In the same category

VanEck Vectors Global Alternative Energy ETF

Published : May 25th, 2017

Group Announces First Quarter 2017 Financial Results

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
May 25, 2017
Energold Drilling Group Announces First Quarter 2017 Financial Results



Energold Drilling Corp. ("Energold" or "the Company") announces first quarter revenues in 2017 of $19.1 million across all business divisions, compared to Q1-2016 revenues of $16.6 million. In Q1-2017, the minerals and energy division, particularly in the oil sands, had increased activity over Q1-2016 which lead to both groups performing better than in the comparable quarter. Specifically, mineral drilling revenues improved to $9.6 million in Q1-2017 from $8.5 million in Q1-2016, while energy drilling revenues increased to $7.8 million in Q1-2017 from $6.1 million in Q1-2016.

In the mineral drilling market, there are substantial signs of improvement. The Company's drill rigs in select geographical markets are fully committed. The energy drilling market has started to improve as oil prices are stabilizing, leading to greater cost certainty among the Company's key customers in Western Canada. Meanwhile, the Company has increased its capacity utilization levels in the infrastructure, geothermal and geotechnical markets worldwide as it sought to make use of excess rig capacity in the energy sector.

In Q1-2017, the Company's overall gross margin improved to 24% from 11% in Q1-2016, mostly due to increased revenues and better cost control in both the mineral and energy division. Efforts to reduce costs, reflected in a significantly improved EBITDA in Q1-2017.

Energold had cash of $8.5 million and $46.1 million in working capital at March 31, 2017.

2017 Quarterly Results Comparison ($CAD '000s except per-share amounts and meters drilled)

  For three months ended March 31
  2017 2016
Revenue $
  Mineral 9,624 8,472
  Energy 7,751 6,135
  Manufacturing 1,689 2,005
  19,064 16,612
Gain/(Loss)    
  Mineral (828) (1,877)
  Energy 142 (1,923)
  Manufacturing (1,100) (2,052)
  Corporate (1,221) (483)
  (3,007) (6,335)
Loss Per Share Basic and diluted (0.05) (0.13)
     
EBITDA* (322) (3,181)
   
  As of March 31, 2017 As of Dec 31, 2016
Cash 8,515 13,715
Working Capital 46,075 46,859

*EBITDA - Earnings before interest, taxes, depreciation and amortization (see non-GAAP (generally accepted accounting principles) financial measures).

MINERAL DRILLING DIVISION

Revenues increased to $9.6 million in Q1-2017 from $8.5 million in Q1-2016 as a result of a 38% increase in meters drilled. The average revenue per meter in Q1-2017 was $152 compared to $185 in Q1-2016. As rig capacity utilization increases, pricing and margins are expected to improve as the mineral division strives to maintain low operating costs. Due to improved productivity and monitoring costs, the margin for the first quarter of 2017 was $1.5 million or 16%, an improvement over the comparable period of $0.7 million or 8%. Management continues to try and improve its margin by evaluating a number of ways to increase productivity.

Meters Drilled

  Q1 2017 Q1 2016
Meters Drilled 63,300 45,900
Drill Rigs 139 137

ENERGY & INFRASTRUCTURE DRILLING DIVISION

Revenues for the first quarter of 2017 were $7.8 million compared to $6.1 million in the comparable quarter of 2016. The stabilization of oil prices helped improve the Company's performance. Gross margin was $2.9 million or 37% in Q1-2017 compared to $1.2 million or 20% in Q1-2016. The Company continues to lower its costs associated with the ongoing functioning of the business.

Cros-Man which does infrastructure drilling and included in the Energy division had revenues of $1.2 million in Q1-2017 compared to $0.5 million in the comparable quarter.

Meters Drilled

  Q1 2017 Q1 2016
Infrastructure 12,200 4,800
Oil sands coring 11,600 4,400
Water wells 600 700
Geothermal and geotechnical 7,700 33,700
  32,100 43,600

MANUFACTURING

Revenues for Dando for the first quarter of 2017 were $1.7 million with a margin of 5% compared to revenues of $2.0 million with a margin of (6)% in the comparable period in 2016. The combination of depressed minerals and oil and gas industry in addition to the inability for some of Dando's clients to finance their projects impacted Dando's revenues. However, we have taken a number of initiatives to deal with this situation including reorganizing engineering, sales and plant activities to improve operational efficiencies. Dando will continue to explore further changes to increase profitability.

