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CanElson Announces Third Quarter Financial Results, Initial 2014 Capital Program and Declares Third Quarter Dividend

CALGARY, ALBERTA – Nov. 7, 2013 – CanElson Drilling Inc. (TSX:CDI) today announced the financial results for the third quarter ending September 30, 2013 compared to a year earlier. CanElson also announced its initial 2014 capital program and declared a third quarter dividend of $0.06 per share.

THIRD QUARTER 2013 SUMMARY (compared with a year earlier)

  • Services revenue $66.2 million, up 17% from $56.7 million
  • EBITDA $23.1 million, up 5% from $22.1 million
  • Income attributable to shareholders of the Corporation $9.8 million, down 4% from $10.2 million
  • EPS (diluted) $0.12, down 8% from $0.13
  • Weighted average diluted shares outstanding 84.2 million, up 10% from 76.3 million
  • Declared third quarter dividend of $0.06 per share, up 20% from $0.05

NINE MONTHS ENDED 2013 SUMMARY (compared with a year earlier)

  • Services revenue $175.9 million, up 15% from $153.1 million
  • EBITDA $59.6 million, up 1% from $58.8 million
  • Income attributable to shareholders of the Corporation $24.9 million, down 16% from $29.7 million
  • EPS (diluted) $0.31, down 21% from $0.39
  • Weighted average diluted shares outstanding 79.9 million, up 6% from 75.2 million

Notably, CanElson’s US utilization for the third quarter increased to 81% from 79% during the same period of 2012 even though the overall US rig count was down approximately 7% at September 30, 2013 relative to September 30, 2012 (source: Baker Hughes). CanElson’s Canadian utilization rate in the third quarter of 2013 was 55% (2012: 62%), which exceeded the industry average of 41%. Overall, CanElson’s utilization was 65% during the third quarter of 2013, which was down slightly compared to third quarter 2012 levels of 68%.

For the first nine months ended September 30, 2013, CanElson’s US year-to-date utilization was 82% (2012: 79%), even though the overall US rig count was down approximately 10% for the nine months ended September 30, 2013 relative to September 30, 2012 (source:Baker Hughes). CanElson’s Canadian utilization rate was 48% (2012: 52%), or 1.17 times the industry average (2012: 1.22 times the industry average). Overall, CanElson’s utilization for the first nine months of 2013 was similar to 2012 levels at 62%.

“Despite the relatively flat drilling rig counts in North America, we continue to increase our market share in both Canada and the United States which is a reflection of our efficiencies in the drilling process and our modern drilling fleet,” stated Randy Hawkings, President and CEO of CanElson.

Read more: http://newsroom.canelsondrilling.com/press-releases/canelson-announces-third-quarter-financial-results-tsx-cdi-201311070909762001

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