AKITA Drilling Ltd. Announces Year-to-Date Earnings and Cash Flow

CALGARY, April 27, 2016 /CNW/ - AKITA Drilling Ltd.'s net income for the three months ended March 31, 2016 was $18,173,000 ($1.01 per share basic & diluted) on revenue of $41,991,000 compared to net income of $4,218,000 ($0.24 per share basic; $0.23 per share diluted) on revenue of $46,715,000 for the corresponding period in 2015. Funds flow from operations for the quarter ended March 31, 2016 was $25,368,000 compared to $14,059,000 in the corresponding quarter in 2015. The current year to date results included significant contract cancellation revenue relating to an early termination of a multi-year contract.     

During the first quarter of 2016, crude oil prices remained volatile with price fluctuations for West Texas Intermediate ("WTI") ranging from $26.21 USD to $41.45 USD, pricing that was significantly below the 5 year WTI average. Natural gas prices (as per AECO spot prices) were also considerably weaker with a 30% reduction over the corresponding period of 2015. Prolonged low commodity prices have drastically reduced the capital spending by oil and gas companies, which has greatly impacted the level of drilling activity in western Canada. During the first quarter of 2016 the western Canadian active rig count was the lowest in over 15 years, declining from an average of 291 active rigs in Q1 of 2015 to 153 active rigs in Q1 of 2016.  Weak market conditions had a correspondingly significant impact on AKITA's activity levels and overall profitability from drilling operations, achieving only 598 operating days in the first quarter of 2016 compared to 1,635 operating days in the corresponding period of 2015. AKITA also experienced reductions in day rates ranging from 15% to 25% per rig category over the same time frame. AKITA's pad rig activity represented 78% of the total operating days, a percentage that was comparable to the first quarter of 2015.

Management's focus during 2015 and into 2016 has been to improve AKITA's already strong balance sheet. The Company improved working capital from $5,350,000 at March 31, 2015 to $30,759,000 at March 31, 2016. Included in the Company's March 31, 2016 working capital balance are cash and term deposits of $22,034,000. In addition, the Company has a $100,000,000 credit facility and no outstanding debt. Management has taken steps to reduce operating and capital costs wherever prudent. Capital expenditures for the first three months of 2016 were $373,000 compared to $5,017,000 for the corresponding period of 2015.

Management anticipates 2016 to continue to be a challenging year for the Company and the contract drilling industry as a whole. Despite current challenges, management believes that it has the resources to manage through this downturn while continuing to look for growth opportunities.

Selected information from AKITA Drilling Ltd.'s Management Discussion and Analysis from the Quarterly Report as follows:

Basis of Analysis in this MD&A, Non-Standard and Additional GAAP Items  

The Company reports its joint venture activities in the financial statements in accordance with International Financial Reporting Standards ("IFRS"), IFRS 11 "Joint Arrangements".  In determining the classification of its joint arrangements, AKITA considers whether the joint arrangements are structured through separate vehicles, if the legal form of the separate vehicles confers upon the parties direct rights to assets and obligations for liabilities relating to the arrangements, whether the contractual terms between the parties confer upon them rights to assets and obligations for liabilities relating to the arrangements as well as if other facts and circumstances lead to rights for assets and obligations for liabilities being conferred upon the parties to the arrangement prior to concluding that AKITA's joint ventures are properly classified as joint ventures rather than joint operations.  Under IFRS 11, AKITA is required to report its joint venture assets, liabilities and financial activities using the equity method of accounting.  However, for purposes of analysis in this MD&A, the proportionate share of assets, liabilities and financial activities is included as non-standard information ("Adjusted") where appropriate.  The Company provides the same drilling services and utilizes the same management, financial and reporting controls for its joint venture activities as are in place for its wholly owned operations.  None of AKITA's joint ventures are individually material in size when considered in the context of AKITA's overall operations.

During the three months ended March 31, 2016, the Company included a material contract cancellation fee in revenue. The effect of this fee has been excluded in the Company's adjusted revenue and operating margin analysis.

