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Cabo Announces Fiscal 2013 1st Quarter Results
Published : November 28, 2012
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NEW WESTMINSTER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2012) - Cabo Drilling Corp. ("Cabo" or the "Company") (News - Market indicators) today reported results for its fiscal year 2013 first quarter ended September 30, 2012.

1st QUARTER HIGHLIGHTS

  (CDN $000s, except earnings per share)   Q1 - 2013
Sept. 30/12
    Q1 - 2012
Sept. 30/11
    FY 2012
June 30/12
 
  Revenue   13,843     16,929     58,951  
  Earnings Before Interest, Taxes, Amortization, Stock Based Compensation and Other Items (EBITDA)  
1,829
   
3,054
   
6,383
 
  Net Earnings Before Taxes   769     2,263     1,524  
  Net Earnings After Taxes   560     1,520     1,655  
  Earnings per Share ($) (Basic and Diluted) Before Interest, Taxes, Amortization, Stock-based Compensation and Other Items (EBITDA)  
0.02
   
0.04
   
0.09
 
  Earnings per Share ($) (Basic and Diluted)   0.01     0.02     0.02  
  Cash from Operations*   1,354     1,471     3,722  
  Gross Margin %   21.3 %   20.7 %   18.2 %
  Gross Margin % Adjusted**   26.0 %   24.6 %   22.7 %
  Working Capital (deficiency)   13,831     8,618     12,723  
* before changes in non-cash working capital items
** gross margin adjusted to exclude amortization expense
 

The Company reports:

  • Quarterly revenue for the 1st quarter fiscal 2013 of $13.84 million, an 18% decrease compared to $16.93 million in the 1st quarter fiscal 2012.
  • 1st quarter fiscal 2013 earnings before interest, taxes, amortization, stock-based compensation and other items of $1.83 million compared to 1st quarter fiscal 2012 earnings before interest, tax, amortization, stock based compensation and other items (EBITDA) of $3.05 million, resulting in 1st quarter fiscal 2013 earnings before interest, taxes, amortization, stock-based compensation and other items of $0.02 per share, compared to $0.04 per share in the 1st quarter of fiscal 2012.
  • Net before tax income for the 1st quarter of fiscal 2013 of $768,965 compared to before tax income for the 1st quarter fiscal 2012 of $2.26 million.
  • Net after tax earnings for the 1st quarter of fiscal 2013 of $559,737 compared to net after tax earnings for the 1st quarter of fiscal 2012 of $1.52 million, resulting in 1st quarter fiscal 2013 net after tax earnings of $0.01 per share compared to net after tax earnings for 1st quarter fiscal 2012 of $0.02 per share.
  • Gross margin percentage for the 1st quarter fiscal 2013 was 21.3%, with amortization included in direct costs, compared with a gross margin of 20.7% in 1st quarter fiscal 2012 and 13.7% in the 4th quarter of fiscal 2012.
  • Cash from operations, before changes in non-cash working capital items, was $1.35 million for the 1st quarter fiscal 2013 compared to 1st quarter fiscal 2012 cash from operations of $1.47 million.
  • A current asset balance of $25.0 million and working capital of $13.8 million.
  • Total assets of $40.5 million and total liabilities of $16.4 million.

"Cabo Drilling generated gross revenues of $13.84 million during the 1st quarter of fiscal 2013," stated Mr. Versfelt, Cabo Drilling's President and CEO. "This represents a decrease of 18% compared to the first quarter of fiscal 2012 and an increase of 2%, compared to the fourth quarter of fiscal 2012."

"Gross margin, adjusted to include amortization, was 21.3% or $2.94 million in first quarter of fiscal 2013, as compared to 20.7% in the first quarter of fiscal 2012," reported Mr. Versfelt. "In accordance with IFRS, amortization expenses of $655,113 are included in direct costs as compared to $651,969 in the first quarter of fiscal 2012. Adjusted gross margin, when amortization expense is excluded, is 26.0% in first quarter of fiscal 2013, as compared to 24.6% in the first quarter of fiscal 2012."

