Cabo Drilling Corp. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2013; Announces Resignation of Roy Graydon as Director
For the nine months, the company reported revenue of CAD 33.619 million compared to CAD 45.339 million a year ago. EBITDA was CAD 3.527 million or CAD 0.04 per basic and diluted share compared to CAD 6.075 million or CAD 0.08 per basic and diluted share a year ago. Net earnings before taxes were CAD 0.504 million compared to CAD 3.130 million a year ago. Net earnings after taxes were CAD 0.145 million compared to CAD 2.389 million a year ago. Cash from operations, before changes in non-cash working capital items, was CAD 2.14 million compared to CAD 3.97 million for the nine months ending March 31, 2012.
The company announced that Roy Graydon has resigned as a director of the company effective May 22, 2013. Mr. Graydon decided to step down from the board of Cabo Drilling due to other work commitments.