Business
Saxon announces second quarter results
TSX Symbol: SES All amounts are expressed in U.S. dollars unless otherwise noted CALGARY, July 31...
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, July 31 /CNW/ - Saxon Energy Services Inc. ("Saxon" or the\n"Corporation") is pleased to announce its second quarter results.\n\n\nFor the second quarter of 2008 the Corporation generated $73.3 million in\nrevenue and net earnings of $6.8 million ($0.08 per diluted share) compared to\nrevenue of $56.6 million and net earnings of $4.6 million ($0.05 per diluted\nshare) in the second quarter of 2007. On a year-to-date basis, the Corporation\ngenerated $145.5 million in revenue and net earnings of $11.9 million ($0.14\nper diluted share) compared to revenue of $111.6 million and net earnings of\n$12.6 million ($0.15 per diluted share) in the prior year.\n\n\nHighlights\n----------\n Three months ended Six months ended\n June 30 June 30\n($000's except per\n share amounts and 2008 2007 % 2008 2007 %\n operating data) -----------------------------------------------------\n\nRevenue 73,302 56,635 29 145,462 111,560 30\nEBITDAS (1) 18,409 13,755 34 37,070 32,784 13\nOperating\n earnings (2) 12,908 8,284 56 24,196 22,103 9\nNet earnings 6,758 4,601 47 11,876 12,618 (6)\nCash flow from\n operations 13,725 16,325 (16) 29,639 30,714 (4)\n -----------------------------------------------------\nEBITDAS per\n share ($) (1)\n Basic 0.22 0.16 38 0.44 0.39 13\n Diluted 0.21 0.16 31 0.43 0.39 10\n -----------------------------------------------------\nNet earnings per\n share ($)\n Basic 0.08 0.05 60 0.14 0.15 (7)\n Diluted 0.08 0.05 60 0.14 0.15 (7)\n -----------------------------------------------------\nWeighted average\n share (000's)\n Basic 84,667 84,181 1 84,627 84,060 1\n Diluted 86,581 85,554 1 85,890 84,866 1\n -----------------------------------------------------\nRevenue per\n operating day (3) 22.4 18.4 22 21.8 18.1 20\nOperating\n days (4) (5) 3,272 3,049 7 6,679 6,123 9\nAvailable days (5) 4,880 4,291 14 9,624 8,405 15\n -----------------------------------------------------\nUtilization 67% 71% 69% 73%\n\n\nOverview\n\nRevenue for the second quarter of 2008 was $16.7 million (29%) higher than\nthe second quarter of 2007. Operating days increased by 7%, driven by rig\nfleet expansion in the U.S. and Mexico and rig redeployments in South America,\nbut was partially offset by a decline in activity in Ecuador....