Vancouver, British Columbia, November 26, 2013 -. MATRRIX Energy (TSXV:MXX) reported record quarterly revenue for the 3 months ended September 30, 2013. The company recorded revenue of $8.1 million in the 3rd quarter, up 153% from $3.2 million in the same quarter in 2012.
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EBITDA of $579,787 was down 13% from $670,025 primarily resulting from gross margin reduction and increased US fixed start-up costs.
The company is engaged in the acquisition and supply of horizontal and directional drilling technologies for the oil and gas industry in North America. MATRRIX supplies market relevant technology to deliver highly accurate wellbore positioning while drilling miles under the surface of the earth.
The customer base in Canada has expanded during the 3rd quarter with customers having a mix of oil and/or liquids rich capital programs. With potentially large field developments as a result of the proposed west coast LNG terminals, there may be increased incremental investment into the Western Canadian Sedimentary Basin in 2014 and beyond.
MATRRIX continued its performance drilling operations in the Permian area of Texas and continues to look to expand operations in this region. The company's concurrent job capacity was 23 directional and horizontal drilling systems during the quarter with 19 systems in Canada and 4 systems in the United States.
The company maintained a strong balance sheet with $4.3 million of cash and cash equivalents and working capital of $8.8 million at September 30, 2013. The company anticipates capital expenditures of approximately $2 million during the balance of 2013 for the purchase of additional horizontal and directional drilling related equipment, bring the total to approximately $4.3 million for the year.
The company's shares currently trade at $0.76 and with 32.2 million shares outstanding, the company is capitalized at $24.5 million.
For a more information, please visit the company`s website at www.matrrix.com or phone Richard Ryan, President and CEO at 403-984-5062.
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