South Texas Drilling & Exploration Inc. Reports Second Quarter Results.
Business Editors and Energy Writers
SAN ANTONIO--(BUSINESS WIRE)--Nov. 22, 2000
South Texas Drilling & Exploration Inc. (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :STXD STXD Secondary Transmit Data .OB) today reported the financial results for its second quarter ended Sept. 30, 2000.
The Company reported net earnings of $307,132, or $0.03 per share (diluted di·lute
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.
2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ), compared to a net loss of $110,146, or $(0.02) per share (basic and diluted) for the same period last year. Revenues for the second quarter were $12.2 million, an increase of 270% from $3.3 million in the second quarter of fiscal year 2000. Earnings before interest, tax, depreciation and amortization (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) increased to $1,333,817, compared to $389,239 for the same quarter a year ago, an increase of over 243%.
Average rig utilization utilization,
n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be for the second quarter ended Sept. 30, 2000, was 96% compared to 74% for the same period last year. Working days increased 137% to 864 days during the second quarter of fiscal 2001 compared to 364 days for the same period a year ago.
For the six months ended Sept. 30, 2000, the Company reported net earnings of $879,722, or $0.08 per share (diluted), compared to a net loss of $164,518, or $(0.03) per share (basic and diluted) for the same period last year. Revenues for the six months were $21.1 million, an increase of 230% from $6.4 million in the first six months of fiscal year 2000. Earnings before interest, tax, depreciation and amortization (EBITDA) increased to $2,530,595, compared to $816,565 for the same period a year ago, an increase of over 210%.
Michael Michael, archangel
Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. E. Little, Chairman and Chief Executive Officer, noted the primary reasons for the improved financial results in the second quarter were the Company's diligent dil·i·gent
Marked by persevering, painstaking effort. See Synonyms at busy.
[Middle English, from Old French, from Latin d cost controls, increased day rates and increased demand for drilling rigs. Operating earnings Operating Earnings
Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue.
Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before in the second quarter were adversely affected by a loss of approximately ap·prox·i·mate
1. Almost exact or correct: the approximate time of the accident.
2. $400,000 on a turnkey See turnkey system. job and severance pay Severance Pay
Compensation that an employer gives to someone who is about to lose their job.
Severance pay is not always paid to employees. It depends on the situation in which the employee is losing their job and whether legislation requires severance to be paid. of roughly $110,000 related to the acquisition of Pioneer Drilling. Co.
After its purchase of Pioneer Drilling Co. in August 2000, the Company now operates 12 contract drilling rigs for the central and south Texas oil and gas industry. South Texas Drilling & Exploration Inc.'s common stock trades over-the-counter under the symbol "STXD.OB".
SOUTH TEXAS DRILLING & EXPLORATION INC. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share data) (unaudited) Three Months Ended Six Months Ended ------------------ ----------------- September 30, September 30, ------------------ ----------------- 2000 1999 2000 1999 ---- ---- ---- ---- Total operating revenues $12,215 3,304 21,083 6,416 Operating earnings (loss) before interest, tax depreciation and amortization (EBITDA) $1,334 389 2,531 817 Net earnings (loss) before preferred dividends $383 (34) 1,032 (13) Net earnings (loss) after preferred dividends $307 (110) 880 (165) Earnings (loss) per common share - Basic $0.03 (0.02) 0.09 (0.03) Earnings (loss) per common share - Diluted $0.03 (0.02) 0.08 (0.03) Weighted average common shares - Basic 11,112 6,101 10,229 6,101 Weighted average common shares - Diluted 14,148 6,101 13,176 6,101 CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (unaudited) September 30, March 31, 2000 2000 ---- ---- Current assets $14,787 5,366 Property and equipment, net $31,503 10,304 Total assets $46,289 15,670 Current liabilities $13,911 8,620 Long term debt $10,525 267 Total shareholders' equity $16,407 6,783 Total liabilities and shareholders' equity $46,289 15,670