Betteryear2 wrote: OVERALL PERFORMANCE
The second quarter was our strongest Q2 since realigning our business back in 2015 and was a significant contributor to the Company’s strongest first six months over the same period. The success was driven by increased activity in the oil and gas sector, combined with revenue generated from the PNRL acquisition and Cordy’s JV partnership completed in 2020.
Compared to Q2-2020 where the company was faced with some of its toughest challenges to date, most notably, the global spread of the COVID-19 (“COVID-19”) pandemic, the second quarter of 2021 saw an increase in activity levels due to a successful COVID-19 vaccine rollout and the lifting of government restrictions.
The reopening of the economies around the globe has resulted in a return of oil and gas pricing to economical levels, and general business activity has started to slowly rebound as businesses and customers adapt to the new rules of doing business in the COVID-19 era.
Second Quarter Financial Summary:
- Revenue for the three and six months ended June 30, 2021 increased by 189% compared to the prior quarter and increased 29% for the year;
- total revenue of $6.1 million for the quarter, an increase of $4.0 million, or 189% compared to $2.1 million in 2020;
- total revenue of $12.6 million for the first half, an increase of $2.8 million, or 29% compared to $9.8 million in 2020;
- Operating earnings for the three and six months ended June 30, 2021 increased by 272% compared to the prior quarter and increased 25% for the year;
- total operating earnings of $1.6 million for the quarter compared to $0.4 million in 2020;
- total operating earnings of $2.4 million for the first half, an increase of $0.5 million, or 25% compared to $1.9 million in 2020;
- Net earnings (loss) for the three and six months ended June 30, 2021 increased on the quarter and for the year;
- Net earnings of $0.6 million for the quarter, an increase of $1.2 million, compared to a net loss of ($0.6) million in 2020
- net earnings of $0.5 million for the first half, an increase of $0.2 million, or 60% compared to $0.3 million in 2020
The Canadian Emergency Wages Subsidy (“CEWS”) for the three month and six months ended June 30, 2021 were $0.6 million and $1.2 million respectively where
- $0.5 million was recognized as reduction to Direct Operation Expenses (“DOE”) for the quarter and $1.0 million was recognized as a reduction to DOE for the year; and
- $0.1 million was recognized as reduction to general and administrative (“G&A”) expenses for the quarter and $0.2 million was recognized as a reduction to G&A for the year.
The Canadian Emergency Rent Subsidy (“CERS”) for the six months ended June 30, 2021 were $0.2 million where $0.2 million was recognized as a reduction to DOE.
https://www.globenewswire.com/news-release/2021/08/18/2283156/0/en/Cordy-Oilfield-Services-Inc-Reports-Second-Quarter-Results.html