Cabo Drilling Corp. reported earnings results for the first quarter ended September 30, 2014. Revenue for the first quarter fiscal 2015 of $3.88 million compared to $6.65 million in the first quarter fiscal 2014.

EBITDA was $43,948 for the quarter compared to $54,794, in first quarter of fiscal 2014, resulting in EBITDA per share of $0.00 for the quarter compared to $0.00 in first quarter of fiscal 2014. Net after tax loss for the quarter was $770,061 or a loss of $0.01 per share (loss of $0.01 per share diluted), compared to net after tax loss of $816,619 or a loss of $0.01 per share (loss of $0.01 per share diluted) for the corresponding period last year. Cash from operations, before changes in non-cash working capital items, was negative $10,146 for the three months ending September 30, 2014, compared to negative $57,500 for the first three months of fiscal 2014.

The primary reason for the decrease in revenue is reduced demand for drilling, as a result of projects being scaled back, delayed or terminated.