INDUSTRY OUTLOOK

Management expects the recovery in the mineral drilling segment to continue through 2017 and into 2018. As exploration budgets expand from multi-year lows, customers in this division are planning larger programs which should continue to take on excess industry capacity. Profit margins in certain markets are expected to expand as larger programs combined with higher rates will improve economies of scale.

It is expected that the recovery in the oil and gas market will take time. However, spending has started to occur as oil prices continue to stabilize, providing some cost certainty for producers. Spring and summer drilling levels are expected to improve in 2017. The infrastructure division continues to grow across its key markets in Central and Western Canada and management is in the process of expanding this division as it wins greater market share.

UPDATE ON FINANCING

The debt refinancing transaction, under a binding term sheet with Extract Advisors LLC ("Extract"), first announced by the Company on February 14, 2017, (the "Financing") remains in process despite being delayed to accommodate the completion of the formal financing documentation. Pursuant to the Financing, Energold expects to issue $20.0 million in Secured Convertible Debentures (the "CDs"). Of the $20.0 million, Extract has agreed to take up $15.0 million worth of the CDs. The Company expects that the balance will be filled by existing debenture holders and new investors; insiders of the Company are expected to invest $2.25 million. Closing of the financing is expected by June 15, 2017.

A conference call is planned for May 25, 2017 at 4:30 pm Eastern. Dial-in numbers are 416-640-5946 or 866-233-4585.

Energold Drilling Corp. is a leading global specialty drilling company that services the mining, energy, water, infrastructure and manufacturing sectors in approximately 25 countries. Specializing in a socially and environmentally sensitive approach to drilling, Energold provides a comprehensive range of drilling services from early stage exploration to mine site operations for all commodity sectors and has an established drill rig manufacturer, Dando Drilling International, based in the United Kingdom.

On behalf of the Directors of Energold Drilling Corp.,

"Frederick W. Davidson"
President, CEO

For further information, please contact:

Steven Gold -- Chief Financial Officer
(416) 275-4070 or via email at sgold@energold.com

or

Jerry Huang - Director, Corporate Development & Investor Relations
(604) 681-9501 or via email at jhuang@energold.com

1100 - 543 Granville St.
Vancouver, BC V6C 1X8
www.energold.com

Telephone 604 681 9501
Facsimile 604 681 6813
info@energold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to proposed activities, work programs and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the effects of general economic conditions, a reduction in the demand for the Company's drilling services, the price of commodities, changing foreign exchange rates, actions by government authorities, the failure to find economically viable acquisition targets, title matters, environmental matters, reliance on key personnel, the ability for operational and other reasons to complete proposed activities and work programs, the need for additional financing and the timing and amount of expenditures. Energold Drilling Corp. does not assume the obligation to update any forward-looking statement.
Associated File: http://www.energold.com/i/pdf/nr/2017-05-25-NR.pdf
343 KB in size, approx. 1 minute, 5 seconds to download at 56.6Kbps



Copyright � 2017 Energold Drilling Corp. (EGD) All rights reserved. For more information visit our website at http://www.energold.com/ or send email to info@energold.com.
This message is personalized to you at .com.
Please do not forward this email.

Sent by
Energold Drilling Corp.
1100-543 Granville Street, Vancouver, BC, Canada V6C 1X8

Sent using QwikBroadcast� system from
Adnet Communications
#401 - 510 West Hastings St
Vancouver BC V6B 1L8, Canada
Report abuse: abuse@adnetinc.com

CLICK HERE TO UNSUBSCRIBE
Data and Statistics for these countries : Canada | United Kingdom | All
Gold and Silver Prices for these countries : Canada | United Kingdom | All

VanEck Vectors Global Alternative Energy ETF

EXPLORATION STAGE
CODE : EGD.V
ISIN : CA29268A1030
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Energold Drilling is based in Canada.

Energold Drilling holds various exploration projects in Dominican Republic.

Its main exploration properties are SAN ANTONIO PROJECT, LONGYEAR and EL CENTENARIO (EL HIGO) in Dominican Republic.

Energold Drilling is listed in Canada, in Germany and in United States of America. Its market capitalisation is 2.1 millions as of today (US$ 1.6 millions, € 1.5 millions).

Its stock quote reached its highest recent level on March 09, 2012 at 5.68, and its lowest recent point on August 16, 2019 at 0.04.

