COMPUTALOG LTD. ANNOUNCES SIX MONTHS RESULTS
COMPUTALOG LTD. ANNOUNCES SIX MONTHS RESULTS CALGARY, Alberta, Aug. 10 /PRNewswire/ -- Computalog Ltd.
(Toronto: CGH) of Calgary announced today the results of its operations for the six months ended June 30, 1992.
COMPUTALOG LTD. Financial Summary Six Months to June 30, 1992 1992 Year ago Revenue $27,874 $44,484 Loss from continuing operations before reorganization costs and equity losses (5,710) (3,928) Reorganization costs (576) (17,085) Equity losses --- (94) Loss from continuing operations before income taxes and minority interest (6,286) (21,107) Income Tax Expense (8) (4,016) Minority Interest 335 --- Loss from continuing operations (5,959) (25,123) Loss from discontinued operations --- (1,078) Loss on disposal of discontinued operations --- (596) Net loss (5,959) (26,797) Net loss/share - continuing operations ($0.22) ($0.93) Total ($0.22) ($0.99) Three months to June 30, 1992 1992 Year ago Revenue $11,530 $18,223 Loss from continuing operations before reorganization costs and equity losses (4,658) (4,490) Reorganization costs (76) (17,085) Equity losses --- 47 Loss from continuing operations before income taxes and minority interest (4,734) (21,528) Income tax expense --- (3,251) Minority interest --- --- Loss from continuing operations (4,734) (24,779) Loss from discontinued operations --- (1,071) Loss on disposal of discontinued operations --- (803) Net loss (4,734) (26,653) Net loss/share - continuing operations ($0.18) ($0.92) Total ($0.18) ($0.99) Figures in brackets are losses. Year-ago figures have been restated to conform to current years presentation. Reorganization costs included charges associated with staff reductions and other asset revaluations. Year-ago reorganization costs also include charges associated with manufacturing inventory revaluation and expensing cumulative research and development costs previously capitalized. Operating and general and administration expense have been reduced by approximately 34 percent from the levels incurred in 1991. The loss for the six months ended June 30, 1992, from continuing operations, includes research and development expense of $1,018, whereas in the prior year, such costs were capitalized in the amount of $1,815. Computalog provides oilfield services to the Canadian, United States and international markets. -0- 8/10/92 /CONTACT: Glynn G. Davies, COO, or Leonard A. Cornez, corporate controller, of Computalog Ltd., 403-265-6060/ (CGH.) CO: Computalog Ltd. ST: Alberta IN: OIL SU: ERN
LS-JL -- LA027 -- 8743 08/10/92 18:54 EDT
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|Date:||Aug 10, 1992|
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