Inter-Tech Announces First Quarter Earnings.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)--May 29, 1997--Inter-Tech Drilling Solutions Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :IDL (1) (Interface Definition Language) A language used to describe the interface to a routine or function. For example, objects in the CORBA distributed object environment are defined by an IDL, which describes the services performed by the object and how the data ) reported a decline in revenue for the first quarter of 1997 compared with the same period in 1996. The primary factors were timing of contracts and fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. level of activity in the international market. While record growth in the company's 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. markets for the first quarter of this year pushed up revenues from this sector by 11 percent, this was not sufficient to offset the international decline. The Canadian market makes up approximately 50 percent of Inter-Tech's revenues. President Richard Seto explained: "Our company is at an early stage of growth and the technology we offer is realizing increasing industry acceptance. However, until the number of our ongoing projects has reached a sustained level, we expect to see our revenues vary directly with the acceptance of the technology and our marketing success. We anticipated this situation a number of months ago and embarked on an intensive international marketing program to secure other contracts." This marketing program produced excellent results. During the first quarter of 1997, Inter-Tech won two significant multi-well contracts, one for land-based operations in the Middle East and one for offshore work in the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . Both of these projects are scheduled to start up in the third quarter of this year. The awarding of these contracts is due in part to the key strategic alliance the company recently formed with Smedvig AS of Norway. Significant progress is being made on two other contracts in the North Sea and Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . In the first quarter of last year, Inter-Tech had three major projects underway in Mexico, Russia and Europe. These projects have all been completed and the results are being evaluated. The company expects to initiate further projects in two of these areas at some point in the future. Inter-Tech continues to lead the way on the development of new and improved technology. The Houston based research and development team has now completed the construction of the new rotating ro·tate v. ro·tat·ed, ro·tat·ing, ro·tates v.intr. 1. To turn around on an axis or center. 2. blowout preventer A blowout preventer (BOP) is a large valve that encases an oil well at surface. During drilling or well interventions, the valve may be closed if overpressure from an oil reservoir causes formation fluids such as oil and natural gas to back up within the wellbore and , RBOP RBOP Rotating Blow Out Preventer (TM) 7-3000. This newest RBOP (TM) supports a higher working pressure and a longer service life. Successful testing of certain key components has also been conducted. The new RBOP (TM) 7-3000 system will now undergo a series of lab tests and is expected to undergo field trials in the third quarter of this year. Once proven, this RBOP (TM) will be introduced initially to the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. markets. Construction of 10 new RBOP (TM) 7-1500 systems will be completed by the end of the second quarter. Three new units have already been in the field under contract to customers. An increasing number of companies are including underbalanced drilling ''This article refers to the procedure in oil drilling. For University of Brunei Darussalam, a university in Brunei, please refer to Universiti Brunei Darussalam Underbalanced drilling as an economic and safe drilling technique with the introduction of Inter-Tech's proprietary RBOP (TM). This growing acceptance combined with the company's aggressive marketing program is producing results for Inter-Tech. With an expanding client base both in Canada and internationally, Inter-Tech expects 1997 to be an active year. -0-
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Three months ended Three months ended
March 31, 1997 March 31, 1996
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Revenue $ 1,741,898 $2,495,838
EBITDA (1) 76,664 952,578
Cash flow (2) (50,131) 709,079
Cash flow per share - n/a
Net earnings (207,733) 512,099
Net earnings per share (0.01) n/a
Net capital expenditures 294,593 162,636
Long-term debt 1,320,744 2,688,356
Number of shares outstanding 16,426,254 n/a
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(1) EBITDA: Earnings before interest, taxes, depreciation and
amortization.
(2) Net earnings plus depreciation, amortization and deferred
charges.
CONTACT: Inter-Tech Drilling Solutions Ltd. Richard Seto, 403/205-4085 bdrrbop@cia.com or Jason Holtby, 403/205-4085 |
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