Operating margin, revenue per operating day, operating and maintenance expenses per operating day and operating margin per operating day are not recognized measures under IFRS.  Management and certain investors may find such operating margin data to be a useful measurement tool, however, as it provides an indication of the profitability of the business prior to the influence of depreciation, overhead expenses, financing costs and income taxes.  Management and certain investors may find "per operating day" measures for revenue and operating margin indicate pricing strength while operating and maintenance expenses per operating day demonstrates a degree of cost control and provides a proxy for specific inflation rates incurred by the Company.  Readers should be cautioned that in addition to the foregoing, other factors, including the mix of rigs that are utilized between conventional and pad and singles, doubles and triples can also influence these results.  Readers should also be aware that AKITA includes standby revenue in its determination of "per operating day" results.

Funds flow from operations is considered as an additional GAAP measure under IFRS.  AKITA's method of determining funds flow from operations may differ from methods used by other companies and includes cash flow from operating activities before working capital changes as well as equity income from joint ventures adjusted for income tax amounts paid during the period.  Management and certain investors may find funds flow from operations to be a useful measurement to evaluate the Company's operating results at year-end and within each year, since the seasonal nature of the business affects the comparability of non-cash working capital changes both between and within periods. 

Revenue and Operating & Maintenance Expenses

$Million





Three Months Ended March 31

2016

2015

Change

% Change

Revenue per Interim Financial Statements

42.0

46.7

(4.7)

(10%)

Proportionate Share of Revenue from Joint Ventures(1)

5.7

12.8

(7.1)

(55%)

Contract Cancellation Revenue

(28.3)

-

(28.3)

N/A

Adjusted Revenue(1)

19.4

59.5

(40.1)

(67%)






$Million





Three Months Ended March 31

2016

2015

Change

% Change

Operating & Maintenance Expenses per Interim Financial Statements

9.2

31.2

(22.0)

(71%)

Proportionate Share of Operating & Maintenance Expenses from Joint Ventures(1)

3.1

8.3

(5.2)

(63%)

Adjusted Operating & Maintenance Expenses (1)

12.3

39.5

(27.2)

(69%)






$Million





Three Months Ended March 31

2016

2015

Change

% Change

Adjusted Revenue(1)

19.4

59.5

(40.1)

(67%)

Adjusted Operating & Maintenance Expenses(1)

12.3

39.5

(27.2)

(69%)

Adjusted Operating Margin(1)(2)

7.1

20.0

(12.9)

(65%)






$Dollars





Three Months Ended March 31

2016

2015

Change

% Change

Adjusted Revenue per Operating Day(1)

32,462

36,393

(3,931)

(11%)

Adjusted Operating & Maintenance Expenses per Operating Day(1)

20,564

24,165

(3,601)

(15%)

Adjusted Operating Margin per Operating Day(1)

11,898

12,228

(330)

(3%)

(1)

Proportionate share of revenue from joint ventures, adjusted revenue, proportionate share of operating & maintenance expenses from joint ventures, adjusted operating & maintenance expenses, adjusted operating margin, adjusted revenue per operating day, adjusted operating & maintenance expenses per operating day and adjusted operating margin per operating day are non-standard accounting measures.  See commentary in "Basis of Analysis in this MD&A, Non-Standard and Additional GAAP Items".

(2)

Adjusted operating margin is the difference between adjusted revenue and adjusted operating & maintenance expenses.

 

During the first quarter of 2016, adjusted revenue decreased to $19,412,000 ($32,462 per day) from $59,502,000 ($36,393 per day) during the first quarter of 2015.  This reduction in adjusted revenue was directly attributable to weaker market conditions that broadly influenced AKITA's financial results. Revenue generated by pad triples decreased by 66% in the first quarter of 2016 when compared to the corresponding period of 2015, which had the largest impact on adjusted revenue as revenue from this rig category accounted for 71% of total adjusted revenue. Market conditions were weak enough that AKITA's conventional triples and pad doubles generated no revenue in the first quarter of 2016. Weaker market conditions affected both the amount of work for each rig category as well as the rates that were achieved which is highlighted by the reduction in adjusted revenue per day. 

While overall adjusted revenue for the first quarter of 2016 declined by 67% compared to the corresponding quarter in 2015, unadjusted revenue per the financial statements decreased by only 10%. Offsetting the reduction in adjusted revenue was contract cancellation revenue of $28,250,000 (Q1, 2015 - $0) relating to a multi-year contract that was cancelled in January of 2016 for one of AKITA's pad triple rigs. Payment of the contract cancellation fee was divided into three payments, including the first which was received during the first quarter. The remaining amounts are included in current and long-term receivables on the Company's Statement of Financial Position. 

