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.
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