Business
AKITA Drilling Ltd. Announces Third Quarter Results
AKITA Drilling Ltd. Announces Third Quarter Results
About this update from Akita Drilling Ltd. Class A
[{"type":"text","content":"\n\n\n\n Nov. 1, 2010 (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, Nov. 1 /CNW/ - AKITA Drilling Ltd.'s net earnings for the three\n months ended September 30, 2010 were $1,814,000 ($0.10 per share) on\n revenue of $25,860,000 compared to $752,000 ($0.04 per share) on\n revenue of $20,871,000 for the corresponding period in 2009.  Funds\n flow from operations for the quarter ended September 30, 2010 was\n $7,258,000 compared to $3,169,000 in the corresponding quarter in 2009.\n\n\nEarnings for the nine months ended September 30, 2010 were $2,262,000\n ($0.12 per share) on revenue of $78,452,000.  Comparative figures for\n 2009 were earnings of $5,215,000 ($0.29 per share) on revenue of\n $80,448,000.  Funds flow from operations for the period was $18,082,000\n compared to $17,970,000 in the corresponding nine month period in 2009.\n\n\nDrilling activity has recovered from the all time lows seen in the third\n quarter of 2009.  While activity levels have improved, day rates still\n trail last year and remain well below levels experienced in the peak\n years of 2006 and 2007. Operating statistics for the first nine months\n of 2010 and 2009 are as follows:\n\n\n\n\n \n\n\nNumber of Drilling Rigs\n\n\nOperating Days\n\n\nOperating Days\n\n\n\n\n \n\n\nGross\n\n\nNet\n\n\n(Third Quarter)\n\n\n(Year-to-Date)\n\n\n\n\nCanadian \nOperations\n\n\n2010\n\n\n37\n\n\n34.225\n\n\n1,382\n\n\n3,938\n\n\n\n\n2009\n\n\n39\n\n\n36.225\n\n\n   808\n...