Trinidad Drilling Ltd. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Capital Expenditure Guidance for 2017
For the nine months, the company's revenue was $363,713,000 compared to $269,086,000 for the same period a year ago. Loss before income taxes were $106,444,000 compared to $65,784,000 for the same period a year ago. Net loss attributable to shareholders of company was $61,927,000 or $0.23 per basic and diluted share against $40,733,000 or $0.18 per basic and diluted share a year ago. Cash flows used in operations was $3,035,000 compared to cash provided from operations of $38,293,000 for the same period a year ago. Purchase of property and equipment was $111,128,000 compared to $38,345,000 for the same period a year ago. Purchase of intangibles was $3,145,000. Adjusted EBITDA was $93,370,000 compared to $119,233,000 for the same period a year ago. Operating income was $109,425,000 against $131,337,000 for same period a year ago. Funds flow was $18,710,000 or $0.07 per basic and diluted share against $45,022,000 or $0.20 per basic and diluted share for same period a year ago.
In 2017, Trinidad expects to spend approximately $175 million in capital expenditures.