Business
AKITA Drilling Ltd. Announces 212% Increase in Annual Earnings and 31% Increase in Annual Funds Flow
CALGARY, March 13, 2012 /CNW/ - Net income for the year ended December 31, 2011 was $23,353...
About this update from Akita Drilling Ltd. Class A
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, March 13, 2012 /CNW/ - Net income for the year ended December\n 31, 2011 was $23,353,000 or $1.29 per share (basic and diluted) on\n revenue of $199,934,000.  Comparative figures for 2010 were $7,470,000\n or $0.41 per share (basic and diluted) on revenue of $145,138,000. \n Funds flow from operations for the current year was $42,880,000 as\n compared to $32,798,000 in 2010, while net cash from operating\n activities for 2011 was $34,196,000 as compared to $31,858,000 in 2010.\n\n\nAKITA's rig utilization has traditionally been ahead of industry and\n 2011 was no exception.  While conventional rig activity, notably for\n deep capacity rigs, was negatively affected by low natural gas prices,\n pad rigs consistently achieved utilization that reinforced them as\n AKITA's most highly sought after rig class.  The following table\n highlights AKITA's utilization rate for the past five years:\n\n\n\n\n\nRIG UTILIZATION RATES (PERCENT)\n\n\n \n\n\n \n\n\n \n\n\n2011\n\n\n2010\n\n\n2009\n\n\n2008\n\n\n2007\n\n\nAKITA Pad Rigs\n\n\n67.9\n\n\n67.4\n\n\n59.5\n\n\n46.4\n\n\n58.5\n\n\nAKITA Fleet\n\n\n51.5\n\n\n37.8\n\n\n31.1\n\n\n42.2\n\n\n40.9\n\n\nIndustry \n\n\n49.6\n\n\n40.7\n\n\n24.6\n\n\n41.7\n\n\n37.0\n\n\n \n\n\nIn 2010, AKITA converted three conventional rigs into pad rigs, upgraded\n the capacity of an existing pad rig and commenced the construction of a\n new pad rig.  This activity was followed in 2011 with the conversion of\n three additional conventional rigs into pad rigs and the completion of\n the pad rig which was started in 2010.  At year-end, the Company had\n one additional conventional rig undergoing conversion into a pad rig.\n\n\nAKITA is well positioned with the financial resources to accomplish its\n capital spending plans without having to strain its balance sheet or\n impair its commitment to excellence.  In addition to having $18,228,000\n in cash and $9,500,000 in term deposits at December 31, 2011, the\n Company has also established a long-term financing arrangement to\n provide up to $50,000,000 for capital and general corporate purposes.\n\n\nAKITA is strongly committed to the ongoing safety of its employees. \n Since inception, AKITA's annual safety performance has been better than\n industry averages.  In 2011, the Co...