Cabo Drilling Corp. reported consolidated earnings results for the second quarter and six months ended December 31, 2013. For the quarter, the company's revenue decreased CAD 2.34 million or 26% to CAD 6.82 million compared to CAD 9.16 million in second quarter of fiscal 2013. The primary reason for the decrease is due to reduced demand for drilling in North America, as a result of projects being scaled back, delayed or terminated. Net loss was CAD 991,003 compared to a net loss of CAD 434,676 in the second quarter of fiscal 2013. This is a direct result of the decreased activity in the global drilling market. LBITDA was CAD 54,000 against EBITDA of CAD 624,000 a year ago. Loss per basic share was CAD 0.01 against CAD 0.01 a year ago. Cash from operations was CAD 87,000 against CAD 86,000 a year ago.

For the six months, the company's revenue decreased approximately 41% to CAD 13.47 million compared to CAD 23.00 million in the comparable period in fiscal 2013. Net loss was CAD 1.81 million compared to net income after tax of CAD 125,061 earned in the comparable period of fiscal 2013. Cash flow from operations was CAD 821,988 as compared to CAD 1.44 million for the six months ended December 31, 2012. EBITDA was CAD 1,000 against CAD 2,453,000 a year ago. Loss per basic share was CAD 0.02 against CAD 0.00 a year ago.