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Resource Sector Examples - Red Label

Resource Sector Examples - Red Label

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Published by Richard J Mowat

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Published by: Richard J Mowat on Dec 07, 2012
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12/10/2012

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Trusted, ReliableDigital Mapping Solutions
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Our flagship digital product – distinct from competingprograms because it was developed with the focus on theend user. The result? AbaData
TM
has evolved into one ofthe industry’s most popular and user-friendly oil and gasmapping software tools. The ever-expanding subscriberbase includes large and small oil and gas producers,reclamation and environmental contractors, engineeringfirms, pipeline integrity consultants, ground disturbanceprofessionals and many others with one common need:Reliable, consistently updated information that can bequickly and easily obtained.
Datasets include
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ERCB pipelines and wells
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More than 300,000 well site survey plans
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Paved and unimproved roads
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ERCB spills and complaints
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Survey plans including pipeline right-of-ways
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Aerial and satellite photography
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AGRASID soil data
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Crown mineral rights holders
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AltaLIS contour lines and Crown Land dispositions
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Alberta Environment water wells
Timely. Accurate. Complete.
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Our subscribers ask and we deliver – developingcustomized solutions that combine the client’s proprietarydata with a powerful GIS platform. Weed inspection sites,Emergency Planning Zones, lease inspections, tank andpressure safety valve locations, pipeline warning signs –the possibilities are truly endless.We can also leverage our drafting and system mappingexpertise to provide digital system maps for oil and gasproducers – along with the reliable hard-copy maps we’vebeen supplying for more than 15 years.
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Designed for use in the field, AbaData LITE
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comeson CD or DVD ROM and does not require an Internetconnection. The easy-to-navigate map allows you toview Alberta wells, high and low-pressure pipelines andregistered right-of-ways – then use the GPS Trackingfunction to view your current location and track andsave routes.
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Direction Map provides instant directions to oilfield leasesites in Alberta and Saskatchewan. Select a destinationby LSD number, municipality name or latitude andlongitude, then measure the distance on the map, printand distribute or e-mail to drivers. ERCB well locationsare updated regularly and aerial and satellite photographyare available.
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This unique, transportable digital mapping productincludes pipelines, wells, registered right-of-ways, theAlberta township grid and roads loaded on a hand-heldGPS. AbaData GPS
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gives you the ability to accuratelylocate facilities in the field – like buried wellheads andpipeline right-of-ways – with a high-sensitivity Garminreceiver.
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NOTRE ÉQUIPE DÉVOUÉE
I AAT
 
TRIC 
 
EXP RIMENT E 
 
X
 
HA S
 
TI
 
E 
TSX-V : CBE
L’établissement d’un programme deforage à coûts modiques
Un programme d’exploration a pour but de produire, aussiéconomiquement que possible, des échantillons de carottesbien documentés et de qualités supérieures. En général,la qualité améliorée et le haut rendement efficace de nosforeuses, en plus des raffinements technologiques additionnelsque nous offrons, assureront le recouvrement d’un volumeplus élevé d’échantillons de carottes par heure de forage.Nos décennies d’expertise à tailler des programmes de foragesur mesure permettent à Cabo Drilling d’offrir des solutionsefficaces et rentables pour la plupart des difficultés de forageencourues dans les secteurs d’explorations et miniers.
Cabo Drilling Corporation etl’environnement
Cabo Drilling adhère au principe de développement durable.En temps que membre actif de l’Association canadienne deforage au diamant (CDDA), nous adhérons à sa politiqueenvironnementale :Cabo Drilling soutient un développement et une utilisationresponsables de nos ressources naturellesEn temps que premier constructeur d’un site, Cabo Drillingreconnaît pleinement l’impact possible que nos opérationspourraient avoir sur la perception de notre industrieNos opérateurs consciencieux et bienveillants démontrentque l’industrie minière peut être sensible aux besoinsenvironnementaux
Depuis l’implémentation de sonplan
d’affaireauprintempsde2004,CaboDrillingarassembléuneéquipedegestionayantau-delàde300ansd’expérienceetd’expertisedeforage,dansvirtuellementtouslesaspectsdeforagedemineraisetspécialisés. CabooffreàsaclientèlesesservicesdeforagedepuissesbureauxdeSpringdale,Terre-Neuve(Canada-Atlantique);Montréal,Québec(Québec,Canada-Atlantique);KirklandLake,Ontario(Canada-central,Canada-nord,etlenordduQuébec);Surrey, Colombie-Britannique(Canada-ouest&lesÉtats-Unis);Hermosillo,ÉtatdeSenora,Mexique;Panama City, Panama (Amérique-centrale); Séville, Espagne(Europe de l’ouest); et Tirana, Albanie (les États balkaniques).Cabo Drilling appartient 110 stations de forage et une équipeprésentementau-delàde300+employés,permettantainsid’offrirglobalementsavasteexpertisedanslesforagesdemineraisetdespécialisations.LacroissancedeCaboDrillingdanslessecteursdeforagedemineraisetdespécialisationssetraduitendesaméliorationsdeservices,decapacitéstechniques,etdeglobalisationpoursesclients.Notreclientèlecomprenddescompagniesimportantes,ainsiquedepetites(juniors)etmoyennesentreprisesdansledomaineminieretd’exploration.Présentement,nosprogrammesdeforageincluentleforaged’explorationdepremierstage,ensuitededéfinitiondesressources,ainsiquedeprogrammesminiersdestagesupérieur.
La liste de clients de Cabo DrillingCorporation inclut:Méthodes de forage
Forage au diamant à ciel ouvert (moteurde cycle allongé ouconventionnel)Forage appuyé de services d’hélicoptèresForage portatif pourla main-d’œuvreForage au diamant souterrain pourfins d’explorations ou dedéveloppements miniersForage rotatif à circulation inverseForage à faible diamètre (« slimhole ») pourl’explorationdes gaz ou d’huileForage géotechniqueForage géo-environnemental pourles services d’ingénierieet les déterminations environnementalesEnquêtes d’accès restreints
Services additionnels
Contrats sur mesure d’approvisionnement de la main-d’œuvre pouropéreret maintenirl’équipement de forageAcquisitions, emballages et transportations aux sites isolésdes effectifs et approvisionnements de forageContrats d’expert-conseils et de main-d’œuvreServices de formation en technologie de forageÉquipements spécialisés
 
