Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: stevedhu who wrote (48058)	7/15/1999 7:49:00 PM
From: double-plus-good	Read Replies (1) of 95453

Tesco reports quarterly improvement in EBITDA & beginning of casing drilling tests. biz.yahoo.com Tesco Corporation Reports First Quarter Results CALGARY, July 15 /CNW-PRN/ - Tesco Corporation today reported that its net loss for the three months ended May 31, 1999 was $2.4 million, compared to net earnings of $2.0 million for the prior year's first quarter. << Millions of Cdn Dollars Three Months Three Months (unless noted) Ended May 31, Ended May 31, 1999 1998 Revenue $21.8 $35.6 EBITDA $0.5 $5.6 Net Earnings $(2.4) $2.0 Earnings per share - basic ($/share) $(0.08) $0.06 Earnings per share - fully diluted ($/share) $(0.08) $0.06 Capital Additions $1.3 $16.2 Working Capital $100.9 $75.3 Fully Diluted Shares Outstanding (millions) $34.8 $34.2 >> First quarter results were unfavourably impacted by spring breakup in Canada and the continued depressed levels of worldwide drilling activity caused by low oil prices. As a result, first quarter revenues of $21.8 million were $5.1 million lower than those reported in the fourth quarter of fiscal 1999. Despite the lower level of activity, cost saving measures implemented by the Corporation earlier in the year allowed the Corporation to generate positive earnings before interest expense, depreciation and taxes (EBITDA) of $0.5 million, compared with negative EBITDA of $5.1 million in the fourth quarter of fiscal 1999. Current highlights include: - commercial field trials of Tesoo's newest technology - casing drilling - will commence in July in both Canada and the U.S.A.; - underbalanced drilling operations have commenced in the U.S.A. and Argentina.

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