Adjusted operating and maintenance costs are tied to revenue and amounted to $12,297,000 ($20,564 per operating day) during the first quarter of 2016 compared to $39,509,000 ($24,165 per operating day) during the same period of the prior year. While the reduction in adjusted operating and maintenance costs as a whole is related to fewer operating days, the reduction in the per operating day amount relative to the comparative period in 2015 was a result of enhanced cost controls implemented by AKITA over the last year combined with the change in the mix of rigs that worked.

The adjusted operating margin for the Company decreased to $7,115,000 in the first quarter of 2016 from $19,993,000 during the corresponding quarter of 2015.  The reduction in adjusted operating margin directly resulted from weaker drilling activity during the quarter. When considered on a "per operating day basis", the adjusted operating margin during the first quarter of 2016 was only 3% lower than during the corresponding first quarter of 2015 as cost controls and rig mix had a greater effect on AKITA's operating costs on a per day basis compared to the reduction in adjusted revenue per day which decreased 15% over the same period.

Depreciation and Amortization Expense

$Million





Three Months Ended March 31

2016

2015

Change

% Change

Depreciation and Amortization Expense

6.3

9.1

(2.8)

(31%)

 

Depreciation and amortization expense decreased to $6,275,000 during the first quarter of 2016 from $9,068,000 during the corresponding period in 2015.  AKITA depreciates its rig fleet on a unit of production basis and the reduction in depreciation and amortization was directly correlated to the reduction in overall drilling days.  In the first quarter of 2016, drilling rig depreciation accounted for 96% of total depreciation expense (Q1, 2015 - 96%). 

While AKITA conducts some of its drilling operations via joint ventures, the drilling rigs used to conduct those activities are owned jointly by AKITA and its joint venture partners, and not by the joint ventures themselves.  Therefore, the joint ventures do not hold any property, plant, or equipment assets directly.  Consequently, the depreciation balance reported above includes depreciation on assets involved in both wholly owned and joint ventured activities.

Selling and Administrative Expense

$Million





Three Months Ended March 31

2016

2015

Change

% Change

Selling & Administrative Expense per Interim Financial Statements

4.0

4.7

(0.7)

(15%)

Proportionate Share of Selling & Administrative Expense from Joint Ventures(1)

0.1

0.1

-

0%

Adjusted Selling & Administrative Expense(1)

4.1

4.8

(0.7)

(15%)

(1)

Proportionate share of selling and administrative expense from joint ventures and adjusted selling and administrative expense are non-standard accounting measures.  See commentary in "Basis of Analysis in this MD&A, Non-Standard and Additional GAAP Items".

 

Adjusted selling and administrative expenses were 21% of adjusted revenue in the first quarter of 2016 compared to 8.1% of adjusted revenue in the first quarter of 2015, largely as a result of decreased adjusted revenue in 2016 and the fixed nature of most selling and administrative expenses. Salaries and benefits accounted for 51% of these expenses (58% in Q1, 2015). 

Equity Income from Joint Ventures

$Million





Three Months Ended March 31

2016

2015

Change

% Change

Proportionate Share of Revenue from Joint Ventures(1)

5.7

12.8

(7.1)

(55%)

Proportionate Share of Operating & Maintenance Expenses  from Joint Ventures(1)

3.1

8.3

(5.2)

(63%)

Proportionate Share of Selling & Administrative Expense from Joint Ventures(1)

0.1

0.1

-

0%

Equity Income from Joint Ventures

2.5

4.4

(1.9)

(43%)

(1)

Proportionate share of revenue from joint ventures, proportionate share of operating & maintenance expenses from joint ventures and proportionate share of selling & administrative expense from joint ventures are non-standard accounting measures.  See commentary in "Basis of Analysis in this MD&A, Non-Standard and Additional GAAP Items".

 

The Company provides the same drilling services and utilizes the same management, financial and reporting controls for its joint venture activities as are in place for its wholly owned operations.  The analyses of these activities are incorporated throughout the relevant sections of this MD&A.  Joint venture activities are often located in some of the most prospective regions in Canada.  Two thirds of rigs utilized by AKITA's joint ventures are pad drilling rigs.

