Business
/R E P E A T -- AKITA Drilling Ltd. Announces First Quarter Results/
CALGARY, April 28 /CNW/ - AKITA Drilling Ltd.'s net earnings for the three months ended March 31,...
About this update from Akita Drilling Ltd. Class A
[{"type":"text","content":"\n\n\n\nCALGARY, April 28 /CNW/ - AKITA Drilling Ltd.'s net earnings for the\nthree months ended March 31, 2009 were $3,908,000 or $0.21 per share on\nrevenue of $41,696,000. Comparative figures for 2008 were earnings of\n$7,647,000 or $0.42 per share on revenue of $47,382,000. Funds flow from\ncontinuing operations for the period was $12,051,000 compared to $14,274,000\nin 2008.\n\n\nWeak market conditions continued into the first quarter of 2009,\nresulting in the lowest rig utilization for a first quarter in AKITA's\nhistory. Operating statistics for the first three months of 2009 and 2008 are\nas follows:\n\n\n Number of\n Number of Rigs Wells Operating\n Gross Net Drilled Days\n-------------------------------------------------------------------------\nCanada 2009 38 35.725 156 1,472\n ------------------------------------------------------\n 2008 38 34.575 280 2,001\n-------------------------------------------------------------------------\nUnited States 2009 3 1.5 4 201\n ------------------------------------------------------\n 2008 3 1.5 1 58\n-------------------------------------------------------------------------\nTotal 2009 41 37.225 160 1,673\n ------------------------------------------------------\n 2008 41 36.075 281 2,059\n-------------------------------------------------------------------------\n\n\nOn April 4, 2009, the Company's management and employees were recognized\nfor their achievement in safety by being awarded a CAODC Safety Leadership\nAward at the Annual CAODC Safety Banquet. This was the ninth time in the past\nten years that AKITA's safety performance has been recognized by the industry.\n\n\nThere are no obvious signs of an imminent improvement in drilling\nactivity for the balance of this year. The Company is well positioned\nfinancially and has a broad range of first-class equipment and personnel to\nmeet our customer requirements once drilling conditions improve. Management\nhas placed an emphasis on ensuring its actions remain the most appropriate to\nmaintain the Company's mandate of being the best drilling contractor in the\nmarkets that it serves.\n\n\nSelected financial information for the Company is as follows:\n\n\n-------------------------------------------------------------------------\nConsolidated Balance Sheets\n-------------------------------------------------------------------------...