HyperDynamics realizes positive cash flow from operations for December
Monday January 6, 9:01 am ET
SCS NuData(SM) Services production capacity and backlog continues to increase
HOUSTON--(BUSINESS WIRE)--Jan. 6, 2003-- HyperDynamics Corp., (OTCBB:HYPD - News), today announced that it has operated on a basis of positive cash flow from operations in the month of December 2002 with contribution margins on SCS NuData(SM) services exceeding $100,000 for the month.
SCS NuData(SM) services, announced on November 21, 2002, is the Company's integrated bundled service provided by its wholly owned subsidiary, SCS Corporation. This integrated service provides for cataloging, tracking, and transcribing seismic data and other relative information onto new storage platforms for oil company customers. The December increase in production occurred during a relatively slow time of year for the industry. The Company believes that this is a prelude to continued substantial increases in activity in 2003.
Harry Briers, Executive Vice President, commented, "As our backlog and active customer base continues to grow on a job by job basis, so does the potential for additional long-term contracts. Practically all of the oil companies we are servicing now are working with us towards larger and longer-term contractual business." Briers further stated, "We are continuing to increase our production capacity by strategically purchasing legacy tape drive equipment and continually developing our NuData(SM) software to process jobs more efficiently while adding new features requested by our customers. These strategies are beginning to pay off."
Kent Watts, Chief Executive Officer, stated, "The team effort we maintained in December, delivering quality services on an efficient production level basis, proves we are qualified and capable to take on substantial increases in NuData(SM) service business." He further stated, "We have the facility, strategic equipment, proprietary software, and the most professional and experienced personnel. All these factors working together allow us to provide a service that has the highest cost/benefit to the industry. As the industry continues to learn of our integrated capabilities and production capacity through our increased marketing efforts, we expect to be able to forecast increasing revenues together with positive cash flow from operations and start recording profits in the coming months." |
