Furthermore, the Company is pleased to announce that it has recently been awarded two geothermal drilling projects: one in
The Company announces annual results for the year ended
CONSOLIDATED FINANCIAL HIGHLIGHTS
$Thousands except per share amounts | 2020 | 2019 | Change | % Change |
Revenue | 119,664 | 175,890 | (56,226) | (32%) |
Operating expenses | 91,855 | 137,486 | (45,631) | (33%) |
Operating margin(1) | 27,809 | 38,404 | (10,595) | (28%) |
Margin %(1) | 23% | 22% | 1% | 5% |
Adjusted EBIDTA (1) | 15,617 | 19,130 | (3,513) | (18%) |
Per share | 0.39 | 0.48 | (0.09) | (19%) |
Adjusted funds flow from operations(1) | 10,321 | 12,925 | (2,604) | (20%) |
Per share | 0.26 | 0.33 | (0.07) | (21%) |
Net loss | 93,274 | 19,875 | 73,399 | 369% |
Per share | 2.35 | 0.50 | 1.85 | 370% |
Capital expenditures | 7,593 | 15,238 | (7,645) | (50%) |
Dividend declared | - | 6,734 | (6,734) | (100%) |
Weighted average shares outstanding | 39,608 | 39,608 | - | 0% |
Total assets | 251,521 | 369,116 | (117,595) | (32%) |
Total debt | 74,303 | 84,019 | (9,716) | (12%) |
(1) Non-GAAP Items |
CONSOLIDATED OPERATIONAL HIGHLIGHTS
2020 | 2019 | Change | % Change | ||
Operating days | 945 | 1,606 | (661) | (41%) | |
Revenue per operating day(1)(2) | 35,513 | 33,415 | 2,098 | 6% | |
Operating and maintenance per operating day(1)(2) | 26,779 | 25,166 | 1,613 | 6% | |
Operating margin per operating day(1)(2) | 8,734 | 8,249 | 485 | 6% | |
Utilization | 13% | 19% | (6%) | (32%) | |
Operating days | 2,555 | 3,747 | (1,192) | (32%) | |
Revenue per operating day(1) | 35,694 | 34,031 | 1,663 | 5% | |
Operating and maintenance per operating day(1) | 27,750 | 27,000 | 750 | 3% | |
Operating margin per operating day(1) | 7,944 | 7,031 | 913 | 13% | |
Utilization | 41% | 60% | (19%) | (32%) | |
(1Non-GAAP Items. | |||||
(2)Includes AKITA's share of joint venture revenue and expenses. |
United States Drilling Division
In the US, the activity decline that began in the latter part of 2019, due to the volatility in oil and gas prices and the pressure on operators to operate within free cash flow, continued to impact results in 2020. These pressures were exacerbated in late Q1 2020 by the combined effects of the
Revenue in the US was
Canadian Drilling Division
In
Revenue in
FURTHER INFORMATION
This news release shall be used as preparation for reading the full disclosure documents. AKITA's audited consolidated financial statements and management's discussion and analysis for the year ended
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 2020 December 31, 2020 Management's Discussion & Analysis.
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, 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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