AKITA announces first quarter results

CALGARY, AB, May 6, 2021

AKITA Drilling Ltd. (the "Company") announces results for the three months ended March 31, 2021.

The impact of the severe economic slowdown, attributable to the COVID-19 global pandemic that curtailed drilling activity over the last three quarters of 2020, continued to influence the first quarter of 2021. In the first quarter of 2021, the company recorded a net loss of $3,651,000, compared to a net loss of $52,257,000 ($321,000 excluding the asset impairment loss of $60,000,000) in the first quarter of 2020. Adjusted funds flow from operations decreased to $3,719,000 in the first quarter of 2021 from $10,154,000 in the same period of 2020 and adjusted EBITDA decreased to $4,534,000 from $11,646,000 over the same period in 2020. Year over year results in the first quarter of 2021 were significantly lower than the first quarter of 2020 since the impact of the COVID-19 pandemic had not yet manifested over the same period in 2020.

Compared to the fourth quarter of 2020, the first quarter of 2021 has shown definite signs of improvement. Activity levels in both Canada and the US have improved and the general sentiment in the industry is that a slow recovery is underway. In the quarter, AKITA commenced operating near Fort Nelson BC on its first geothermal drilling project, which is closely linked to local First Nations groups and AKITA's joint venture partners.

Karl Ruud, AKITA's President and Chief Executive Officer stated: "We believe the worst activity levels are behind us and are cautiously optimistic, especially in Canada, that the industry is poised for improvement over the coming years."

CONSOLIDATED FINANCIAL HIGHLIGHTS

($ thousands except per share amounts) ARIVA.DE Börsen-Geflüster Kurse Akita Drilling B -   0,00% Akita Drilling Ltd 0,995 € +1,02%
For the three months ended March 31,				2021	2020	Change	% Change
Revenue				27,171	53,572	(26,401)	(49%)
Operating and maintenance expenses				20,012	41,192	(21,180)	(51%)
Operating margin				7,159	12,380	(5,221)	(42%)
Margin %				26%	23%	3%	13%
Adjusted EBITDA(1)				4,534	11,646	(7,112)	(61%)
Per share				0.11	0.29	(0.18)	(61%)
Net cash from (used in) operating activities				(5,692)	4,583	(10,275)	(224%)
Adjusted funds flow from operations(1)				3,719	10,154	(6,435)	(63%)
Per share				0.09	0.26	(0.17)	(65%)
Net loss				(3,651)	(52,257)	48,606	93%
Per share				(0.09)	(1.32)	1.23	93%
Capital expenditures				1,604	3,527	(1,923)	(55%)
Weighted average shares outstanding				39,608	39,608	-	0%
Total assets				252,771	317,567	(64,796)	(20%)
Total debt				79,258	86,631	(7,373)	(9%)

CONSOLIDATED OPERATIONAL HIGHLIGHTS

For the three months ended March 31,				2021	2020	Change	% Change
Canada
	Operating days			490	613	(123) Werbung Mehr Nachrichten zur Akita Drilling Ltd Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 18.05.24 - wallstreetONLINE ... Outperformance: Mit 4 Aktienfonds wie Warren Buffett die Benchmark schlagen 18.05.24 - wallstreet:online ... Nach den Zahlen: Cresco Labs und Trulieve Cannabis im Fokus