Business
Saxon announces first quarter results
TSX Symbol: SES All amounts are expressed in U.S. dollars unless otherwise noted CALGARY, May 1 /...
About this update from Secure Waste Infrastructure Corp.
[{"type":"text","content":"\n\n\n\nTSX Symbol: SES\n\n\nAll amounts are expressed in U.S. dollars unless otherwise noted\n\n\nCALGARY, May 1 /CNW/ - Saxon Energy Services Inc. ("Saxon" or the\n"Corporation") is pleased to announce its first quarter results.\n\n\nFor the first quarter of 2008 the Corporation generated $72.2 million in\nrevenue and net earnings of $5.1 million ($0.06 per diluted share) compared to\nrevenue of $54.9 million and net earnings of $8.0 million ($0.10 per diluted\nshare) in the first quarter of 2007. In the first quarter of 2008 the\nCorporation recorded a provision of $1.5 million related to an assessment of\npenalties for prior years' value added tax in Venezuela which the Corporation\nbelieves is recoverable from a third party (see discussion below). Excluding\nthis exceptional provision, net earnings would have been $6.6 million ($0.08\nper diluted share).\n\n\nHighlights:\n-----------\n\n Three Months Ended March 31\n($000's, except per share and\n operating data) 2008 2007 %\n ----------------------------------\nRevenue 72,160 54,925 31\nEBITDAS(1) 18,661 19,029 (2)\nOperating earnings(2) 11,288 13,819 (18)\nNet earnings 5,118 8,017 (36)\nCash flow from operations 15,914 14,389 11\n ----------------------------------\nEBITDAS per share ($)(1)\n Basic 0.22 0.23 (4)\n Diluted 0.22 0.23 (4)\n ----------------------------------\nEarnings per share ($)\n Basic 0.06 0.10 (40)\n Diluted 0.06 0.10 (40)\n ----------------------------------\nWeighted average shares (000's)\n Basic 84,588 83,937 1\n Diluted 85,107 84,176 1\n ----------------------------------\nRevenue per operating day(3) 21.2 17.9 18\nOperating days(4)(5) 3,407 3,074 11\nAvailable days(5) 4,744 4,114 15\n ----------------------------------\nUtilization 72% 75%\n ---------------------\n\n\nOverview\n\n\nRevenue for the first quarter of 2008 was $17.2 million (31%) higher than\nthe first quarter of 2007. Operating days increased by 11%, driven by rig\nfleet expansion in the U.S. and Mexico and rig redeployments in South America,\noffset in part by the reduction in Canadian activity due to soft market\nconditions. Revenue per operating day was 18% higher than the first quarter of\n2007.\n\n\nOperating earnings did not reflect the $17.2 million increase in revenue.\nIncreases in activity and revenue per operating day added $11.4 million in\nrevenue an...