Precision Assessment reports record first quarter 2005 results
**Continuation of great results.
VANCOUVER, May 12 /CNW/ - Precision Assessment Technology Corporation
(TSX:PDT) today announced positive earnings results for the first quarter
ending March 31, 2005. All funds are in Canadian dollars unless otherwise
stated.
First Quarter Results: (Three months ended March 31, 2005, compared with
---------------------- three months ended March 31, 2004) are as follows:
<<
Three Months Ended Three Months Ended
March 31, 2005 March 31, 2004
-------------- --------------
Total Revenue $2,212,757 $1,996,712
Drilling Revenue $2,209,636 $1,528,123
EBITDA(*) $627,807 $18,237
Net Profit (Loss) $349,213 $(199,956)
EPS $0.01 $0.00
EBITDA per share $0.01 $0.00
Weighted average shares outstanding at March 31, 2005 were 55,994,793.
(*)Earnings before interest, taxes, depreciation, amortization
Note: A full set of Precision's Financial Statements for the quarter
ended March 31, 2005 can be found at www.sedar.com
Robert Nowack, Chairman and C.E.O., said, "We are extremely pleased with
our performance in the first quarter, especially in view of the fact that this
quarter typically experiences a seasonal dip due to slowdowns over the holiday
season. Revenue from drilling services was up 45% over the same period last
year while overall revenues increased 11% in the quarter due to the increase
in drilling revenues. Our two new large sonic rigs were fully deployed and our
two new EP Sonic rigs are performing better than expected. With more new rigs
scheduled to come on stream in 2005, we look forward to further improvements
in revenues and earnings over the balance of the year."
The first quarter growth is attributable to higher utilization rates on
equipment, meeting internal objectives, the quality and strength of the
Company's site characterization and remediation services, and securing larger
longer-term contracts. First quarter EBITDA results exceeded our internal
forecasts and produced net income of $349,189 versus a loss of $199,956 in the
corresponding quarter of 2004.
The Company's revenue growth this quarter is a very strong indication of
the organic growth we expect for 2005. In addition, the Company has begun
evaluating accretive acquisitions in major centres across the U.S.
Precision Assessment Technology Corporation provides drilling services
for site assessment and remediation and groundwater assessment, monitoring and
mitigation in the U.S. These services are provided using specialized and
innovative drilling and sampling equipment and technologies from offices in
California and Florida. Precision Assessment Technology Corporation operates
through its wholly-owned U.S. subsidiary, Precision Sampling, Inc. Further
information can be found at www.precisiontecha.com. Precision's common shares
are listed on the Toronto Stock Exchange under the symbol "PDT".
If you wish to receive company press releases via email, please advise
Alison Tullis at alison@chfir.com
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 Precision are forward-looking
statements that involve various risks and uncertainties. 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.
>>
%SEDAR: 00003754E
For further information: Please Contact: Robert (Bob) E. Nowack,
Chairman and Chief Executive Officer, Precision Assessment Technology
Corporation, Tel: (604) 669-3373, Ext 201; Cathy Hume, CEO, Investor Relations
Counsel, Cavalcanti Hume Funfer Inc., Tel: (416) 868-1079, Ext 231; Linda
Armstrong, Vice President, Investor Relations Counsel, Cavalcanti Hume Funfer
Inc., Tel: (416) 868-1079, Ext 229;
To request a free copy of this organization's annual report, please go to
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