With only 63% UT , the company made $13 million CF from continuing operations in Q3, excluding the discontinued operations (assets sold to Maurel and 2 Colombian rigs).
This translates to EBITDA of $14 - 15 million on a quarterly basis.
This means $55 - 60 million on an annual basis with only 63% UT.
I think the bank and us would be happy with that.
Dennis Beaudet - GGIF
Yes. I agree. I'm sure, you know? Okay. So I guess, then, you
mentioned as well, Matt, that you had from the continuing
operations portion $16 million of cash flow? I don't know if it's
cash flow you were looking at here. And then it was minus $3
million, I think, for the discontinued operations; so it seems to
me about a net of $13 million. Is that cash flow from operations?
Matt Moorman - CFO
Those cash from operations that after funds grow and after
adjustments for working capital.
Dennis Beaudet - GGIF
Would that -- I mean, this might sound like a crazy question, but
was that including any of the $15.3 million, or was that after the
quarter?
Matt Moorman - CFO
That was from continuing -- that's from continuing operations
where we really indentify the funds growth number, it’s in the
financial statements and if you go to the cash flow statement it
comes out of continuing operations so it's, so it's a segregated
value from just the South American business and we've had to
identify. We're identifying this separately that's not the number
that came out of our aggregate business but it is the segregated
continuing ops number, the cash from operations as you rightly
pointed out from discontinued ops was minus 3.5 million, so you
bring the two of them together and it was 13 million. So that the
main driver of that was a fairly strong improvement in our
working capital in the quarter.