Energold Drilling has 47 442 200 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of VanEck Vectors Global Alternative Energy ETF
10/22/2007Growing Fast in a market of Excess Demand
Annual reports of VanEck Vectors Global Alternative Energy ETF
2008 Annual report
Financings of VanEck Vectors Global Alternative Energy ETF
7/25/2016Completes Private Placement for Gross Proceeds of Over $700,...
4/19/2016Energold has acquired ownership and control of 1,000,000 com...
3/22/2012Completes $20 Million Bought Deal Financing
7/25/2011Completes $10,000,000 Private Placement of Secured Convertib...
6/22/2011to Raise up to $10 Million Through a Convertible Debenture
7/16/2008Announces It Has Closed $100,000 Private Placement
6/18/2008Announces $100,000 Private Placement
5/15/2007Completes $15 Million Bought Deal Private Placement
4/27/2007Announces $12 Million Bought Deal Private Placement
Option Grants of VanEck Vectors Global Alternative Energy ETF
12/29/2015Announces Stock Option Grant
9/30/2014Extends Stock Option Exercise Period
10/2/2009 1.200.000 Stock Options Granted
11/12/2008Not Proceeding With The Grant Of Stock Options At This Time
9/19/2008Grants 998,000 Stock Options
5/3/2005Grants 1.000.000 stock options and bonus shares
2/25/2005Grants 1.000.000 stock options
4/29/2002Grant of 865.000 stock options
6/21/2001Grant of 1.310.000 stock options
6/14/2001Approval of Stock options plan
Financials of VanEck Vectors Global Alternative Energy ETF
4/14/2016Announces Fourth Quarter & Fiscal 2015 Financial Results
8/27/2015The Energold Group Announces Second Quarter 2015 Financial R...
8/29/2013Announces Second Quarter 2013 Financial Results
8/29/2013Announces Second Quarter 2013 Financial Results
5/27/2013The Energold Group(R) Announces Record High First Quarter 20...
8/29/2012Reports Second Quarter 2012 Results
6/1/2012Announces 134,500 Metres Drilled in First Quarter 2012 and R...
11/30/2011Announces Strong Revenues Across All Business Divisions for...
8/30/2011Announces Net Earnings, Significant Growth, and Record Reven...
5/31/2011Announces Record Revenue And Increased Margins In First Quar...
11/27/2009Announces Third Quarter Results
8/28/2009Announces Second Quarter Results
5/29/2009Announces First Quarter Earnings
8/27/2008Announces Record Second Quarter Revenue And Profit
8/6/2008Announces A 41% Expansion Of Drill Fleet In The Second Quart...
5/28/2008Announces Record First Quarter Revenue And Profit
11/30/2007 Announces Record Third Quarter Results
8/27/2007Announces Second Quarter Results Including Record Production...
Project news of VanEck Vectors Global Alternative Energy ETF
1/20/2014The Energold Drilling Group Amends Purchase Agreement of Ber...
4/17/2013Announces Water Drilling Joint Venture in Africa
8/21/2012Announces Multi-Year Energy Drilling Contracts
7/26/2011Announces Closing Of Acquisition Of Bertram International Co...
6/22/2011Announces Strategic Acquisition of Bertram International Cor...
Corporate news of VanEck Vectors Global Alternative Energy ETF
7/25/2016Energold Drilling Completes Private Placement for Gross Proc...
7/6/2016Energold Drilling Corp. Completes $5,750,000 Public Offering
6/15/2016Energold Drilling Announces Public Offering
5/26/2016Energold Drilling Group Announces First Quarter 2016 Financi...
5/17/2016Energold Drilling Group to Hold First Quarter 2016 Results C...
4/19/2016Early Warning News Release
4/19/2016Early Warning New Release
4/14/2016Energold Drilling Group Announces Fourth Quarter & Fiscal 20...
3/31/2016Energold Drilling Group to Hold Fourth Quarter and Fiscal Ye...
12/29/2015Energold Drilling Announces Stock Option Grant
12/23/2015Energold Drilling Corp. Announces Appointment of New Indepen...
11/27/2015Energold Drilling Group Announces Third Quarter 2015 Financi...
9/8/2015Energold Drilling to Present at the 4th Annual Liolios Gatew...
8/13/2015Energold Drilling to Hold Second Quarter 2015 Results Confer...
6/22/2015Energold Drilling Corp. Announces Retirement of Board Member
4/13/2015Energold Drilling Group Announces Fourth Quarter & Fiscal 20...
3/27/2015Energold Drilling to Hold Fourth Quarter and Fiscal Year 201...
3/27/2015to Hold Fourth Quarter and Fiscal Year 2014 Results Conferen...
11/27/2014Energold Drilling Announces Third Quarter 2014 Results with ...
