SERVICE SECTOR / UNDERBALANCED DRILLING SYSTEMS reports 1997 Earnings
CALGARY, March 25 /CNW/ - UNDERBALANCED DRILLING SYSTEMS CORPORATION
(''UDSC'') announces today that:
During the year ended December 31, 1997 UDSC expended $3.8 million on
capital items including $0.9 million on deferred development and $2.8 million
on Exhaust gas processing (''EGP'') units. UDSC experienced a net loss of
$1.2 million ($0.18 per share) on revenues of $0.2 million.
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Year ending December 31, 1997
Eight months ending December 31, 1996
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Thousands of Dollars 1997 1996
-------------------- ---- ----
Revenue 228 58
Total Expenses 1,426 566
Net Loss 1,198 508
Operating Cash Outflow (i) 967 473
Per Share
---------
Loss per share 0.18 0.13
Cash outflow per share 0.15 0.12
Shares Outstanding (thousands)
------------------ 8,329 5,306
(i) Net loss plus amortization and depreciation
>>
UDSC had total assets of $10.1 million at December 31, 1997 of which $3.3
million were current assets. Liabilities included 0.5 million of current
liabilities and $1.2 million of convertible debentures. Shareholder's equity
totaled $8.4 million.
At December 31, 1997 capital assets included a completed EGP for
underbalanced drilling applications which commenced operations in October,
1997 and an EGP for tank purging applications which was completed in October,
1997. An additional EGP for underbalanced drilling applications commenced
commercial operations in February, 1998.
U.D.S.C.'s shares trade on the A.S.E. under the symbol UDS. |