Other Income (Losses)

$Million





Three Months Ended March 31

2016

2015

Change

% Change

Total Other Income (Losses)

0.0

(0.1)

(0.1)

(100%)

 

The Company invests any cash balances in excess of its ongoing operating requirements in bank guaranteed highly liquid investments. Interest income increased to $248,000 in the first three months of 2016 from $31,000 in the corresponding period of 2015 as a result of higher cash balances and the investment in term deposit balances as well as accrued interest on a long term receivable relating to the contract cancellation discussed above.

In the first quarter of 2016, the Company recorded interest expense of $40,000 related to the future cost of the Company's unfunded defined benefit pension plan. During the corresponding quarter in 2015, AKITA recorded interest expense of $206,000 as a result of the Company's indebtedness as well as to accrue the related future cost of the Company's unfunded defined benefit pension plan.

During the first quarter of 2016, the Company sold ancillary assets for proceeds of $60,000 that resulted in a loss of $27,000 during the quarter. During the corresponding quarter of 2015, assets were sold for $705,000 resulting in a loss of $190,000.

Of the amounts recorded as "Net Other Gains (Losses)" during the first quarter of 2016, $197,000 related to the discount of the long term receivable associated with the contract cancellation fee. During the corresponding quarter in 2015, approximately 80% ($184,000) of amounts recorded as "Net Other Gains" during the first quarter were related to foreign exchange, both realized and unrealized, that were associated with ongoing rig construction.

Income Tax Expense

$Million





Three Months Ended March 31

2016

2015

Change

% Change

Current Tax Expense

6.1

1.4

4.7

336%

Deferred Tax Expense

0.8

0.3

0.5

167%

Income Tax Expense

6.9

1.7

5.2

306%

 

Income tax expense increased to $6,895,000 in the first quarter of 2016 compared to $1,717,000 in the corresponding period in 2015 due to higher pre-tax earnings.

Net Income, Funds Flow and Net Cash From Operating Activities

$Million





Three Months Ended March 31

2016

2015

Change

% Change

Net Income

18.2

4.2

14.0

333%

Funds Flow From Operations(1)

25.4

14.1

11.3

80%

(1)

Funds flow from operations is an additional GAAP measure under IFRS.  See commentary in "Basis of Analysis in this MD&A, Non-Standard and Additional GAAP Items".

 

Net income attributable to shareholders increased to $18,173,000 ($1.01 basic and diluted earnings per share) for the first quarter of 2016 from $4,218,000 ($0.24 basic earnings per share / $0.23 diluted earnings per share) in the first quarter of 2015.  Funds flow from operations increased to $25,368,000 in the first quarter of 2016 from $14,059,000 during the corresponding quarter in 2015.  Higher net income in 2016 was directly attributable to contract cancellation revenue and lower depreciation expense which more than offset the effects of reductions in drilling activity and reduced day rates.  Funds flow from operations was similarly affected by the contract cancellation revenue; however, as funds flow from operations is not affected by depreciation expense, the increase in funds flow compared to the corresponding quarter during 2015 was less than the increase to net income.

The following table reconciles funds flow and cash flow from operations:

$Million





Three Months Ended March 31

2016

2015

Change

% Change

Funds Flow from Operations(1)

25.4

14.1

11.3

80%

Change in Non-Cash Working Capital

(3.6)

(3.5)

(0.1)

(3%)

Equity Income from Joint Ventures

(2.5)

(4.4)

1.9

43%

Change in Long-term Receivable

(9.3)

-

(9.3)

N/A

Interest Paid

-

(0.2)

0.2

100%

Current Income Tax Expense

6.1

1.4

4.7

336%

Income Tax Recoverable

(3.3)

(1.4)

(1.9)

(136%)

Net Cash from Operating Activities

12.8

6.0

6.8

113%

(1)

Funds flow from operations is an additional GAAP measure under IFRS.  See commentary in "Basis of Analysis in this MD&A, Non-Standard and Additional GAAP Items".

 

Fleet and Rig Utilization

AKITA had 31 drilling rigs during the first quarter of 2016, including ten that operated under joint ventures (27.725 net to AKITA), compared to 35 rigs (31.725 net) during the corresponding period of 2015 (1 new rig added and 5 rigs decommissioned).  There were no changes to the Company's rig fleet during the first quarter of 2016.






