Cathedral Energy Services Ltd. Announces Consolidated Unaudited Financial Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Capital Spending Guidance for the Year 2015
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.