Trinidad Drilling Ltd. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Capital Expenditure Guidance for 2018
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.