Business
/R E P E A T -- AKITA Drilling Ltd. Announces 2011 Second Quarter Earnings and Funds Flow/
Commencing with the first quarterly report earlier this year, all financial information is r...
About this update from Akita Drilling Ltd. Class A
[{"type":"text","content":"\n\n\n\n\n\nCommencing with the first quarterly report earlier this year, all\n financial information is reported for the Company in accordance with\n IFRS including for comparative periods except where noted.\n\n\nCALGARY, July 29, 2011 /CNW/ - AKITA Drilling Ltd.'s net income for the\n three months ended June 30, 2011 was $1,498,000 ($0.08 per share) on\n revenue of $31,651,000 compared to a net loss of $319,000 ($0.02 per\n share) on revenue of $25,288,000 for the corresponding period in 2010.\n Funds flow from operations for the quarter ended June 30, 2011 was\n $3,239,000 compared to $5,120,000 in the corresponding quarter in 2010\n and included a one-time tax impact of $2,432,000, related to the\n repatriation earlier this year of one of the Company's rigs from Alaska\n into Canada.\n\n\nNet income for the six months ended June 30, 2011 was $9,450,000 ($0.52\n per share) on revenue of $89,095,000. Comparative figures for 2010\n were net income of $398,000 ($0.02 per share) on revenue of\n $69,253,000. Funds flow from operations for the January to June period\n in 2011 was $16,952,000 compared to $12,764,000 for the comparative\n period in 2010.\n\n\nAlthough the positive impact of the second quarter results was somewhat\n muted by a late break-up coupled with an unseasonably wet June in many\n locations, overall market conditions continued to develop in an\n encouraging manner. This was evidenced both through increased activity\n levels and improved day rates compared to the corresponding period last\n year. Operating statistics for the first six months of 2011 and 2010\n are as follows:\n\n\n\n\n\nNumber of Drilling Rigs\n\n\nOperating Days\nYear-to-Date\n\n\nGross\n\n\nNet\n\n\nCanadian Operations\n\n\n2011\n\n\n37\n\n\n34.075\n\n\n3,002\n\n\n2010\n\n\n37\n\n\n34.225\n\n\n2,556\n\n\nU.S. Operations \n\n\n2011\n\n\n0\n\n\n0.0\n\n\n 0\n\n\n2010\n\n\n2\n\n\n1.0\n\n\n 18\n\n\nTotal\n\n\n2011\n\n\n37\n\n\n34.075\n\n\n3,002\n\n\n2010\n\n\n39\n\n\n35.225\n\n\n2,574\n\n\nDuring the second quarter, the Company completed construction of its\n newest pad rig and deployed it into the Wood Buffalo region of\n north-eastern Alberta where it is drilling for heavy oil under a\n multi-year contract. As well, AKITA completed the retrofit of the rig\n redeployed from Alaska in the first quarter of 2011. Wet weather\n delayed the initial re...