Results for 2021 Q3 /NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
CALGARY, AB, Nov. 9, 2021 /CNW/ - Cathedral Energy Services Ltd. (the "Company" or "Cathedral") (TSX: CET) announces its consolidated financial results for the three and nine months ended September 30, 2021 and 2020.
Dollars in 000's except per share amounts.
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities laws. For a full disclosure of forward-looking statements and the risks to which they are subject, see "Forward-Looking Statements" later in this news release.
2021 Q3 KEY TAKEAWAYS
- The Company completed the acquisition of Precision Drilling Corporation's directional drilling business and the assets of Valiant Energy Services Ltd. and these acquisitions along with internally generated growth increased the Company's Canadian market share to average 17.7% in 2021 Q3;
- As part of the Precision Drilling acquisition, the Company completed a marketing alliance with Precision;
- The capital program increased from $6,000 to $9,000 in part due to the investment of $3,000 from the Precision acquisition;
- The Company executed on its plan to deliver RapidFireTM Measurement-While-Drilling ("MWD") systems in both Canada and U.S.;
- Revenues increased by $15,137 or 303% from $4,990 in 2020 Q3 to $20,127 in 2021 Q3;
- Adjusted gross margin increased from 20% to 27%;
- Adjusted EBITDAS increased from $84 to $5,170. This was the highest quarterly Adjusted EBITDAS since 2018 Q3;
- Cathedral posted positive net income of $403, which was the first quarterly net income since 2018 Q3;
- These were the first results of the Company's plan to increase size and scale and a change in trajectory and strategic direction with a new leadership team in place.