MATRRIX Announces Second Quarter 2016 Results

• consolidated revenue of $932, down 63% from $2,494
• net loss of ($2,190), down 31% from ($3,197)
• adjusted EBITDA of ($723), up 57% from ($1,701)
• consolidated gross margin of $321 up 673% from ($56)

OUTLOOK

The principal business strategy of MATRRIX is to provide drilling technology services in Canada and the United States, while actively seeking investment opportunities to acquire additional existing, complimentary drilling technology and/or services businesses.  As at the date of this MD&A, the Corporation has 25 Horizontal and Directional Drilling Systems available for field deployment in Canada.

The industry in North America primarily uses large scale horizontal drilling to develop conventional and unconventional oil and liquids-rich natural gas plays. With uncertainty over commodity prices and related customer capital expenditure programs, customer capital spending and overall drilling activity levels in North America decreased substantially from highs set in 2014. Given the unprecedented extent of reductions in drilling activity during the second quarter of 2016, the Corporation experienced minimal activity. However, the Corporation is seeing increased results from sales efforts and a firming of overall industry activity forecasts, due partly from a more positive outlook in oil and natural gas prices, and improved cost structures and efficiencies being experienced by customers.

Canada

In western Canada, drilling activity during the second quarter of 2016 was at lows not seen in 30 years, and was the weakest quarter on record for drilling activity in the Western Canadian Sedimentary Basin (WCSB) (Source: Peters & Co.). During cyclical activity lows, Management continues to refine systems, processes and costs in all aspects of the business, while being responsible with spending and cash balances.

Focused sales efforts continue, with a renewed cautious optimism around activity levels in the second half of 2016. Assuming commodity prices and market access improves for WCSB based clients, Management expects continued activity improvements into 2017.

We remain focused on strong client relationships, solid service quality, and costs that are aligned with industry forecasted activity levels.

We continue to effectively manage our strong balance sheet and cash position, while assessing opportunities to improve our competitive position in the Canadian and North American markets.

USA

In order to preserve its strong balance sheet and cash position, the Corporation will remain opportunistic and disciplined while assessing any and all opportunities in this market.

President Richard Ryan states:

"After unprecedented low industry activity levels experienced in the second quarter of 2016, we're pleased to see renewed interest in drilling programs and client capital spending for the second half of 2016. Assuming the outlook for commodity prices hold and/or improve from current levels, we may see further industry activity improvement in 2017, with an eventual strengthening of pricing and utilization levels for MATRRIX.

Since introduction in mid-2015, MATRRIX has proven the value of its proprietary D²ROX^TM system as the cornerstone for all MATRRIX field operations, with clients recognizing the value of scientific, fact based decision making for their directional drilling operations. Industry adoption of new technology is often more successful in an activity challenged environment, where catalyst for change is high. We look forward to leveraging the scalability of D²ROX^TM as activity levels improve, delivering safe, disciplined, predictable, repeatable results to clients, while creating distance from MATRRIX competitors.

With no debt, and strong cash and working capital balances, our balance sheet remains solid. Our employees are positive, committed, and focused. They look forward to the challenge of managing higher levels of activity, and the opportunities that an industry upturn will bring."

FINANCIAL HIGHLIGHTS

		Three Months Ended				Six Months Ended
		June 30,				June 30,
(000's CAD $)		2016	2015	% Change		2016	2015	% Change
Revenue		7	391	(98%)		932	2,494	(63%)
EBITDA (i)		(702)	(1,121)	37%		(833)	(1,621)	49%
EBITDA per share
	Basic	(0.02)	(0.03)	33%		(0.03)	(0.05)	40%
	Diluted	(0.02)	(0.03)	33%		(0.03)	(0.05)	40%
Adjusted EBITDA (ii)		(662)	(1,023)	35%		(723)	(1,701)	57%
Adjusted EBITDA per share
	Basic	(0.02)	(0.03)	33%		(0.02)	(0.05)	60%
	Diluted	(0.02)	(0.03)	33%		(0.02)	(0.05)	60%
Net loss		(1,373)	(1,895)	28%		(2,190)	(3,197)	31%
Net loss per share
	Basic	(0.04)	(0.06)	33%		(0.07)	(0.10) Werbung Mehr Nachrichten zur MATRRIX ENERGY TECHNOLOGIES INC Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 11:57 - PR Newswire BH Macro Limited - Transaction in Own Shares 08:56 - PR Newswire BlackRock Latin American Investment Trust Plc - Portfolio Update 07:47 - PR Newswire Everest Global Plc - Result of AGM SolarBank    Wie die Revolution der sauberen Energie eine solide Investitionsmöglichkeit bieten könnte weiterlesen» Anzeige wo-site-teaser-box-16755_site-teaser-box_2024-04-25_09%253A00%253A00_2024-04-26_09%253A00%253A59