XTREME DRILLING CORP Xtreme Drilling Corp. (formerly, Xtreme Drilling and Coil Services Corp.) | ||
Interim Consolidated Statements of Financial Position | ||
(in thousands of Canadian dollars) | ||
(unaudited) | ||
June 30, 2016 | Dec 31, 2015 | |
Assets | ||
Current assets | ||
Cash and cash equivalents (Note 4) | 122,152 | 11,223 |
Accounts receivable (Note 5) | 16,407 | 39,771 |
Other receivables (Note 8) | 1,707 | 351 |
Inventory (Note 6) | 2,770 | 8,693 |
Prepaid expenses and other | 570 | 2,461 |
143,606 | 62,499 | |
Non-current assets | ||
Property and equipment (Note 7) | 266,188 | 446,417 |
Intangible assets (Note 8) | - | 3,310 |
Total Assets | 409,794 | 512,226 |
Liabilities and Equity | ||
Current liabilities | ||
Accounts payable and accrued liabilities | 26,635 | 29,729 |
Income tax payable | 7,165 | 3,918 |
Current portion of long-term debt (Note 9) | - | 107,346 |
Total Liabilities | 33,800 | 140,993 |
Shareholders' equity | ||
Share capital (Note 10) | 338,521 | 333,515 |
Share option reserve | 12,949 | 15,478 |
Accumulated deficit | (57,409) | (80,831) |
Foreign currency translation reserve | 81,933 | 103,071 |
Total Shareholders' Equity | 375,994 | 371,233 |
Total Liabilities and Shareholders' Equity | 409,794 | 512,226 |
Contingencies and commitments (Note 11) | ||
The accompanying notes are an integral part of the unaudited interim consolidated financial statements.
Xtreme Drilling Corp. (formerly, Xtreme Drilling and Coil Services Corp.) Interim Consolidated Statements of Income (Loss) For the three and six months ended June 30, 2016 and 2015(in thousands of Canadian dollars, except share and per share data) (unaudited)
Three months ended Six months endedRepresented (Note 8) | Represented (Note 8) | |||
June 30, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | |
Revenue | 7,369 | 33,563 | 23,635 | 78,086 |
Expenses | ||||
Operating expenses | 7,206 | 19,999 | 18,109 | 47,818 |
General and administrative expenses | 10,605 | 5,289 | 15,208 | 9,324 |
Depreciation of property and equipment | 9,686 | 11,348 | 19,204 | 22,893 |
Stock-based compensation | 1,395 | 620 | 1,983 | 1,274 |
Foreign exchange loss (gain) Gain on disposal of equipment and assets held for sale | 2,638 (50,946) | 27 (74) | (1,238) (51,027) | 145 (118) |
Other expenses | - | - | - | 2 |
Interest expense | 2,443 | 1,117 | 4,116 | 2,261 |
Income (loss) before tax for the period | 24,342 | (4,763) | 17,280 | (5,513) |
Tax expense (benefit) | ||||
Current | 3,450 | 1,435 | 3,860 | 1,727 |
Deferred | - | (2,338) | - | (1,555) |
Total tax expense (benefit) | 3,450 | (903) | 3,860 | 172 |
Net income (loss) from continuing operations for the period | 20,892 | (3,860) | 13,420 | (5,685) |
Net income from discontinued operations, net of tax (Note 8) | 6,267 | 3,084 | 10,002 | 7,664 |
Net income (loss) for the period | 27,159 | (776) | 23,422 | 1,979 |
Net income (loss) per common share from continuing operations | ||||
- basic | 0.25 | (0.05) | 0.16 | (0.07) |
- diluted | 0.25 | (0.05) | 0.16 | (0.07) |
Net income per common share from discontinued operations | ||||
- basic | 0.08 | 0.04 | 0.12 | 0.09 |
- diluted | 0.08 | 0.04 | 0.12 | 0.09 |
Net income (loss) per common share | ||||
- basic | 0.33 | (0.01) | 0.28 | 0.02 |
- diluted | 0.33 | (0.01) | 0.28 | 0.02 |
Weighted average number of common shares (Note 10) | ||||
- basic | 83,180,947 | 82,530,120 | 83,229,521 | 82,561,937 |
- diluted | 83,338,703 | 82,719,053 | 83,361,994 | 82,729,665 |
The accompanying notes are an integral part of the unaudited interim consolidated financial statements.
Xtreme Drilling Corp. (formerly, Xtreme Drilling and Coil Services Corp.) Interim Consolidated Statements of Comprehensive Income (Loss) For the three and six months ended June 30, 2016 and 2015(in thousands of Canadian dollars) (unaudited)
Three months ended Six months endedJune 30, 2016 | Represented (Note 8) June 30, 2015 | June 30, 2016 | Represented (Note 8) June 30, 2015 |
27,159 | (776) | 23,422 | 1,979 |
3,849 | (5,273) | (21,138) | 26,689 |
31,008 | (6,049) | 2,284 | 28,668 |
Net income (loss) for the period
Other comprehensive income (loss)Items that may be subsequently reclassified to profit or loss
Unrealized gain (loss) on translating financial statements of foreign operations Comprehensive income (loss) for the
periodTotal comprehensive income (loss) for the period arising from:
Continuing operations 24,741 (9,063) (7,718) 20,918 Discontinued operations 6,267 3,014 10,002 7,750
31,008 (6,049) 2,284 28,668The accompanying notes are an integral part of the unaudited interim consolidated financial statements.
Xtreme Drilling Corp. (formerly, Xtreme Drilling and Coil Services Corp.) | |||||
Interim Consolidated Statements of Changes in Equity | |||||
For the six months ended June 30, 2016 and 2015 | |||||
(in thousands of Canadian dollars) (unaudited) | |||||
Share capital | Share option reserve | Accumulated deficit | Foreign currency translation reserve | Total Shareholders' Equity | |
Balance at Jan 1, 2015 | 330,964 | 14,803 | (12,487) | 43,213 | 376,493 |
Net income for the year | - | - | 1,979 | - | 1,979 |
Other comprehensive income | |||||
Currency translation differences | - | - | - | 26,689 | 26,689 |
Total comprehensive income | - | - | 1,979 | 26,689 | 28,668 |
Employee share option scheme: | |||||
Value of employee services | - | 1,280 | - | - | 1,280 |
Transfer from share option | 33 | (33) | - | - | - |
Proceeds from shares issued | 86 | - | - | - | 86 |
Total transactions with owners | 119 | 1,247 | - | - | 1,366 |
Balance at June 30, 2015 | 331,083 | 16,050 | (10,508) | 69,902 | 406,527 |
Balance at Jan 1, 2016 | 333,515 | 15,478 | (80,831) | 103,071 | 371,233 |
Net income for the year | - | - | 23,422 | - | 23,422 |
Other comprehensive loss | |||||
Currency translation differences | - | - | - | (21,138) | (21,138) |
Total comprehensive income (loss) | - | - | 23,422 | (21,138) | 2,284 |
Employee share option scheme: | |||||
Value of employee services | - | 2,451 | - | - | 2,451 |
Transfer from share option | 4,980 | (4,980) | - | - | - |
Proceeds from shares issued | 26 | - | - | - | 26 |
Total transactions with owners | 5,006 | (2,529) | - | - | 2,477 |
Balance at June 30, 2016 | 338,521 | 12,949 | (57,409) | 81,933 | 375,994 |
The accompanying notes are an integral part of the unaudited interim consolidated financial statements.
Xtreme Drilling and Coil Services Corp. published this content on 15 August 2016 and is solely responsible for the information contained herein.
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