Business
AKITA Drilling Ltd. Announces 2010 Earnings and Funds Flow
Mar. 18, 2011 (Canada NewsWire Group) -- CALGARY, March 18 /CNW/ - Earnings for the year ende...

About this update from Akita Drilling Ltd. Class A
[{"type":"text","content":"\n\n\n Mar. 18, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nCALGARY, March 18 /CNW/ - Earnings for the year ended December 31, 2010\n were $5,701,000 or $0.31 per share on revenue of $112,050,000. \n Comparative figures for 2009 were $8,380,000 or $0.46 per share on\n revenue of $106,263,000.  Funds flow from operations for the current\n year was $26,833,000 as compared to $23,960,000 in 2009 while cash flow\n from operations for 2010 was $37,441,000 as compared to $29,235,000 in\n 2009.\n\n\nEarnings for the three months ended December 31, 2010 were $3,439,000 or\n $0.18 per share on revenue of $33,598,000 compared to $3,165,000 or\n $0.18 per share on revenue of $25,815,000 for the corresponding period\n in 2009.  Funds flow from operations for the quarter ended December 31,\n 2010 was $8,751,000 as compared to $5,990,000 for the corresponding\n period in 2009 while cash flow from operations for the quarter ended\n December 31, 2010 was $12,267,000 as compared to $534,000 for the\n corresponding period in 2009.\n\n\nThe Company's rig utilization in 2010 was 37.8%, an improvement of 6.7\n percentage points over 2009's utilization rate of 31.1%.  Many of\n AKITA's triple sized rigs have deeper capacities than desired by most\n operators in the drilling environment that existed in 2010, however,\n management expects these rigs to be more active once operators allocate\n larger budgets to drilling deeper gas wells.\n\n\nA substantial portion of AKITA's cap...