 | Precision Drilling Corporation - PD.t is a performance-oriented, integrated oilfield service provider and the largest in Canada. Precision provides an extensive fleet of contract drilling rigs, directional drilling services, well service & snubbing rigs, coiled tubing services, camps, rental equipment, and water treatment units backed by a comprehensive mix of technical support services and skilled, experienced personnel. |  |
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"For the first quarter of 2016, we recorded earnings before income taxes, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, and depreciation and amortization (adjusted EBITDA see "Additional GAAP Measures") of $99 million or 39% lower than the first quarter of 2015. During the quarter, we received one-time contract cancellation payments related to five contract terminations, three in the U.S. and two in Canada for approximately $23 million that was expected to be earned beyond the first quarter of 2016, and incurred $3 million in restructuring costs. Our activity for the quarter, as measured by drilling rig utilization days, decreased 36% in Canada, 60% in the U.S. and 33% internationally, compared to the first quarter of 2015. Our adjusted EBITDA as a percentage of revenue was 33% this quarter, compared to 32% in the first quarter of 2015. The increase in adjusted EBITDA as a percentage of revenue was mainly due to one-time payments received in the quarter related to contract cancellations partially offset by a decrease in activity in all of our businesses.
Cash provided by operations for the quarter was $112 million, which was 48% lower than the first quarter of 2015 due to lower operating earnings compared with the first quarter of 2015. We recorded a net loss this quarter of $20 million, or net loss per diluted share of $0.07, compared to net earnings of $24 million, or $0.08 per diluted share, in the first quarter of 2015.
Revenue this quarter was $302 million or 41% lower than the first quarter of 2015, mainly due to lower drilling activity in the U.S., Canada and internationally. Revenue from our Contract Drilling Services and Completion and Production Services segments both decreased over the comparative prior year period by 39% and 57%, respectively.
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http://canadastockjournal.blogspot.com/2016/06/precision-drilling-corporation-pdt.html
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