North Vancouver-based Cabo Drilling Corp. (TSX-V:CBE) has posted a 200% increase in earnings for 2012’s first quarter.
Cabo reports Q1 2012 EBITDA of $3.05 million, compared with $1.01 million in the same period last year.
The company had also reported record earnings in Q1 2011.
Net earnings after taxes were a record $1.52 million in Q1 2012; in Q1 2011 they were $198,000.
Revenue for Q1 2012 was $16.9 million compared with $10.3 million in the same quarter last year, an increase of 64%. EBITDA per share increased to $0.04 from $0.02 over Q1 2011.
The gross margin for Q1 2012 was 24.6% (Q1 2011: 24.0%), which Cabo president and CEO John Versfelt said is the level management expects to maintain or improve on for the remainder of fiscal 2012.
Cabo began operating in 2001. It is an international mineral and specialty drilling services provider with operations in North America, Albania, Panama and Colombia.
The company was recently awarded a 35,000-metre drill contract for work at Goldcorp Canada Ltd.’s Musselwhite Mine in northern Ontario.
As of press time, Cabo’s share price was up 55% to $0.155.
Emma Crawford