We reference Generally Accepted Accounting Principles (GAAP) measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
We believe that adjusted EBITDA (earnings before income taxes, financing charges, foreign exchange, and depreciation and amortization) as reported in the Interim Consolidated Statement of Earnings is a useful measure, because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and non-cash depreciation and amortization charges.
We believe that operating earnings, as reported in the Interim Consolidated Statements of Earnings, is a useful measure because it provides an indication of the results of our principal business activities before consideration of how those activities are financed and the impact of foreign exchange and taxation.
Funds Provided by Operations
We believe that funds provided by operations, as reported in the Interim Consolidated Statements of Cash Flow is a useful measure because it provides an indication of the funds our principal business activities generated prior to consideration of working capital, which is primarily made up of highly liquid balances.
FILING OF AMENDED NEW BY-LAW NO.1
Precision also announces that, following discussions with Institutional Shareholder Services ("ISS") regarding the advanced notice provisions in the new by-law no. 1 of the Corporation which has been filed on SEDAR and is subject to the approval of Precision's shareholders at the upcoming annual and special meeting of shareholders to be held on May 8, 2013, Precision has amended these provisions to meet ISS's standards. The amended new by-law no. 1 has been filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov) and available on Precision's website (www.precisiondrilling.com). Shareholders can also request a copy from Precision's Corporate Secretary.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
Certain statements contained in this report, including statements that contain words such as "could", "should", "can", "anticipate", "estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information and statements").
In particular, forward looking information and statements include, but are not limited to, the following: payment of a second quarter dividend; Precision believes the Northern U.S. markets segment will continue to provide growth for Precision as its High Performance capabilities combined with its cold weather experience offers a unique value proposition for its customers; in Precision's international business, Precision is on track to increase the rig count by five rigs over the next twelve months; while customer spending has been restrained during the first quarter, continued strength in commodity prices should lead to improving activity as the year continues; Precision believes in the long-term positive fundamentals of the North American unconventional oil and gas market; oil development presents compelling economics that will improve as transportation differentials get resolved; with natural gas, Precision is encouraged that the North American market is moving closer to a balanced state, yet an increase in drilling activity may still be some time away; in Canada, Precision believes political willpower and large capital investments will eventually lead to LNG exports; it is possible that new build rigs will be added to the Canadian fleet later this year as the ramp-up for LNG exports will likely need to begin soon; Precision's 2013 priorities are executing its High Performance, High Value strategy, executing on existing organic growth opportunities and building its brand; Precision expects its rig count in the United States to remain relatively unchanged over the coming months; Precision expects typical seasonal softness through the second quarter in Canada, but in the third quarter expects to benefit from the fleet enhancements made over the past few years when compared to the prior year period; Precision's active rig count internationally is expected to grow by three rigs over the next two quarters as its two rigs in Kurdistan begin drilling operations and Precision has an additional rig going to work in Mexico; the amount and use of planned capital expenditures; and approval of the new by-law no. 1 of Corporation at the upcoming annual and special meeting of shareholders.
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