MATRRIX announces second quarter 2013 results

About this update from Stampede Drilling Inc.

[{"type":"text","content":"\n\n\nCALGARY, Aug. 27, 2013 /CNW/ - MATRRIX Energy Technologies Inc.\n (\"MATRRIX\" or the \"Corporation\") (TSX-V: MXX) announces financial\n results for the second quarter 2013.\n\n\nHIGHLIGHTS OF MATRRIX SECOND QUARTER 2013 (COMPARED WITH SECOND QUARTER\n 2012)\n\n\n\nAchieved revenue in Q2 of $3,415,087 up 192% from $1,169,954.\n\n\nGross margin percentage of 8%, down from 14% primarily resulting from\n USA fixed startup costs and higher Canadian operating costs.\n\n\nEBITDA of ($1,133,857) down 103% from ($558,111) primarily resulting\n from USA fixed startup costs and higher Canadian operating costs.\n\n\nThe Corporation maintained a strong balance sheet with $5,647,073 of\n cash and cash equivalents at June 30, 2013 and working capital of\n $8,759,581.\n\n\nThe Corporation's concurrent job capacity was 23 directional and\n horizontal drilling systems (\"Systems\") during the quarter with 19\n systems in Canada and 4 systems in the USA.\n\n\nDeployment of the first System to the field in the USA occurred in late\n April 2013 with a second System expected to be deployed in early\n September 2013.\n\n\nMATRRIX expects capital expenditures of approximately $2,800,000 during\n the remainder of 2013 for additional horizontal and directional\n drilling related equipment with approximately $1,500,000 having been\n incurred to the end of the quarter in 2013.\n\n\n\nHIGHLIGHTS OF MATRRIX FIRST HALF OF 2013 (COMPARED WITH FIRST HALF 2012)\n\n\n\nAchieved record revenue in the first half of 2013 of $9,552,657 up 45%\n from $6,598,724.\n\n\nGross margin percentage of 24% down from 26% primarily resulting from\n USA fixed startup costs and higher Canadian operating costs in Q2.\n\n\nEBITDA of ($442,098) down 251% from $292,309 primarily resulting from\n USA startup costs.\n\n\n\nFINANCIAL SUMMARY HIGHLIGHTS \n\n\n\n\n\n\n\n   \n\n\nThree Months Ended\n\n\n \n\n\nSix Months Ended\n\n\n\n\n \n\n\nJune 30, 2013\n\n\nJune 30, 2012\n\n\n% Change\n\n\n \n\n\nJune 30, 2013\n\n\nJune 30, 2012\n\n\n% Change\n\n\n\n\nRevenue  \n\n\n$3,415,087\n\n\n$1,169,954\n\n\n192%\n\n\n \n\n\n$9,552,657\n\n\n$6,598,724\n\n\n45%\n\n\n\n\nEBITDA \n\n\n(i)\n\n\n($1,133,857)\n\n\n($558,111)\n\n\n-103%\n\n\n \n\n\n($442,098)\n\n\n$292,309\n\n\n-251%\n\n\n\n\nEBITDA per share\n\n\n \n\n\n \n\n\n \n\n\n&#...

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