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UPDATE: Pason Systems Down More Than 6% as Announces Q2 Results, 12 Month Capital Budget

Pason Systems Inc. (PSI.TO) announced today its 2011 second quarter results and also approved a capital budget for the twelve month period to June 30, 2012, which is expected to amount to approximately $64 million of which 66% will be for new equipment, 27% for maintenance capital expenditures and 7% for capitalized R&D costs. On its results, Pason said the oil and gas industry continues to actively pursue shale gas plays and new oil targets. It added this resulted in increases in drilling activity throughout North America, which helped Pason announce record second quarter revenue. Revenue was $62.4 million, up 22% from the $51.0 million recorded in 2010 while EBITDA at $25.9 million improved by 20%. Cash flow was $22.9 million, up 22% from the prior year and earnings continued to rebound from the slump of two years ago, with a second quarter result of $8.2 million versus $6.2 million last year. Earnings per share for the quarter was $0.09 up 12% from the $0.08 earned in 2010.

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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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