Cathedral Energy Services Ltd. announced consolidated unaudited financial results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenues of $29,679,000 against $56,797,000 a year ago. Loss before taxes was $6,342,000 against earnings before tax of $1,023,000 a year ago. Net loss was $15,266,000 against net earnings of $253,000 a year ago. Net loss per diluted share was $0.42 against net earnings per diluted share of $0.01 a year ago. Loss from operating activities was $6,439,000 against earnings from operating activities of $1,151,000 a year ago. Adjusted LBITDAS was $1,237,000 or $0.03 per diluted share against EBITDAS of $6,151,000 or $0.17 per diluted share a year ago. Negative funds from operations were $853,000 or $0.02 per diluted share against $3,767,000 or $0.10 per diluted share a year ago. Cash flow from operating activities was $497,000 against $11,758,000 a year ago. Property and equipment additions were $1,845,000 against $7,062,000 a year ago. Intangible asset additions were $39,000 against $287,000 a year ago. Decline in revenue was due to reductions in commodity prices and day rate decreases directly related to pricing concessions granted to customers due to market conditions. 

For the six months, the company reported revenues of $79,756,000 against $124,817,000 a year ago. Loss before taxes was $7,137,000 against earnings before tax of $2,106,000 a year ago. Net loss was $15,990,000 against net earnings of $2,702,000 a year ago. Net loss per diluted share was $0.44 against $0.07 a year ago. Loss from operating activities was $5,341,000 against earnings from operating activities of $5,120,000 a year ago. Cash flow from operating activities was $22,429,000 against $13,352,000 a year ago. Property and equipment additions were $6,148,000 against $16,979,000 a year ago. Intangible asset additions were $189,000 against $338,000 a year ago. Adjusted EBITDAS was $14,732,000 or $0.13 per diluted share against $13,934,000 or $0.41 per diluted share a year ago. Funds from operations were $3,112,000 or $0.09 per diluted share against $11,887,000 or $0.33 per diluted share a year ago. Net property and equipment additions were $13,779. Net debt was $21,604,000.

The company announced that its 2015 capital budget to increase slightly from $7,000 to $7,200 which includes $4,700 of growth capital, $1,700 of maintenance and replacement capital and $800 of infrastructure expenditures.