VANCOUVER, Nov. 20 /CNW/ - Precision Assessment Technology Corporation
("PATC") (TSX: PDT) announced its financial results for the quarter ended
September 30, 2007. Results are late due to a changeover in IT Systems.
Results are as follows:
1, Revenue: Revenue for the three months ended
September 30, 2007 was $5,228,813 up from
$3,482,522 in the same period in 2006.
2, Operating Contributions: Operating Contribution for the three
months ended September 30, 2007 was
$1,099,528 as compared to $720,107 in the
same period in 2006. Operating
Contribution is income from operations
before corporate expenses, interest,
taxes, depreciation & amortization
generated by the operating subsidiaries
after taking into account their individual
operating expenses, including salaries and
3, Consolidated EBITDA Consolidated Earnings Before Interest,
and Net Income: Taxes, Depreciation, Amortization, non
cash currency translation adjustments and
non cash stock-based compensation was up
from the same period in 2006.
Net Loss before Tax $(451,526)
Depreciation & Amortization $ 774,938
Interest Expense $ 253,959
Stock based Compensation $ 39,255
Translation Losses $ 59,685
Tax Provision $ 21,306
EBITDA $ 658,362
Consolidated EBITDA from operations
(excluding other income) was $492,410 for
the same period in 2006.
Corporate Expenses continue to decline as anticipated. Florida and BC2
operations are performing well. Richmond California sales began to improve at
the end of Q3.
The rebuild of the two sonic rigs is now complete. The rigs have now been
re-outfitted with new drill heads. Both rigs began full time operation at the
end of Q3.
John Spisak, CEO, commented that "Operations continue to improve. Our
sales efforts are taking hold. Richmond is turned around. Both our large sonic
rigs are now operating and all accounting/administration has been transferred
from Canada to the U.S. which reduces costs in Canada. BC2 is also now fully
integrated and we are looking forward to completing the Spectrum acquisition.
I am therefore optimistic about results in the future."
PATC provides drilling services to the environmental, geotechnical and
construction industries for site assessment and remediation and groundwater
assessment, and utility installation in the U.S. These services are provided
using specialized and innovative drilling and sampling equipment and
technologies from offices in California and Florida. PATC operates through its
wholly owned U.S. subsidiary, Precision Sampling, Inc. and Trenchless
Specialties Inc. Further information can be found at www.precisiontecha.com.
PATC's common shares are listed on the Toronto Stock Exchange under the symbol
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release - including, without limitation, statements
regarding future plans and objectives of PATC are forward-looking statements
that involve various risks and uncertainties. Forward-looking statements in
this document are often, but not always, identified by the use of words such
as "anticipate" and "intend" and statements that an event or result "will"
occur or be achieved and other similar expressions. There can be no assurance
that such statements will prove to be accurate; actual results and future
events could differ materially from those anticipated in such statements.
For further information:
For further information: Tony Kirschner, Vice President, Corporate
Development, PATC, Tel: (604) 669-3373 (Ext. 208)