Computalog Ltd. announces year-end results.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--March 7, 1996--Computalog Ltd. of Calgary, Thursday Thursday: see week. announced the results of its operations for the year ended Dec. 31, 1995. All amounts are in thousands of dollars, except per-share data. -0-
Computalog Ltd.
Financial Highlights
(Thousands of Canadian Dollars except per-share data)
12 months to Dec. 31, 1995 1995 1994 ----------------------------------------------------------- Revenue $108,638 $114,395 Net Income before tax 9,344 15,162 Income tax expense (recovery) 1,787 2,551 Net income $ 7,557 $ 12,611 Cash flow from operations before working capital changes $ 15,787 $ 18,166 Net income per share Basic $1.00 $1.69 Fully diluted $0.67 $1.10 Three Months Ended Dec. 31, 1995 1995 1994 ------------------------------------------------------------ Revenue $ 23,777 $ 31,151 Net income before tax (952) 3,824 Income tax expense (recovery) (1,636) 1,399 Net income $ 684 $ 2,425 Cash flow from operations before working capital changes $ 3,214 $ 4,204 Net income per share Basic $0.09 $0.33 Fully diluted $0.07 $0.22 Revenues for the year decreased $5,757, or 5%, as compared with the previous year. This decrease in revenue was the result of a decrease in Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. drilling rig activity. During 1995, oil and gas well completions were 7,901 down 534 or 6% over 1994. Net income of $7,557 decreased $5,054 or 40%, and cash flow of $15,787 decreased 2,379 or 13% over the same period in 1994. Before one-time costs of $1,779 net income after income taxes decreased $3,275 or 26%. This reduction occurred as a result of lower activity and increased competitive pressures. For the three months ended Dec. 31, 1995, revenues of $23,777 decreased $7,374, or 24%, as compared with 1994. Net income of $684 decreased $1,741 over 1994. Cash flow of 3,214 decreased $990 or 24% for 1995 as compared to the same period in 1994. The decreased net income was partially due to severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs of $1,200 for certain executives and a write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of $411 resulting from a fixed asset re-evaluation. During this period Canadian drilling activity decreased 20%, as compared with the same period in 1994. Computalog provides oil and gas producers with wellbore knowledge and solutions through its wireline and directional drilling Directional drilling (sometimes known as slant drilling outside the oil industry) is the science of drilling non-vertical wells. Directional drilling can be broken down into three main groups: Oilfield Directional Drilling, Utility Installation Directional Drilling (commonly services. The company's common shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (symbol CGH CGH Comparative Genomic Hybridization CGH Changi General Hospital (Singapore) CGH Computer-Generated Hologram CGH Community General Hospital (Syracuse, NY) ) and the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market (symbol CLTDF). CONTACT: Computalog Ltd., Calgary Theodore M. Hanlon, 403/265-6060 Douglas F. Robinson, 403/265-6060 Leonard A. Cornez, 403/265-6060 |
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