Stock Quote Cabo Drilling Corp.
TSX-V: CBE.V > 0.01 View Stock Info >
FWB: DHL.F > 0.01 View Stock Info >
Cabo Banner
Request a Quote
Drilling Services Request for Tender
 
Newsletter Sign Up
Subscribe here to receive our latest news releases
 

By clicking Sign Up, you consent to receive electronic messages from Cabo Drilling Corp., including invitations to programs and events and other notifications.

 
printPrint PDFPDF EmailEmail

Cabo Announces Filing of Amended 4th Qtr and Annual Financial Statements and Related MD&A

Cabo Drilling Corp. (“Cabo” or the “Company”) (TSX-V: CBE) reports it has filed amended financial statements and management discussion and analysis (MD&A) for the 4th Quarter and for the Year Ended June 30, 2010, as the Company discovered an error in the calculation of its weighted average number of common shares outstanding.

The Company’s weighted average, number of common shares outstanding, at June 30, 2010 is revised from 60,340,680 to 52,705,458.  This correction has resulted in the Company realizing a loss per share of $0.028 (rounded to $0.03) and not $0.024 (rounded to $0.02) as previously reported.  Amended 4th quarter and annual highlights are stated below.

 4th QUARTER & ANNUAL HIGHLIGHTS

(CDN $000s, except earnings per share)

3 months ending
June 30-10

3 months ending
June 30-09

FY 2010

FY 2009

Revenue

8,158

6,197

28,986

41,162

Net Earnings (Loss) Before Interest, Tax, Amortization,  Stock-based Compensation and Other Items (EBITDA)

74

(62)

1,546

3,981

Net Earnings (Loss) Before Taxes

(819)

(1,028)

(2,208)

(408)

Net Earnings (Loss) After Taxes

(107)

(1,192)

(1,496)

(847)

Earnings (Loss) per Share ($) Basic Before Interest, Tax, Amortization, Stock-based Compensation and Other Items (EBITDA)

0.00

0.00

0.03

0.08

Earnings (Loss) per Share ($) Basic

0.00

(0.02)

(0.03)

(0.02)

Cash from Operations*

(60)

(339)

1,057

2,060

Gross Margin %

19.4%

28.4%

25.3%

26.7%

Working Capital

5,744

4,578

5,744

4,578

 * before changes in non-cash working capital items

Cabo has identified the cause of the error and has taken steps to correct the problem and prevent future misstatements.  The amended financial statements and MD&A for the 4th Quarter and for the Year Ended June 30, 2010, are available on the Company’s website www.cabo.ca and on SEDAR www.sedar.com.

About Cabo Drilling Corp. (TSX-V: CBE)
Cabo Drilling Corp. is a drilling services company headquartered in North Vancouver, British Columbia, Canada.  The Company provides mining related and specialty drilling services through its Canadian divisions in Surrey, British Columbia; Montréal, Quebec; Kirkland Lake, Ontario; and Springdale, Newfoundland; as well as Cabo Drilling (Panama) Corp. of Panama, Republic of Panama; Cabo Drilling Spain S.L. of Sevilla,
 
Spain; Balkan States Drilling SH.P.K. of Tirana, Albania; and Cabo Drilling (International) Inc.  The Company’s common shares trade on the Frankfurt Exchange under the symbol: DHL and on the TSX Venture Exchange under the symbol: CBE.

ON BEHALF OF THE BOARD

John A. Versfelt
Chairman, President and CEO

Further information about the Company can be found on the Cabo website (http://www.cabo.ca) and SEDAR (www.sedar.com) or by contacting Sheri Barton, Corporate Communications at 403-217-5830 or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.  For general investor relation inquiries you may also contact Renmark Financial Communications Inc. Barbara Komorowski: bkomorowski@renmarkfinancial.com or Arash Shahi: ashahi@renmarkfinancial.com at Tel: 514-939-3989 or 416-644-2020.

*    *    *    *

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.  This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing.  Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties.  Actual results may differ materially from those currently anticipated in such statements.


Last Updated: 11/02/2010