No dramatic turnaround in the near future, says Cabo Drilling

Cabo Drilling announced year end revenue down by almost half in its fiscal year end.

• Cabo Drilling generated revenues for fiscal 2014 of $23.01 million, a 46% decrease compared to the $42.53 million recorded in the comparable period in fiscal 2013.
• Revenue for the fourth quarter fiscal 2014 (“Q4 FY2014”) of $4.74 million compared to $8.91 million in the fourth quarter fiscal 2013 (“Q4 FY2013”).
• Gross margin percentage for the quarter was (20.8%) (with depreciation included in direct costs), compared with 16.0% in for the corresponding period last year.
• Negative EBITDA of $2.47 million for the quarter compared to $429,299 in Q4 FY2013, resulting in negative EBITDA per share of $0.03 for the quarter compared to $0.01 in Q4 FY2013.

The company said it closed its Montreal division and it’s reducing general and administration expenses.