Cabo Drilling Corp. announced earnings results for the first quarter ended September 30, 2013. For the quarter, the company reported revenue of CAD 6,648,000 compared to CAD 13,843,000 a year ago.

EBITDA was CAD 55,000 compared to CAD 1,829,000 a year ago. Net loss before taxes was CAD 876, 000 compared to net income before taxes of CAD 769,000 a year ago. Net loss after taxes was CAD 817,000 compared to net income after taxes of CAD 560,000 a year ago.

Basic and diluted loss per share was CAD 0.01 compared to basic and diluted income per share of CAD 0.01 a year ago. Cash from operations was CAD 735,000 compared to CAD 1,354,000 a year ago. The primary reason for the decrease in revenue was due to reduced demand for drilling in North America, as a result of projects being scaled back, delayed or terminated.