Business
AKITA Drilling Ltd. Announces First Quarter Results
AKITA Drilling Ltd. Announces First Quarter Results
About this update from Akita Drilling Ltd. Class A
[{"type":"text","content":"\n\n\n\n Apr. 30, 2010 (Canada NewsWire Group) -- AKITA Drilling Ltd.'s net earnings for the three months ended March 31, 2010 were $1,015,000 or $0.06 per share on revenue of $33,235,000. Comparative figures for 2009 were earnings of $3,908,000 or $0.21 per share on revenue of $41,696,000. Funds flow from operations for the period was $7,066,000 compared to $12,051,000 in 2009.\nWeak market conditions continued into the first quarter of 2010, resulting in lower than anticipated margins for the first quarter. Operating statistics for the first three months of 2010 and 2009 are as follows:\n\n\n >\n\n\nManagement is cautiously optimistic that drilling activity will increase in the second quarter of 2010. However, continued pressure on margins is anticipated until North American natural gas prices increase. The Company continues to pursue oil and gas opportunities across selected North American locations in addition to marketing rigs for potash projects. The demand for the Company's pad rigs remains a bright spot in this difficult market.\nThe Company has a strong balance sheet and has a broad range of first-class equipment, including eight pad rigs and three conventional rigs undergoing pad rig retrofits, and personnel to meet our customer requirements, both for the current market and as opportunities arise.\nSelected financial information for the Company is as follows:\n\n\n >\n\n\n\n%SEDAR: 00002868E\n\n\n\n","length":13529,"tagName":"div"}]