SERVICE SECTOR / Akita Drilling reports 1st 3 months Results
CALGARY, April 28 /CNW/ - AKITA Drilling Ltd. announced today that net
earnings for the three months ended March 31, 1998 were $4,639,000 or
$0.49 per share on revenue of $30,211,000. Comparative figures for 1997 were
earnings of $2,911,000 or $0.31 per share on revenue of $23,551,000. Cash flow
for the period was $6,159,000 or $0.65 per share as compared to $3,953,000 or
$0.41 per share in 1997.
The earnings and cash flow are record results for a first quarter for
AKITA. An early break-up in 1998 contributed to reduced first quarter
utilization of 75.3% for AKITA, which was down from 80.4% in the corresponding
period in 1997. Nevertheless, strong market conditions, which prevailed
throughout 1997, continued into the first quarter of 1998. |