"The Company recorded earnings of $559,737 during the 1st quarter of fiscal 2013, or $0.01 earnings per share compared to earnings of $1.52 million or $0.02 per share in the 1st quarter of fiscal 2012," noted Mr. Versfelt. "EBITDA for the first quarter of fiscal 2013 (13.2%) was $1.83 million, compared to $3.05 million in the first quarter of fiscal 2012 (13.8% after adjustment for one time gain). The $3.05 million in fiscal 2012 includes a one time gain on the settlement of a debenture of $710,889."

"Cabo Drilling's working capital increased to $13.83 million during the first quarter of fiscal 2013, from $12.72 million at the fourth quarter of fiscal 2012," commented Mr Versfelt. "Total liabilities decreased by $2.22 million during the quarter to $16.36 million at September 30, 2012."

"Approximately 49% of revenues came from gold related projects, 17% from copper, 26% from iron and the remaining 8% from other base metals," stated Mr. Versfelt.

"Overall, Cabo Drilling Management expects average drill utilization in fiscal 2013 to remain near the 50%-55% level, with gross margins at 25-26%, prior to amortization expenses included in direct costs," stated Mr. Versfelt. "General and administration expenses should remain in the $7 million range and Cabo Drilling is budgeting gross revenues of approximately $50-56 million for fiscal 2013."

First quarter ended September 30, 2012

Revenue for the quarter ending September 30, 2012, decreased $3.09 million or 18% to $13.84 million, compared to $16.93 million in the first quarter of fiscal 2012, and increased slightly from the $13.61 million in the fourth quarter of fiscal 2012. The primary reason for the decrease is due to reduced demand for drilling in the second half of calendar 2012. The Latin America division decreased activity with lower drill utilization in Colombia, decreasing revenues by 32% to $2.64 million, as compared to $3.87 million in the comparable period in fiscal 2012. The Canadian and USA divisions also recorded a decrease in revenues of 12% to $11.16 million in the first quarter of fiscal 2013, as compared to $12.75 million in the first quarter of fiscal 2012. Management expects the second quarter results to be lower in fiscal 2013 (October through December 2012), as compared to fiscal 2012, but also expects a strong second half of fiscal 2013 (January through June, 2013).

Surface drilling revenues decreased 23%, from $11.34 million in the first quarter of fiscal 2012 to $8.73 million during the first quarter of fiscal 2013, largely due to the early completion of drilling projects with major mining clients, projects which should restart after 2013 budgets are approved and the new drilling season begins. Revenues from reverse circulation programs decreased by 34% to $2.15 million in the three months ending September 30, 2012, as compared to $3.26 million in the comparable period in fiscal 2012 for similar reasons. Underground drilling increased by 25% in the first quarter of fiscal 2013 to $2.68 million as compared to $2.15 million in the first quarter of fiscal 2012, as a result of increased underground drill utilization.

Direct costs for the quarter ended September 30, 2012, were $10.90 million compared to $13.42 million in the quarter ending September 30, 2011, as adjusted to include depreciation in accordance with IFRS. The decrease is a direct result of the decreased activity in the first quarter of fiscal 2013. Gross margins for the quarter ended September 30, 2012, were 21.3% compared to 20.7% during the quarter ending September 30, 2011. The increased gross margin is a direct result of improvements in the Canadian operations and increased revenue from the International divisions. Management restructured two of its Canadian operations, which is beginning to result in improved margins and profitability.

In accordance with IFRS, $655,113 of depreciation expense of property, plant and equipment is included in direct costs for the quarter ending September 30, 2012, as compared to $651,969 in the quarter ending September 30, 2012.

General and administrative expenses increased by $7,222 from $1.757 million in the first quarter of fiscal 2012 compared to $1.764 million in the first quarter of fiscal 2013. During the quarter, the Company incurred $42,200 in divisional restructuring charges, a bad debt allowance of $45,000 and an additional $62,400 of professional fees and consulting fees that did not occur in the first quarter of fiscal 2012.

