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Cabo Announces Record 3rd Quarter Results

North Vancouver, BC – Cabo Drilling Corp. (“Cabo” or the “Company”) (TSX-V:CBE) today reported results for its third quarter ended March 31, 2008.

 3rd QUARTER HIGHLIGHTS

Cash from operations*

(CDN $000s, except earnings per share)
 
3 months ending  Dec 31-07 3 months ending   Dec 31-06 6 months ending
Dec 31-07
6 months ending
Dec 31-06
 Revenue  16,037 8,896   44,011 21,228 

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

 1,860 644 6,062  523 
 Net Earnings (Loss) Before Taxes  1,095 214  4,066  1,268 
 Net Earnings (Loss) After Taxes  731 131  2,622  764 

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

 0.04 0.02 0.13  0.06 
 Earnings (Loss) per Share ($) Basic  0.02 0.00  0.05  0.02 
 Cash from operations*  1,422 505  4,335  1,777 
 Gross Margin %  22.8% 22.4%  24.6%  23.8% 
 Working Capital  7,437 3,661  7,437  3,661 


Last Updated: 05/30/2008