Cabo Drilling Corp. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended June 30, 2013; Provides Revenue Guidance for the Fiscal Year 2014
For the year, the company reported revenue of $42.53 million, a 28% decrease compared to $58.95 million in fiscal 2012. The primary reason for the decrease is due to reduced demand for drilling, as a result of projects being scaled back, delayed or terminated. Income before interest, taxes, amortization, stock-based compensation and other items was $3.96 million compared to EBITDA of $6.38 million, resulting in fiscal 2013 EBITDA of $0.05 per share compared to $0.08 per share in fiscal 2012. Net loss after taxes was $565,110 compared to net income after taxes of $1.66 million in fiscal 2012, resulting in a fiscal 2013 net after tax loss of $0.01 per share compared to net after tax income for fiscal 2012 of $0.02 per share. Cash flow from operations (before changes in non-cash operating working capital items) was $2.61 million during fiscal 2013, compared to $3.35 million during fiscal 2012.
The company's management expected the international revenues to continue to represent a significant portion of overall revenues looking forward to fiscal 2014.