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Article Excerpt
NORTH VANCOUVER, BC, Oct. 31 /PRNewswire-FirstCall/ -- Cabo Drilling Corp. ("Cabo" or the "Company") (TSX-V:CBE) today reported results for its fourth quarter and the fiscal year 2007 ended June 30.
4th QUARTER & ANNUAL HIGHLIGHTS ------------------------------------------------------------------------- 3 months 3 months (CDN $000s, ending ending except earnings June June per share) 30-07 30-06 FY2007 FY2006 ------------------------------------------------------------------------- Revenue 11,679 7,564 38,445 28,791 ------------------------------------------------------------------------- Net Earnings (Loss) Before Interest, Tax, Amortization, Stock-based Compensation and Other Items (EBITDA) 1,485 7 4,012 530 ------------------------------------------------------------------------- Net Earnings (Loss) Before Taxes 414 894 1,680 (2,874) ------------------------------------------------------------------------- Net Earnings (Loss) After Taxes 255 (782) 1,019 (2,762) ------------------------------------------------------------------------- Earnings (Loss) per Share ($) Basic Before Interest, Tax, Amortization, Stock-based Compensation and Other Items (EBITDA) 0.04 0.00 0.11 0.02 ------------------------------------------------------------------------- Earnings (Loss) per Share ($) Basic 0.01 (0.03) 0.03 (0.09) ------------------------------------------------------------------------- Cash from operations(x) 981 156 2,758 407 ------------------------------------------------------------------------- Gross Margin % 26.5% 20.0% 24.6% 20.0% ------------------------------------------------------------------------- Working Capital 3,272 3,326 3,272 3,326 ------------------------------------------------------------------------- (x)before changes in non-cash working capital items The Company reports: - Revenue of $11.68 million for the 4th quarter of 2007, an increase of $4.12 million compared to 4th quarter revenue of $7.56 million in fiscal 2006. - Net 4th quarter 2007 earnings before interest, tax, amortization, stock-based compensation and other items of $1.49 million and net earnings of $254,905 after interest, tax, amortization, stock-based compensation and other items resulting in earnings of $0.04 per share and $0.01 per share, respectively. This compares with the 4th quarter 2006 earnings before interest, tax, amortization, and stock-based compensation of $7,316 and a net loss of $782,211 after interest, tax, amortization, and stock-based compensation resulting in earnings of $0.00 per share and a loss of $0.03 per share respectively, a positive net income swing of $1.04 million from 2006 to 2007. - Net before tax earnings for fiscal 2007 of $1.68 million compared to a net before tax loss for fiscal 2006 of $2.87 million, an increase of $4.55 million. - Net after tax earnings for the fiscal year 2007 of $1.02 million compared to net after tax loss for the fiscal 2006 of $2.76 million an improvement of $3.79 million year over year. - Gross margin percentage for the 4th quarter fiscal 2007 was 26.5%, compared with a gross margin of 20.0% in the 4th quarter of fiscal...
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