Business
Cathedral Energy Services Ltd. reports results for 2013 Q3 and a 10% increase in 2013 Q4 dividend
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA / CALGARY , Nov. 5, 2013 /CN...
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, Nov. 5, 2013 /CNW/ - Cathedral Energy Services Ltd. (the\n \"Company\" or \"Cathedral\" / TSX: CET) announces its consolidated\n financial results for the three and nine months ended September 30,\n 2013 and 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 Q3 KEY TAKEAWAYS\n\n\n\n2013 Q3 set records for U.S. directional drilling revenues and U.S.\n production testing revenues;\n\n\nContinued growth in U.S. activity levels for both divisions - 25%\n increase in year-to-date revenues;\n\n\nCathedral continues to \"win\" incremental work due to success of its\n proprietary Fusion EM/MWD platform;\n\n\nSale/leaseback of Nisku and Calgary, Alberta facilities is completed\n with net proceeds of $22,260 and gain of $5,354 - net proceeds used to\n reduce bank debt; and\n\n\nContinued operational success, confident outlook and balance sheet\n flexibility have provided a sound basis for a 10% dividend increase to\n $0.0825 per share.\n\n\n\n2013 Q3 FINANCIAL SUMMARY\n\n\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\n  Three months ended September 30\n\n\n \n\n\n  Nine months ended September 30\n\n\n\n\n \n\n\n \n\n\n2013\n\n\n \n\n\n2012\n\n\n \n\n\n2013\n\n\n \n\n\n2012\n\n\n\n\nRevenues\n\n\n$\n\n\n  59,734\n\n\n$\n\n\n  49,830\n\n\n$\n\n\n159,447\n\n\n$\n\n\n  158,358\n\n\n\n\nAdjusted gross margin % (1)\n\n\n \n\n\n25.1%\n\n\n \n\n\n28.0%\n\n\n \n\n\n24.1%\n\n\n \n\n\n28.3%\n\n\n\n\nEBITDAS (1)\n\n\n$\n\n\n  10,757\n\n\n$\n\n\n  10,538\n\n\n$\n\n\n24,691\n\n\n$\n\n\n32,528\n\n\n\n\n \n\n\nDiluted per share\n\n\n$\n\n\n  0.30\n\n\n$\n\n\n  0.28\n\n\n$\n\n\n  0.68\n\n\n$\n\n\n  0.86\n\n\n\n\nEBITDAS (1) as % of revenues\n\n\n \n\n\n18.0%\n\n\n \n\n\n21.1%\n\n\n \n\n\n15.5%\n\n\n \n\n\n20.5%\n\n\n\n\nFunds from operations (1)\n\n\n$\n\n\...