Cabo Drilling Corp. reported consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported revenue of CAD 10.616 million compared to CAD 14.046 million a year ago. The primary reason for the decrease is due to reduced demand for drilling as a result of projects being scaled back or projects being delayed. EBITDA was CAD 1.072 million or CAD 0.01 per basic and diluted share compared to CAD 1.551 million or CAD 0.02 per basic and diluted share a year ago. Net earnings before taxes were CAD 0.107 million compared to CAD 0.230 million a year ago. Net earnings after taxes were CAD 20,000 compared to CAD 430,000 a year ago.

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.