General and administration costs represent 13% of revenues during the first quarter of fiscal 2013, as compared to 15% reported in the fourth quarter of fiscal 2012, and 10% in the first quarter of fiscal 2012. Management expects general and administration costs to remain around $1.70 million per quarter for the remainder of fiscal 2013.

Net income for the first quarter of fiscal 2013 is $559,737 compared to a net income of $ $1.52 million in the first quarter of fiscal 2012. The main difference is the gain recorded in the first quarter of fiscal 2012 of $710,889 and lower revenues reported in the first quarter of fiscal 2013, as compared to the first quarter of fiscal 2012.

The Company's cash (cash and cash equivalents) position at September 30, 2012, is $1.86 million compared to $1.24 million at June 30, 2012.

Marketable securities decreased $10,620, from $338,698 at June 30, 2012, to $328,078 at September 30, 2012. Marketable securities consist primarily of 1,500,000 shares in Standard Gold Inc. We have adjusted the value of our holdings at September 30, 2012, as recorded in the comprehensive income statement. At September 30, 2012, the balance of $328,078 consists of shares in public corporations.

Accounts receivable decreased by $1.21 million or 12% to $9.16 million at September 30, 2012, from $10.37 million at June 30, 2012. The decrease is primarily due to reduced activity during the first quarter of fiscal 2013.

Property, plant & equipment decreased to $12.82 million at September 30, 2012 from $13.47 million at June 30, 2012, a decrease of $651,512 during the first quarter of fiscal 2013. The Company purchased $130,764 of equipment during the first quarter of fiscal 2013. The Company has a capital expenditure budget of $1.80 million for fiscal 2013 with an emphasis on modernizing its drill fleet.

Cash flow from operations (before changes in non-cash operating working capital items) was $1.35 million during the 1st quarter of fiscal 2013, compared $1.47 million in the 1st quarter of fiscal 2012.

The drilling services business is always challenging. In times of high demand, like 2011 and the first half of 2012, good drill crews are difficult to recruit and to retain at cost effective prices because many drilling company owners and/or senior managers are prepared to pay unreasonable wages and bonuses. In slower times, like the second half of 2012, good drill crews are available at a more reasonable price; however, unless drilling companies have developed quality relationships with well financed mining and exploration companies and/or mining and exploration companies that are not prepared to compromise their ore reserve or deposit development programs, thereby creating potential balance sheet problems, they will begin to offer their services at less than healthy prices. There is no easy formula to manage a drilling company, but good old fashioned business practices, like quality customer relations, high respect for employees and quality human relations, superb safety procedures and practises, careful attention to the protection of the environment and community relations, plus effective cost controls and management of equipment and drilling practices, invoiced to the customer at a fair price and in an honest manner, will enhance a drilling company's ability to grow profitably at all times.

About Cabo Drilling Corp. (News - Market indicators)

Cabo Drilling Corp. is a drilling services company headquartered in New Westminster, British Columbia, Canada. The Company provides mining specialty drilling services through its Canadian divisions in Surrey, British Columbia; Montréal, Quebec; Kirkland Lake, Ontario; and Springdale, Newfoundland; as well as Cabo Drilling (America) Inc. of the United States; Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; Cabo Drilling Panama-Pacifico Corp. of Panama, Republic of Panama doing business as Cabo Drilling Colombia Corp.; Balkan States Drilling SH.P.K. of Tirana, Albania; and Cabo Drilling (International) Inc. 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, 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).

This news release may contain forward-looking statements including but not limited to, those relating to worldwide demand for gold and base metals and overall commodity prices, the level of activity in the minerals and metals industry and the demand for the Company's services, the Canadian and international economic environments, the impact of operational changes, changes in jurisdictions in which the Company operates (including changes in regulation), failure by counterparties to fulfill contractual obligations, and other factors as may be set forth, as well as objectives or goals. 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cabo Drilling Corp.
Sheri Barton
Corporate Communications
(403) 217-5830
or
Cabo Drilling Corp.
John A. Versfelt
Chairman, President and CEO
(604) 527-4201
(604) 527-9126 (FAX)
ir@cabo.ca
www.cabo.ca
Data and Statistics for these countries : Albania | Canada | Colombia | Panama | All
Gold and Silver Prices for these countries : Albania | Canada | Colombia | Panama | All
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Cabo Drilling Corp.

