CALGARY, AB,
Improvements in demand for drilling services in both
While the Company was more active in both
Activity for AKITA's joint venture rigs improved to 112 operating days in the second quarter of 2021 compared to no operating days in the second quarter of 2020. These joint venture rigs are important to AKITA and our First Nations partners and we expect this to continue through the second half of the year.
CONSOLIDATED FINANCIAL HIGHLIGHTS
($Thousands except per share | For the three months ended | For the six months ended | |||||||||
amounts) | 2021 | 2020 | Change | % Change | 2021 | 2020 | Change | % Change | |||
Revenue | 18,651 | 26,359 | (7,708) | (29%) | 45,822 | 79,931 | (34,109) | (43%) | |||
Operating and maintenance | 13,900 | 20,874 | (6,974) | (33%) | 33,912 | 62,066 | (28,154) | (45%) | |||
expenses | |||||||||||
Operating margin | 4,751 | 5,485 | (734) | (13%) | 11,910 | 17,865 | (5,955) | (33%) | |||
Margin % | 25% | 21% | 4% | 19% | 26% | 22% | 4% | 18% | |||
Adjusted EBITDA(1) | 1,599 | 2,985 | (1,386) | (46%) | 6,133 | 14,622 | (8,489) | (58%) | |||
Per share | 0.04 | 0.08 | (0.04) | (50%) | 0.15 | 0.37 | (0.22) | (59%) | |||
Adjusted funds flow from | 1,056 | 2,099 | (1,043) | (50%) | 4,775 | 12,253 | (7,478) | (61%) | |||
operations(1) | |||||||||||
Per share | 0.03 | 0.04 | (0.01) | (25%) | 0.12 | 0.31 | (0.19) | (61%) | |||
Net loss | (6,108) | (5,221) | (887) | (17%) | (9,759) | (57,478) | 47,719 | 83% | |||
Per share | (0.15) | (0.13) | (0.02) | (15%) | (0.25) | (1.45) | 1.20 | 83% | |||
Capital expenditures | 3,138 | 1,612 | 1,526 | 95% | 4,742 | 5,139 | (397) | (8%) | |||
Weighted average shares | 39,608 | 39,608 | - | 0% | 39,608 | 39,608 | - | 0% | |||
outstanding | |||||||||||
Total assets | 240,306 | 292,819 | (52,513) | (18%) | 240,306 | 292,819 | (52,513) | (18%) | |||
Total debt | 74,467 | 79,650 | (5,183) | (7%) | 74,467 | 79,650 | (5,183) | (7%) | |||
(1)Non-GAAP Items |
CONSOLIDATED OPERATIONAL HIGHLIGHTS
For the three months ended | For the six months ended | ||||||||||
2021 | 2020 | Change | % Change | 2021 | 2020 | Change | % Change | ||||
Operating days | 159 | 99 | 60 | 61% | 650 | 712 | (62) | (9%) | |||
Utilization | 9% | 5% | 4% | 80% | 18% | 17% | 1% | 6% | |||
Revenue per operating day(1)(2) | 26,453 | 50,505 | (24,052) | (48%) | 28,194 | 33,239 | (5,045) | (15%) | |||
Operating and maintenance | 18,629 | 41,061 | (22,432) | (55%) | 20,442 | 25,538 | (5,096) | (20%) | |||
expenses per operating day(1)(2) | |||||||||||
Operating margin per operating | 7,824 | 9,444 | (1,620) | (17%) | 7,752 | 7,701 | 51 | 1% | |||
day | |||||||||||
Operating days | 615 | 544 | 71 | 13% | 1,319 | 1,652 | (333) | (20%) | |||
Utilization | 40% | 33% | 7% | 21% | 43% | 51% | (8%) | (16%) | |||
Revenue per operating day(1) | 27,374 | 39,342 | (11,968) | (30%) | 27,114 | 37,097 | (9,983) | (27%) | |||
Operating and maintenance | 21,502 | 31,031 | (9,529) | (31%) | 21,169 | 29,007 | (7,838) | (27%) | |||
expenses per operating day(1) | |||||||||||
Operating margin per operating | 5,872 | 8,311 | (2,439) | (29%) | 5,945 | 8,090 | (2,145) | (27%) | |||
day | |||||||||||
(1)Non-GAAP Items | |||||||||||
(2)Includes AKITA's share of Joint Venture revenue and expenses. | |||||||||||
United States Drilling Division
The active rig count in the US has continued to increase from the low of 244 rigs in August of 2020, to 470 rigs active at the end of
Revenue in the US dropped to
Canadian Drilling Division
Activity in
Canadian revenue of
FURTHER INFORMATION
This news release shall be used as preparation for reading the full disclosure documents. AKITA's unaudited interim condensed consolidated financial statements and management's discussion and analysis for the quarter ended
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1 Alberta Natural Gas Prices (CAD) |
NON-GAAP ITEMS
This news release references Non-GAAP (Generally Accepted Accounting Principles) items. Revenue per operating day, operating and maintenance expense per operating day, adjusted revenue, adjusted operating and maintenance expense, EBITDA and adjusted funds flow from operations are all considered Non-GAAP items. Management feels that these Non-GAAP items are useful in assessing the Company's performance. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) and may not be comparable to similar measures used by other companies. For further information, see "Basis of Analysis in this MD&A and Non-GAAP Items" in AKITA's
FORWARD-LOOKING INFORMATION:
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.
The Company's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions (including as may be affected by the COVID-19 pandemic), and other factors, many of which are beyond the control of the Company.
The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.
Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
SOURCE
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