ENP Newswire -
Release date- 15082014 -
All figures are reported in Canadian dollars unless otherwise stated. Our unaudited condensed consolidated financial statements and related management's discussion and analysis for the period will be filed separately on SEDAR (www.sedar.com), which should be reviewed in conjunction with this press release.
For the three and six months ended
For the three and six months ended
This funding requirement was met by Calmena on
During the second quarter of 2014 we closed two transactions that completed the divestiture of all of our remaining Canadian service lines:
During the first half of 2014 we made the decision to close down the directional services operations in
Our US directional services business is experiencing a strong start to the third quarter and we anticipate it will continue to show growth year over year as we continue our focus on our core midcontinent operating area. The redeployment of equipment from
The shutdown of our directional services operations in
Calmena's Brazilian rigs are not currently contracted. The Company continues to explore opportunities to divest of these rigs.
Drilling operations on both drilling rigs in
Management continues to focus on opportunities to deploy our
Calmena is a diversified energy services company that provides well construction services to its customers operating in
This press release contains certain forward-looking statements relating to Calmena's plans, strategies, objectives, expectations and intentions. Expressions such as 'may', 'anticipate', 'expect', 'project', 'believe', 'hope', 'estimate', 'intend', 'will', 'continue', 'foresee', and 'forecast' and similar expressions and statements are intended to identify forward looking statements.
Such statements represent Calmena's internal projections, estimates or beliefs concerning, among other things, an outlook for the Company's operations and other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially.
Although Calmena believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Calmena's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Calmena.
In particular, forward-looking statements included in this press release include, but are not limited to, statements with respect to the anticipated timing of completion of the shutdown of Calmena's directional operations in
These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Calmena's control, including, but not limited to, the risk that the Company is unable to refinance or extend the deadline for repayment of the Credit Facilities; risk that the lender under the Credit Facilities will take further steps to demand payment under the Credit Facilities or enforce its security thereunder in the immediate future; failure to realize the anticipated benefits of strategic dispositions; failure to successfully negotiate and/or complete further transactions pursuant to the Company's strategic alternatives process; failure to achieve an increase in demand for the Company's drilling rigs and other product offerings; failure to complete the transaction with
With respect to forward-looking statements contained in this press release, Calmena has made assumptions regarding, but not limited to: the implementation of the Company's business prospects and strategies; the ability of the Company to continue as a going concern and continue operations; current commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; ability of Calmena to re-finance or extend the deadline for repayment of its senior debt; that the Senior Lender will forbear from taking further steps to demand repayment or enforcing their security under the Credit Facilities; ability of Calmena to renew existing contracts and enter into new contracts; rig utilization and pricing; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; industry conditions; supply and demand for oilfield services relating to the drilling, completion and maintenance of oil and gas wells as well as services related to oilfield equipment rentals and production and ancillary services; effects of regulation by governmental agencies; trends in Calmena's operations and future operating costs.
Management has included the above summary of assumptions and risks related to forward-looking statements provided in this press release in order to provide shareholders with a more complete perspective on Calmena's current and future operations and such information may not be appropriate for other purposes.
Calmena's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Calmena will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.
These forward-looking statements are made as of the date of this press release and Calmena disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
NON GAAP MEASURES
The following measures are used within this release, but not recognized under GAAP. As a result, the method of calculation may not be comparable with other companies. These measures should not be considered alternatives to net (loss) income and net (loss) income per share as calculated in accordance with GAAP:
EBITDAS (Earnings before interest, income taxes, depreciation and amortization, other items of income and expense and share based compensation) - Management believes that EBITDAS as derived from information reported in the unaudited condensed Consolidated Statement of Operations is a useful supplemental measure as it provides an indication of the Company's ability to generate funds by the Company's core business activities prior to consideration of how those activities are financed, the impact of foreign exchange, how the results are taxed, how funds are invested or how non-cash depreciation and amortization charges affect results.
Funds flow from operations: Management believes that in addition to cash generated from operations, funds flow from operations is a useful supplemental measure because it provides an indication of the funds generated by the Corporation's principal business activities prior to the consideration of working capital, which is primarily made up of highly liquid balances. See the reconciliation of funds flow from operations in the Company's management's discussion and analysis for the six months ended
Net debt: Management believes that net debt is a useful supplemental measure because it provides an indication of the Company's leverage compared to liquid assets. Net debt is computed by taking current assets less current liabilities and long-term borrowings and debt.
President and Chief Executive Officer
Tel: (403) 225-3879
Tel: (403) 225-3879
Fax: (403) 366-2066
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