Business
MATRRIX announces first quarter 2015 results and mailing of AGM materials
CALGARY , May 22, 2015 /CNW/ - MATRRIX Energy Technologies Inc. ("MATRRIX" or the "C...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n\nCALGARY, May 22, 2015 /CNW/ - MATRRIX Energy Technologies Inc. (\"MATRRIX\" or the \"Corporation\") (TSX-V: MXX) announces financial results for the three month period ended March 31, 2015.\n\nOVERALL HIGHLIGHTS\n\nFor the three months ended March 31, 2015 the Corporation experienced a significant decline in drilling and motor rental activity in both Canada and the US. The anticipated decline in overall operational activity was due to the overall decrease in capital expenditures by the Corporation's key customers and the industry as a whole, due to weak commodity prices.\n\nThe Corporation remains in a strong financial position with positive working capital of $7,589 including $5,422 of cash on hand as at March 31, 2015.\n\nFIRST QUARTER 2015 SUMMARY (Compared with the first quarter of 2014)\n\n\nAchieved total operating days of 199, down 77% from 873 \nAchieved consolidated revenue of $2,103, down 81% from $10,854 \nConsolidated gross margin of 10%, down 68% from 30% \nRecorded net loss of $1,302 down 220% from net income of $1,082 \nAdjusted EBITDA of ($678), down 135% from $1,924\n \n\n\n\n\n\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\n\n\nThree Months Ended\n\n\n\n\nMarch 31, 2015\n\n\nMarch 31, 2014(1)\n\n\n%Change\n\n\n\nRevenue\n\n\n\n2,103\n\n\n10,854\n\n\n(81%)\n\n\n\nEBITDA\n\n\n(i)\n\n\n(500)\n\n\n1,731\n\n\n(129%)\n\n\n\nEBITDA per share\n\n\n\n\n\n\n\n\nBasic\n\n\n(0.02)\n\n\n0.05\n\n\n(129%)\n\n\n\n\nDiluted\n\n\n(0.02)\n\n\n0.05\n\n\n(129%)\n\n\n\nAdjusted EBITDA \n\n\n(ii)\n\n\n(678)\n\n\n1,924\n\n\n(135%)\n\n\n\nAdjusted EBITDA per share\n\n\n\n\n\n\n\n\nBasic\n\n\n(0.02)\n\n\n0.06\n\n\n(135%)\n\n\n\n\nDiluted\n\n\n(0.02)\n\n\n0.06\n\n\n(135%)\n\n\n\nNet Income (loss)\n\n\n(1,302)\n\n\n1,082\n\n\n(220%)\n\n\n\nNet Income (loss) per share\n\n\n\n\n\n\n\nBasic\n\n\n(0.04)\n\n\n0.04\n\n\n(201%)\n\n\n\n\nDiluted\n\n\n\n(0.04)\n\n\n0.04\n\n\n(201%)\n\n\n\nFunds flow\n\n\n(iii)\n\n\n(713)\n\n\n1,876\n\n\n(138%)\n\n\n\nGross Margin\n\n\n(iv)\n\n\n204\n\n\n3,276\n\n\n(94%)\n\n\n\nCapital expenditures (net of lost in hole replacements)\n\n\n50\n\n\n1,035\n\n\n(95%)\n\n\n\nDirectional and horizontal systems available \n\n\n26\n\n\n23\n\n\n13%\n\n\n\nWeighted Average common shares outstanding\n\n\n32,185\n\n\n32,185\n\n\n-\n\n\n\nWeighted Average diluted common shares outstanding\n\n\n32,185\n\n\n32,189\n\n\n-\n\n\n\n\n...