CABO ANNOUNCES RECORD FIRST QUARTER RESULTS
North Vancouver, BC - November 29, 2007 - Cabo Drilling Corp. (“Cabo” or the “Company”) (TSX-V:CBE) today reported results for its fiscal year 2008 first quarter ended September 30, 2007.
The Company reports:
- Its highest ever quarterly revenue of $14.34 million in the 1ST quarter of FY2008, a 36% increase from the 1st quarter of 2007 and a 22% increase from the previous recorded high in the 4th quarter of fiscal 2007.
- Record net 1st quarter FY2008 earnings before interest, taxes, amortization, stock based compensation and other items of $2.35 million compared to 1st quarter FY2007 earnings before interest, tax, amortization, stock based compensation and other items of $1.19 million.
- Record net earnings before taxes for the 1st quarter of FY2008 of $1.76 million compared to 1st quarter FY2007 net earnings before taxes of $1.19 million.
- Record net earnings after taxes for the 1st quarter of FY2008 of $1.08 million compared to 1st quarter FY2007 net earnings after taxes of $422,553, resulting in 1st quarter FY2008 net earnings after taxes of $0.03 per share compared to FY2007 1st quarter earnings of $0.01 per share.
- Gross margin percentage for the 1st quarter FY2008 was 26.1% compared with a gross margin of 23.6% in the FY2007 1st quarter.
- Cash from operations, before changes in non-cash working capital items, was $1.57 million for the 1st quarter FY2008 compared to 1st quarter FY2007 cash from operations of $862,786.
- A current asset balance of $19.53 million and working capital of $6.23 million.
- Total assets of $31.49 million and total liabilities of $14.82 million.
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About Cabo Drilling Corp. (TSX-V: CBE)
Cabo Drilling Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada. The Company provides mining related and specialty drilling services through its Canadian divisions in Surrey, British Columbia; Montréal, Quebec; Kirkland Lake, Ontario; and Springdale, Newfoundland; as well as Cabo Drilling de Mexico S.A. de C.V. of Hermosillo, Sonora, Mexico; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; and Cabo Drilling Spain S.L. of Sevilla, Spain. The Company’s common shares trade on the TSX Venture Exchange under the symbol: CBE.
ON BEHALF OF THE BOARD
“John A. Versfelt”
John A. Versfelt
Chairman, President and CEO
Further information about the Company can be found on the Cabo website (http://www.cabo.ca) and SEDAR (www.sedar.com) or by contacting Investor Relations Ms. Sheri Barton at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.-
CONTACT:
John A. Versfelt, Chairman,
President and CEO web site: www.cabo.ca
Telephone: (604) 984-8894
Facsimile: (604) 983-8056
e-mail: ir@cabo.ca
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