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17.04.2018 22:35
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Energold Drilling Group Announces Fourth Quarter & Fiscal 2017 Financial Results
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Canada NewsWire
VANCOUVER, April 17, 2018
Trading Symbol: "EGD: TSX.V"
VANCOUVER, April 17, 2018 /CNW/ - Energold Drilling Corp. ("Energold" or "the Company") announces annual revenue in 2017 of $75.0 million across all business divisions, compared to 2016 revenue of $65.4 million, representing an increase of 14.6% on a year over year basis. Improving fundamentals including recovering commodity prices led to the improvement in revenue and activity in the Company's core mineral and oil & gas drilling markets. Mineral drilling revenue rose 22.2% in 2017 compared to 2016 while revenue in the oil and gas drilling business increased by 24.4% compared to 2016.
There were substantial improvements in certain regions during the year and market improvements in general strengthened considerably throughout 2017 that carried over into early 2018. The Company's geographic and market diversification efforts continue to pay off in the green and infrastructure drilling markets.
In 2017, the Company's overall gross margin was 14.4% compared to 14.1% in 2016. Continued overhead cost containment and increases in activity levels were partially offset with start-up costs and increased usage of working capital to begin new programs, namely in the mineral, green and infrastructure drilling markets. The net loss in 2017 was $17.6 million or ($0.32) per share compared to an adjusted net loss of $18.6 million or ($0.36) per share in 2016. At the end of 2017, Energold's balance sheet had $7.7 million in cash and $51.5 million in working capital.
| 2017 Annual Results Comparison ($CAD '000s except per-share amounts) | |||||
| | |||||
| | For three months ended December 31 | For the year ended December 31 | |||
| | 2017 | 2016 | 2017 | 2016 | |
| Revenue | $ | $ | $ | $ | |
| | Mineral | 10,948 | 8,857 | 45,295 | 37,075 |
| | Energy | 5,056 | 4,034 | 22,681 | 18,229 |
| | Manufacturing | 2,279 | 1,448 | 7,004 | 10,096 |
| | 18,283 | 14,339 | 74,979 | 65,400 | |
| Net (Loss) Income | | | | | |
| | Mineral | (704) | 1,043 | (2,402) | (2,273) |
| | Energy | (2,406) | (865) | (6,517) | (7,457) |
| | Manufacturing | (1,194) | (1,655) | (3,912) | (5,023) |
| | Corporate | (1,614) | (2,434) | (4,767) | (3,808) |
| | (5,918) | (3,911) | (17,598) | (18,561) | |
| Loss Per Share | | | | | |
| | Basic and diluted | (0.11) | (0.07) | (0.32) | (0.36) |
| | | | | | |
| EBITDA* | (2,900) | (787) | (5,618) | (5,250) | |
| | |||||
| | As of December 31, 2017 | As of December 31, 2016 | |||
| Cash | 7,653 | 13,715 | |||
| Working Capital | 51,536 | 46,859 | |||
| * | EBITDA - Earnings before interest, taxes, depreciation and amortization (see non-IFRS (international financial reporting standards) |
MINERAL DRILLING DIVISION
Revenues increased to $45.3 million in 2017 from $37.1 million in 2016 as a result of a 27% increase in meters drilled. Average revenue per meter in 2017 was $154 compared to $159 in 2016. Although the market is recovering, there was still some excess rig capacity in the industry in 2017 that impacted pricing. As capacity utilization rises, pricing and margins are expected to expand, coupled with continued focus on low operating costs and increased productivity. The margin for the year ended December 31, 2017 was $5.7 million or 13%, compared to $4.9 million or 13% in the comparable period in 2016.
| Meters Drilled | ||||
| | ||||
| | Q4 2017 | Q4 2016 | 2017 Annual | 2016 Annual |
| Meters Drilled | 66,300 | 59,400 | 294,100 | 232,600 |
| Drill Rigs | 139 | 139 | 139 Werbung Mehr Nachrichten zur Energold Aktie kostenlos abonnieren
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