EXPLORATION STAGE
CODE : CBE.V
ISIN : CA12687C1086
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Annual reports of Cabo Drilling Corp.
Annual Report 2007
Financings of Cabo Drilling Corp.
6/4/2012Announces Closing of First Tranche of Private Placement of D...
2/16/2012Completes $2.0 Million Financing
2/16/2011to Offer $1.5 Million Private Placement
5/18/2010Arranges $918K Private PlacementRecieved:
Nominations of Cabo Drilling Corp.
5/24/2013Announces 3rd Quarter Results & Resignation of Director
5/24/2013Announces 3rd Quarter Results & Resignation of Director
1/10/2012Announces Election of New Directors
Financials of Cabo Drilling Corp.
10/29/2013Announces 2013 Fourth Quarter and Annual Results
10/15/2012Announces Fourth Quarter and Annual Results
10/15/2012Announces Fourth Quarter and Annual Results
10/15/2012Announces Fourth Quarter and Annual Results
6/2/2011Cabo Announces 3rd Quarter ResultsRecieved:
3/2/2011Announces 2nd Quarter Results
11/2/2010s Annual and Fourth Quarter ResultsRecieved:
11/29/2007Announces Record First Quarter Results
Project news of Cabo Drilling Corp.
3/4/2013Executes Joint Venture Agreement With Naicatchewenin Develop...
7/12/2012Announces New $3 Million Equipment Loan Facility with GE Ca...
3/15/2012Delivers Record Revenues=2C As Exploration Activity Increase...
1/31/2012Announces Award of Surface Drilling Contract by BerAlb Sh A...
1/25/2012Announces Award of Phase II Underground Drill Contract by B...
4/14/2008(Woodjam) DRILL ON WOODJAM PROPERTY
Corporate news of Cabo Drilling Corp.
7/12/2013Stock Options Granted
2/28/2013Announces 2nd Quarter Results
12/11/2012(Colombia) Corp. Awarded 17,000 Meters by Red Eagle Mining C...
12/3/2012Announces Drilling Contracts with Almina - Minas do Alentejo...
12/3/2012Announces Drilling Contracts with Almina - Minas do Alentejo...
11/28/2012Announces Fiscal 2013 1st Quarter Results
11/8/2012Signs Business Cooperation Agreement with Geoplano SA
11/5/2012(Panama) Corp. and Fugro Panama S.A Form Alliance for On-sit...
9/20/2012Signs Business Cooperation Agreement With Jantar Grupa d.o.o...
9/13/2012signs Alliance Agreement with Dawn =2D Works Inc.
9/12/2012Signs Alliance Agreement with Dawn-Works Inc.
8/16/2012Awarded Labour Contract at Canadian Zinc=E2??s Prairie Creek...
8/7/2012Awarded Contracts by Century Iron Mines Corporation
6/27/2012signs Alliance Agreement with Torngat Services Limited
6/20/2012signs Alliance Agreement with Nunacor
7/20/2011Awarded Contract Extension by Armistice Resources Corp.
7/7/2011(Colombia) Corp. Awarded 20,000 Meter Drill Contract by Red ...
6/28/2011Panama-Pacifico Corp. Awarded Contract Renewal by Galway Res...
6/22/2011(Pacific) Corp. Awarded Drill Contract by MAN Alaska LLC
6/10/2011Commences Drilling at Alderon Resource Corp. Kami Iron Ore P...
5/31/2011Announces 3rd Quarter Results
5/24/2011Commences Drilling at Empire Mining Corporation's Bulqiza Ch...
5/19/2011Special Shareholders' Meeting Called for June 20, 2011
5/5/2011Cabo Drilling (Nevada) Corp. Awarded Drill Contract by Curis...
5/2/2011(Nevada) Corp. Awarded Drill Contract by Curis Resources Ltd...
