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Poseidon Concepts Falls 55%, Hits Record Low on 45% Drop in Net Income in Q3

Poseidon Concepts (PSN.TO), an energy equipment and services company, is down $7.24 today, to a record low of $5.98.

The company yesterday announced its Q3 results.

Had quarterly revenue of $41.1 million, an increase of 72% from the third quarter of 2011;

Had EBITDA of $26.6 million ($0.33 per basic and $0.32 per diluted share), a 32% increase $20.1 million in the third quarter of 2011;

Had net income of $7.8 million ($0.10 per basic and diluted share), a decrease of 45% from the third quarter of 2011, primarily attributable to a bad debt provision of $9.5 million.

Poseidon said the third quarter had been a mixed one for the company, with a slowdown in well completion activity in several of its main operating regions dampening our financial results.

Close to 16 million shares have been traded so far.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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