Cabo Announces Record Quarterly Results
North Vancouver, BC - Cabo Drilling Corp. ("Cabo" or the "Company") (TSX-V:CBE) today reported results for its fiscal year 2009 first quarter ended September 30, 2008.
1st QUARTER HIGHLIGHTS
(CDN $000s, except earnings per share)
|
Q1 - 09 Sept. 30 |
Q1 - 08 Sept. 30 |
FY 2008 June 30 |
Revenue
|
16,617 |
14,339 |
58,645 |
Earnings (Loss) Before Interest, Taxes, Amortization, Stock Based Compensation and Other Items (EBITDA)
|
2,504
|
2,349
|
6,764 |
Net Earnings (Loss) Before Taxes
|
1,695 |
1,759 |
3,951 |
Net Earnings (Loss) After Taxes
|
1,090 |
1,084 |
3,203 |
Earnings (Loss) per Share ($) (Basic and Diluted) Before Interest, Taxes, Amortization, Stock-based Compensation and Other Items (EBITDA) |
0.05 |
0.05 |
0.15 |
Earnings (Loss) per Share ($) (Basic and Diluted)
|
0.02 |
0.03 |
0.07 |
Cash from Operations*
|
1,821 |
1,572 |
2,665 |
Gross Margin % |
26.0% |
26.1% |
24.6% |
Working Capital (deficiency) |
7,716 |
6,225 |
3,272 | *before changes in non-cash working capital items
The Company reports:
- Record quarterly revenue for the 1st quarter fiscal 2009 of $16.62 million, a 15.9% increase from 1st quarter fiscal 2008 revenue of $14.34 million.
- 1st quarter fiscal 2009 earnings before interest, taxes, amortization, stock-based compensation and other items of $2.50 million compared to 1st quarter fiscal 2008 earnings before interest, tax, amortization, stock based compensation and other items (EBITDA) of $2.35 million, resulting in 1st quarter fiscal 2009 earnings before
interest, taxes, amortization, stock-based compensation and other items of $0.05 per share and $0.05 per share in the 1st quarter of fiscal 2008.
- Net before tax earnings for the 1st quarter of fiscal 2009 of $1.70 million compared to 1st quarter fiscal 2008 before tax earnings of $1.76 million.
- Net after tax earnings for the 1st quarter of fiscal 2009 of $1.09 million compared to net after tax earnings for the 1st quarter of fiscal 2008 of $1.08 million, resulting in 1st quarter fiscal 2009 net after tax earnings of $0.02 per share compared to net after tax earnings for 1st quarter fiscal 2008 of $0.03 per share.
- Gross margin percentage for the 1st quarter fiscal 2009 was 26.0% compared with a gross margin of 26.1% in 1st quarter fiscal 2008 and 20.0% in the 4th quarter of fiscal 2008.
- Cash from operations, before changes in non-cash working capital items, was $1.82 million for the 1st quarter fiscal 2009 compared to 1st quarter fiscal 2008 cash from operations of $1.57 million.
- A current asset balance of $27.88 million and working capital of $7.72 million.
- Total assets of $43.58 million and total liabilities of $22.77 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; Montr�al, 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 Frankfurt Exchange under the symbol: DHL and 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 Mr. Garett Greene 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.
Cabo Drilling Corp. was recognized as a TSX Venture 50T company in 2008. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.-
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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