3/21/2011Completes $2.525 Million Private Placement
3/14/2011Increases Private Placement to $2.525 Million
12/1/2010Cabo Announces 1st Quarter ResultsRecieved:
11/3/2010Filing of Amended Fourth Qtr and Annual Financial Statements...
10/25/2010 Awarded Contract by Brent Krude International and Forms Reg...
10/18/2010 Awarded Drill Contract by Minera Panama, S.A.
7/6/2010Awarded Drill Contract by Goldcorp Inc.
6/16/2010Rainy Lake Tribal Contracting Ltd and Cabo Drilling (Ontario...
6/7/2010Awarded Drill Contract by Fire River Gold Corp.
5/28/2010 Earns Prestigious Provincial Award For Safety
3/8/2010Announces Shareholders' Agreement With Tahltan Nation Develo...
3/8/2010 Announces Shareholders Agreement with Tahltan Nation Develo...
9/15/2009Trade Winds To Be Airing on BNNRecieved:
6/6/2009Trade Winds Conference InvitationRecieved:
6/5/2009and IMMC Invitation Recieved
6/1/2009Announces 3rd Quarter Results
3/2/2009Announces 2nd Quarter ResultsRecieved:
2/17/2009Introduces Stock Research Portal
2/5/2009to Drill Fifteen Hundred Meters
12/11/2008Additional Drilling For Balkan Resources
12/10/2008Media Reports
12/1/2008Announces Record Quarterly Results
11/12/2008Expands Drilling Services Into Albania
10/31/2008Announces Record Annual Revenue And Earnings
10/3/2008Introduces Fitness-For-Work Program
9/16/2008Awarded Contract to Drill a Minimum 35,000 Feet for Rio Gran...
8/26/2008To Drill For Millennium Capital
8/21/2008Signs Lease Agreement with London and Regional S.A.
8/18/2008to Drill on Labrador Iron Mine Project
7/23/2008To Drill Additional Meters For Minera Petaquilla
7/10/2008to Drill for Richmont in Colorodo
6/24/2008To Drill For Seafield Resources
6/20/2008Featured in Haywood Securties Article
6/16/2008To Drill For Burin Minerals
3/10/2008Drill Six Thousand Meters For Minera
2/19/2008Wins Drill Contract from Vault Minerals
2/11/2008Awarded Follow-Up Drill Contract
12/20/2007New and Extended Contracts for Cabo in Mexico
11/27/2007Expands Drilling Services Into Nevada
11/20/2007to Drill for Tagish Lake Gold
10/1/2007Drill Contract Doubled to 14,000 meters by Richview Resource...
9/10/2007Awarded Drill Contact By Rambler
8/21/2007to drill for New Millennium
8/14/2007to drill for Richview Resources Inc.
7/30/2007to Drill for Fronteer Development Group
7/23/2007Awarded Deep Drilling Contract
7/20/2007Gives Notice Of Acceleration
7/18/2007To Drill Up to 11,000 Meters For Paragon Minerals Corporatio...
7/11/2007Commences Drill Program
7/6/2007Engages in Investor Relations
7/6/2007to drill for Silvercrest Mines
7/5/2007to Drill on Sherwood Copper
6/18/2007To Drill For Diamonds North Resources
6/11/2007To Drill For Armistice Resources Corp
6/8/2007To Drill on Sherwood Copper
5/31/20073rd Quarter Fiscal 2007 Results
5/14/2007Expands With Drill Contract for Iberian Minerals
5/3/2007Drilling Contract Award By Amlib United
3/21/2006awarded drilling contracts by Eso Uranium Corp.
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TSX-V (CBE.V)Other OTC (CBEEF)
0.035+0.00%0.030+50.00%
TSX-V
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