Business
MATRRIX Announces Second Quarter 2014 Financial Results
CALGARY , Aug. 28, 2014 /CNW/ - MATRRIX Energy Technologies Inc. ("MATRRIX" or the "Corpo...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n\nCALGARY, Aug. 28, 2014 /CNW/ - MATRRIX Energy Technologies Inc. (\"MATRRIX\" or the \"Corporation\") (TSX-V: MXX) announces financial results for the second quarter 2014.\n\nHIGHLIGHTS OF SECOND QUARTER 2014 (COMPARED WITH SECOND QUARTER 2013)\n\nOverall\n\n\nThe Corporation's concurrent job capacity was 23 directional and horizontal drilling systems (\"Systems\") during the quarter with 20 Systems in Canada and 3 in the US, as prior year had 19 Systems in Canada and 4 in the US \nachieved consolidated revenue of $4,733,657, up 39% from $3,415,087 \nconsolidated gross margins of 24%, up from 8% \nrecorded net loss of $612,558, down 66% from $1,789,873 \nachieved Adjusted EBITDA of $35,323, up from ($1,133,857) \ncapital expenditures of $379,585 (net of lost in hole replacements) primarily focused on motor related equipment, up from $53,462 \nmaintained a strong balance sheet with $6,611,641 of cash and cash equivalents and working capital of $7,841,440 at June 30, 2014 \nCanada\n\n\naverage job capacity of 20 Systems, up from 19 Systems \nachieved revenue of $3,673,492, up 57% from $2,339,055\n\na result of a 49% increase in operating1 days to 312 from 210 days \nand a 6% increase in average day rates to $11,774 from $11,138\nincrease in operating days was primarily a result of increased activity in the Cardium and Montney areas with existing customers during the quarter\nUS \n\n\nUS performance motor drilling revenue $402,703, flat from $406,756 \nUS directional and horizontal drilling operations achieved revenue of $657,462, down 2% as compared to $669,275\n\naverage job capacity of 3 Systems, down from 4 Systems \noperating days of 1181 with average revenue per day of $5,572 as compared to 62 operating days with an average day rate of $10,795 \ndecreased average revenue per day in Q2 2014 relates to the type of new customer work MATRRIX is providing in the Permian Basin (\"Permian\") that is expected to result in lower average revenue per day due to less intensive field supervision requirements \n\n\n\n\n\n1 MATRRIX calculates a stand-by or partial operating day as 0.5 day of an operating day.\n\n \n\nHIGHLIGHTS OF FIRST SIX MONTHS OF 2014 (COMPARED WITH FIRST SIX MONTHS OF 2013)\n\nOverall\n\n\nThe Corporation's concurrent job capacity was 23 Systems during the six months with 20 Systems in Canada and 3 in the US, a...