Business
Cathedral Energy Services Ltd. reports results for 2013 Q2 and 2013 Q3 dividend
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY , Aug. 13, 2013 /C...
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n\n\nCALGARY, Aug. 13, 2013 /CNW/ - Cathedral Energy Services Ltd. (the\n \"Company\" or \"Cathedral\" / TSX: CET) announces its consolidated\n financial results for the three and six months ended June 30, 2013 and\n 2012.  Dollars in 000's except per share amounts.\n\n\nThis news release contains \"forward-looking statements\" within the\n meaning of applicable Canadian securities laws.  For a full disclosure\n of forward-looking statements and the risks to which they are subject,\n see \"Forward-Looking Statements\" later in this news release.\n\n\n2013 Q2 KEY TAKEAWAYS\n\n\n\n$0.075/ share dividend for 2013 Q2 paid in July 2013 and approved a\n $0.075/share dividend for 2013 Q3;\n\n\nExpanded U.S. production testing with 3 new high pressure units for a\n total of 33 U.S. units. During 2013, the Company entered the Texas\n market and now has a fleet of 7 units in the region;\n\n\n2013 Q2 set a record for U.S. production testing revenue. This is the\n second consecutive quarter of record revenues for U.S. production\n testing;\n\n\nContinued growth in U.S. directional drilling activity;\n\n\nCombined U.S. revenues have increased 10% on a year-to-date basis;\n\n\nSuccessfully drilled several wells in an Oklahoma basin with the\n Company's proprietary Fusion EM/MWD platform (\"Fusion MWD platform\") in\n formations where other services providers have not had success with EM\n technology.  This is expected to open new opportunities for long-term\n work;\n\n\nCanadian operations were reduced due to weather and customer delays; and\n\n\nThe Company's international subsidiaries completed signing of all\n required agreements with Vencana Servicios Petroleros, S.A. (\"Vencana\")\n in which the Company has 40% ownership.\n\n\n\n2013 Q2 FINANCIAL SUMMARY\n\n\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\n  Three months ended June 30\n\n\n \n\n\n  Six months ended June 30\n\n\n\n\n \n\n\n \n\n\n2013\n\n\n \n\n\n2012\n\n\n \n\n\n2013\n\n\n \n\n\n2012\n\n\n\n\nRevenues\n\n\n $\n\n\n45,639\n\n\n $\n\n\n40,699\n\n\n $\n\n\n99,713\n\n\n $\n\n\n108,528\n\n\n\n\nAdjusted gross margin % (1)\n\n\n \n\n\n22.0%\...