a gross margin of 19.8% in 2nd quarter fiscal 2012 and 21.3% in the 1st quarter of fiscal 2013.-- Cash from operations, before changes in non-cash working capital items, was $1.69 million for the 2nd quarter fiscal 2013 compared to 2nd quarter fiscal 2012 cash from operations of $2.85 million.-- A current asset balance of $23.63 million and working capital of $13.57 million.-- Total assets of $38.81 million and total liabilities of $14.96 million.