Three Months Ended March 31

2016

2015

Change

% Change

Operating Days

598

1,635

(1,037)

(63%)

Utilization Rate

21.2%

51.9%

(30.7)

(59%)

 

Liquidity and Capital Resources

Cash used for capital expenditures totalled $373,000 in the first quarter of 2016 (Q1 2015 - $5,017,000).  Current year-to-date capital expenditures were related to routine items. Approximately 70% of the prior year's first quarter capital expenditures was related to construction of a new pad rig which was completed in mid-2015. 

At March 31, 2016, AKITA's Statement of Financial Position included working capital (current assets minus current liabilities) of $30,759,000 compared to working capital of $5,350,000 at March 31, 2015 and working capital of $16,002,000 at December 31, 2015.  The seasonal nature of AKITA's business typically results in higher non-cash working capital balances at the end of the first quarter than at year-end due to the high seasonal activity levels encountered in the first quarter. Working capital at March 31, 2016 improved compared to March 31, 2015 as a result of cost control over capital and operating expenses as well as inclusion of the contract cancellation first payment receipt and receivables.

The Company did not have a normal course issuer bid in place during the first quarter of 2016 or 2015.

The Company chooses to maintain a conservative Statement of Financial Position due to the cyclical nature of the industry.  In addition to its cash and term deposit balances, the Company has an operating loan facility with its principal banker totalling $100,000,000 that is available until 2020.  Although the facility has been provided in order to finance general corporate needs, capital expenditures and acquisitions, management intends to access this facility primarily to enable the Company to explore expansion opportunities or to fund new rig construction requirements related to drilling contracts that it might be awarded.  The interest rate on the facility varies based upon the actual amounts borrowed, and ranges from 0.45% to 1.45% over prime interest rates or 1.45% to 2.45% over guaranteed notes, depending on the preference of the Company.  The Company did not have any borrowings from this facility at March 31, 2016. 

The Company's objectives when managing capital are:

  • to safeguard the Company's ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders; and
  • to augment existing resources in order to meet growth requirements.

The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets.  In order to maintain or adjust its capital structure, the Company may adjust the amount of dividends paid to shareholders, repurchase shares, issue new shares, sell assets or take on long-term debt.  Since 1999, dividend rates have increased eight times with no decreases.  The last dividend increase was declared on March 5, 2014.

During the 10 year period since 2006, AKITA has repurchased 739,908 Class A Non-Voting shares through normal course issuer bids and issued 140,200 Class A Non-Voting shares upon exercise of stock options.

The Company had two rigs under multi-year contracts at March 31, 2016.  Of these contracts, one is anticipated to expire in 2017 and one in 2018.

From time to time, the Company may provide guarantees for bank loans to joint venture partners in respect of sales of rig interests to joint venture partners.  At March 31, 2016, AKITA provided $5,317,000 in deposits with its bank for those purposes (March 31, 2015 - $9,381,000 and December 31, 2015 - $5,978,000).  AKITA's security from its partners for these guarantees includes interests in specific rig assets.  These balances have been classified as restricted cash on the Consolidated Statements of Financial Position. 

Forward-Looking Statements

From time to time AKITA makes forward-looking statements.  These statements include but are not limited to comments with respect to AKITA's objectives and strategies, financial condition, results of operations, the outlook for the industry and risk management.

By their nature, these forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that the predictions and other forward-looking statements will not be realized.  Readers of this MD&A are cautioned not to place undue reliance on these statements as a number of important factors could cause actual future results to differ materially from the plans, objectives, estimates and intentions expressed in such forward-looking statements.

Forward-looking statements may be influenced by factors such as the level of exploration and development activity carried on by AKITA's customers; world crude oil prices and North American natural gas prices; weather; access to capital markets and government policies.  We caution that the foregoing list of factors is not exhaustive and that investors and others should carefully consider the foregoing factors as well as other uncertainties and events prior to making a decision to invest in AKITA.  Except as required by law, the Company does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by it or on its behalf.

Selected financial information for the company as follows:

AKITA Drilling Ltd.







