AKITA Drilling Ltd. announced first quarter earnings and funds flow today. AKITA Drilling Ltd.'s net earnings for the three months ended March 31, 2008 were $7,647,000 or $0.42 per share on revenue of $48,126,000.
Comparative figures for 2007 were earnings of $9,087,000 or $0.50 per share on revenue of $52,873,000. Funds flow for the period was $14,458,000 compared to $15,630,000 in 2007.
On April 5, 2008, the Company's management and employees were recognized for their achievement in safety by being awarded a CAODC Safety Leadership Award at the Annual CAODC Safety Banquet. This was the eighth time in nine years that AKITA's safety performance has been recognized by the industry.
Recently improved natural gas prices along with record crude oil prices are starting to provide a basis for optimism with respect to increased activity for drilling and well servicing. Historically, utilization rate improvements have preceded any meaningful recovery in day rates. Management does not anticipate substantial recovery from the impact of the current downturn prior to the fourth quarter of this year. -- www.cnxmarketlink.com
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