AKITA Drilling Announces 2012 Earnings and Record Funds Flow
AKITA Drilling Ltd (AKT-A.TO) reported net income for the year ended December 31, 2012 was $28.7 million or $1.60 per share (basic and diluted) on revenue of $239.65 million. Comparative figures for 2011 were $23.35 million or $1.29 per share (basic and diluted) on revenue of $199.93 million. Funds flow from operations for the current year was $59.4 million as compared to $42.9 million in 2011, while net cash from operating activities for 2012 was $55.6 million as compared to $34.2 million in 2011. AKITA achieved record revenue, funds flow from operations and net cash from operating activities in 2012.
It said: "AKITA's rig utilization rate has traditionally been higher than the industry average and 2012 was no exception. Although conventional rig activity was negatively affected by low natural gas prices and waning hydrocarbon liquids prices, pad rigs consistently achieved utilization that confirmed this category of assets as AKITA's most highly sought after rig class. To date, AKITA's heavy oil pad rigs have not been negatively affected by widening differentials in the price of Canadian heavy oil compared to other oil prices."
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