Interim Consolidated Statements of Financial Position









Unaudited 


March 31


March 31


December 31

$ Thousands


2016


2015


2015

Assets







Current Assets








Cash

$

6,034

$

1,354

$

9,369


Term deposits


16,000


-


-


Accounts receivable


16,410


38,604


14,310


Income taxes recoverable


-


1,800


3,279


Prepaid expenses and other


663


983


75




39,107


42,741


27,033








Non-current Assets







Long-term receivable


9,323


-


-

Restricted cash


5,317


9,381


5,978

Other long-term assets


989


998


917

Investment in joint ventures


3,944


3,976


3,941

Property, plant and equipment


210,686


274,126


216,647

Total Assets

$

269,366

$

331,222

$

254,516

















Liabilities







Current Liabilities








Operating loan facility

$

-

$

19,814

$

-


Accounts payable and accrued liabilities


3,958


15,925


9,506


Deferred revenue


-


127


-


Dividends payable


1,525


1,525


1,525


Income taxes payable


2,865


-


-



8,348


37,391


11,031








Non-current Liabilities







Financial instruments


96


195


117

Deferred income taxes


19,951


27,409


19,203

Deferred share units


178


76


171

Pension liability


3,880


3,534


3,794

Total Liabilities


32,453


68,605


34,316









Shareholders' Equity







Class A and Class B shares


23,871


23,871


23,871

Contributed surplus


4,011


3,640


3,946

Accumulated other comprehensive loss


(244)


(280)


(244)

Retained earnings


209,275


235,386


192,627

Total Equity


236,913


262,617


220,200

Total Liabilities and Equity

$

269,366

$

331,222

$

254,516

 

AKITA Drilling Ltd.

Interim Consolidated Statements of Net Income and Comprehensive Income  


Unaudited 


 Three Months Ended March 31 

$ Thousands except per share amounts



2016


2015







Revenue


$

41,991

$

46,715








Costs and expenses







Operating and maintenance



9,154


31,244


Depreciation and amortization



6,275


9,068


Selling and administrative



3,963


4,711

Total costs and expenses



19,392


45,023








Revenue less costs and expenses



22,599


1,692








Equity income from joint ventures



2,455


4,379








Other income (loss)







Interest income



248


31


Interest expense



(40)


(206)


Loss on sale of assets



(27)


(190)


Net other (losses) gains



(167)


229

Total other income (loss)



14


(136)








Income before income taxes



25,068


5,935








Income taxes



6,895


1,717








Net income for the period attributable to shareholders 



18,173


4,218


Other comprehensive income



-


-








Comprehensive income for the period attributable to shareholders  


$

18,173

$

4,218















Earnings per Class A and Class B Share







Basic 


$

1.01

$

0.24


Diluted


$

1.01

$

0.23

 

AKITA Drilling Ltd.




Interim Consolidated Statements of Cash Flows







Unaudited 


 Three Months Ended March 31 

$ Thousands


2016

2015






Operating Activities




Net income and comprehensive income


$         18,173

$               4,218

Non-cash items included in net income and comprehensive income:





Depreciation and amortization


6,275

9,068


Deferred income taxes expense


748

356


Defined benefit pension plan expense


94

116


Stock options and deferred share units expense


72

69


Loss on sale of assets


27

190


Unrealized foreign currency loss


-

73


Unrealized gain on financial guarantee contracts


(21)

(31)

Funds flow from operations


25,368

14,059

Change in non-cash working capital


(3,604)

(3,487)

Equity income from joint ventures


(2,455)

(4,379)

Change in long-term receivable


(9,323)

-

Pension benefits paid


(8)

(8)

Interest paid


-

(170)

Income taxes expense  - current


6,147

1,361

Income taxes paid (recoverable)


(3,282)

(1,361)

Net cash from operating activities


12,843

6,015






Investing Activities




Capital expenditures 


(373)

(5,017)

Change in non-cash working capital related to capital


(1,353)

(7,267)

Net distributions from investment in joint ventures


2,452

6,617

Change in cash restricted for joint ventures


661

-

Change in term deposits


(16,000)

-

Proceeds on sale of assets


60

705

Net cash used in investing activities


(14,553)

(4,962)






Financing Activities




Change in operating loan facility


-

(186)

Dividends paid


(1,525)

(1,525)

Loan commitment fee paid


(100)

-

Net cash used in financing activities


(1,625)

(1,711)






Decrease in cash 


(3,335)

(658)

Cash, beginning of period


9,369

2,012






Cash, End of Period


$           6,034

$               1,354

 

SOURCE AKITA Drilling Ltd.

For further information: Murray Roth, Chief Financial Officer, (403) 292-7950

RELATED LINKS
http://www.akita-drilling.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890