Trinidad Drilling Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company's revenue was $174,792,000 compared to $129,810,000 for the same period a year ago. Loss before income taxes were $614,166,000 compared to $60,704,000 for the same period a year ago. Net loss attributable to shareholders of company was $485,754,000 or $1.77 per basic and diluted share against $44,408,000 or $0.16 per basic and diluted share a year ago. Adjusted EBITDA was $45,590,000 compared to $27,458,000 for the same period a year ago. Capital expenditures were $30,831,000 against $52,570,000 for the same period a year ago. Operating income was $58,378,000 against $37,061,000 for same period a year ago. Funds flow was $35,400,000 or $0.13 per basic and diluted share against funds used in of $7,956,000 or $0.03 per share for same period a year ago.

For the nine months, the company's revenue was $457,617,000 compared to $363,713,000 for the same period a year ago. Loss before income taxes were $667,901,000 compared to $106,444,000 for the same period a year ago. Net loss attributable to shareholders of company was $520,098,000 or $1.90 per basic and diluted share against $61,927,000 or $0.23 per basic and diluted share a year ago. Cash flows provided from operations was $58,896,000 compared to cash flow used in operations of $3,035,000 for the same period a year ago. Purchase of property and equipment was $53,987,000 compared to $111,128,000 for the same period a year ago. Purchase of intangibles was $4,511,000 compared to $3,145,000 a year ago. Adjusted EBITDA was $116,427,000 compared to $93,370,000 for the same period a year ago. Operating income was $151,121,000 against $109,425,000 for same period a year ago. Funds flow was $88,313,000 or $0.32 per basic and diluted share against $18,710,000 or $0.07 per basic and diluted share for same period a year ago.

In 2018, Trinidad expects to spend approximately $149.6 million in capital expenditures.