11/27/2014Energold Drilling Announces Third Quarter 2014 Results with ...
11/10/2014Energold Drilling Corp. To Hold Third Quarter 2014 Results C...
8/28/2014Energold Drilling Group Announces Second Quarter 2014 Financ...
8/15/2014Energold Drilling to Hold Second Quarter 2014 Results Confer...
8/6/20143rd Annual Gateway Conference to Feature Select Group of Can...
7/21/20143rd Annual Gateway Conference to Showcase More Than 60 High-...
7/11/2014S&P Dow Jones Indices Announces Quarterly Review of S&P/TSX ...
5/29/2014Energold Drilling Group Announces First Quarter 2014 Financi...
5/13/2014Energold Drilling to Hold First Quarter 2014 Results Confere...
4/15/2014Energold Drilling Corp. Appoints Corporate Secretary
4/10/2014Energold Drilling Group Announces 2013 Annual Financial Resu...
4/1/2014Energold Drilling to Hold Fourth Quarter & Fiscal Year 2013 ...
11/15/2013Honoured at HSBC International Business Awards
8/19/2013to Hold Second Quarter 2013 Results Conference Call on Augus...
7/25/2013The Energold Group(R) Announces New Energy Seismic Drilling ...
6/18/2013The Energold Group(R) Announces Capital Additions to Meet Ne...
5/17/2013to Hold First Quarter 2013 Results Conference Call on May 27...
4/9/2013Announces 2012 Annual Financial Results & Conference Call In...
7/30/2012Ranked 24th in the Annual PROFIT 200 Canada's Fastest Growin...
4/13/2012Mining Investment Night - Thursday, April 19th - Kelowna, BC...
4/10/2012Announces 2011 Year End Results and Record Revenues and Earn...
2/16/2012Named to the 2012 TSX Venture 50 and Hires a New Investor Re...
10/15/2011Stock Options Granted
8/5/2011Announces New Record Number of Meters Drilled on Second Quar...
6/3/2011Exhibiting at Cambridge Conference, Vancouver
5/16/2011Announces New Record Number of Meters Drilled in First Quart...
3/4/2011Announces New Record Number Of Meters Drilled
7/28/2010Announces Record Number Of Meters Drilled
4/9/2010Announces Year-End Results
3/8/2010Strategic Acquisition Of African Drilling Operation
2/9/2010Named To The 2010 TSX Venture 50
11/27/2008Announces Record Revenue And Meters Drilled
8/22/2008Announces Record Number Of Meters Drilled
6/20/2008Named To The 2008 TSX Venture 50
5/15/2008Announces A Further Record Number Of Metres Drilled And A 19...
5/5/2008 Announces Strategic Acquisition Of African Drilling Operati...
4/23/2008Announces Record Year-End Results Net Earnings Up 129% And N...
2/8/2008 Announces Record Number Of Metres Drilled And A 121% Expans...
11/14/2007 Announces Record Number Of Meters Drilled And A Further Exp...
10/3/2007Consolidates Control Over Drilling Operations
8/21/2007Announces Record Number Of Meters Drilled And Expansion Of D...
8/2/2007Announces Sale Of The La Parcela Concession
7/10/2007Increases Drill Fleet By 18%
4/20/2007Announces Record Year-End Results
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (EGD.V)Other OTC (EGDFF)
0.045+0.00%0.0000.00%
TSX-V
CA$ 0.045
09/12 15:40 -
0%
Prev close Open
0.045 0.045
Low High
0.045 0.045
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.045 -%
Volume 1 month var.
5,121 -%
24hGold TrendPower© : -30
Produces
Develops
Explores for Copper - Gold - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 10/22/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.08+0.50%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.60+0.17%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
VanEck Vectors Global Alternative Energy ETF profile | VanEck Vectors Global Alternative Energy ETF news | VanEck Vectors Global Alternative Energy ETF market Indicators | VanEck Vectors Global Alternative Energy ETF projects and resources | VanEck Vectors Global Alternative Energy ETF valuation | Go to VanEck Vectors Global Alternative Energy ETF properties | VanEck Vectors Global Alternative Energy ETF corporate presentation | VanEck Vectors Global Alternative Energy ETF annual report | VanEck Vectors Global Alternative Energy ETF management | VanEck Vectors Global Alternative Energy ETF interactive charts | VanEck Vectors Global Alternative Energy ETF free charts | VanEck Vectors Global Alternative Energy ETF TSX-V | VanEck Vectors Global Alternative Energy ETF Other OTC | VanEck Vectors Global Alternative Energy ETF FRANKFURT
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.