NOTRE SOLIDITÉ
NOTRE HÉRITAGE
L’exécution performante dans les en-droits isolés, souvent en conditions ex-trêmes, nécessite la fiabilité d’expérienceque fournit Cabo Drilling Corp. à chacunde ses projets de forage.
Notre existence est dû à nos clients – nos employés sont directement responsables de notre succès.
Cabo Drilling Corp. possède la main-d’œuvre et l’expertise requise afind’assurer le succès de votre projet.
CVRDIncoLimitedTeck Cominco LimitedIberianMineralsCorp.AltiusMineralsCorporationKirklandLakeGoldInc.NewMillenniumCapitalCorp.Paragon Minerals Corp.RamblerMetals & MiningCanadaLtd.BillikenManagementServices Inc.Burin Minerals Ltd.MineraPetaquilla,S.A.BalkanResourcesInc.SNC–LavalinLabradorIronMinesLimitedRioGrandeSilverInc.
   B  r  o  c   h  r  u  e
 
ConsolidatedStatementsof OperationsandComprehensive(Loss)Income
YearsendedJune3020092008Revenues
$ 41,161,632$ 58,644,551
Directcosts
30,161,51744,901,828
Grossprofit
11,000,11513,742,723
Expenses
Generalandadministrative6,773,1327,284,564Stockbasedcompensation(Note13)120,11819,639Amortization2,997,1452,400,067Interestexpense455,959385,851Loss(gain)onforeignexchange58,161(105,138)Otherexpense162,85234,59010,567,36710,019,573
Incomebeforeotheritemsandincometaxes
432,7483,723,150
OtherItems
(Loss)gainondispositionofassets(24,843)228,258I
ncomebeforeincometaxes
407,9053,951,408I
ncometaxexpense(recovery)
 
(NOTE12)
Current1,489,814993,703Future(235,000)(245,548)1,254,814748,155
Net(loss)incomefortheyear 
(846,909)3,203,253
Othercomprehensiveloss
Unrealized losses on available-for-salefinancialassetsarisingduringtheyear(280,532)(224,997)
Comprehensive(loss)incomefortheyear 
$ (1,127,441)$ 2,978,256
(Loss)earningspershare
Basic$ (0.02)$ 0.07Diluted$ (0.02)$ 0.07
Weightedaveragenumberof common sharesoutstanding
Basic$ 47,767,013$ 46,411,400Diluted$ 47,767,013$ 46,428,203Theaccompanyingnotesareanintegralpartofthesefinancialstatements.
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YearsendedJune3020092008Cash flowsfrom(usedin)operatingactivities
Net(loss)incomefortheyear$ (846,909)$ 3,203,253
Itemsnotinvolvingcash:
Amortization2,997,1452,400,067Loss(gain)ondispositionofassets24,843(228,258)Stockbasedcompensation120,11819,639Futureincometax(235,000)(245,548)2,060,1975,149,153Changesinnon-cashworkingcapitalitems(Note16)1,571,999(5,715,621)$ 3,632,196$ (566,468)
Cash flowsfrom(usedin)investingactivities
Property,plantandequipmentpurchases(4,844,167)(5,514,309)Proceedsfromsaleofassets702,338629,784(4,141,829)(4,884,525)
Cash flowsfrom(usedin)financingactivities
Sharesissuedforcash-3,787,380Netincreaseindemandloans180,5142,710,630Repaymentoflong-termdebt(1,338,237)(684,093)Additionallong-termdebt1,337,101-179,3785,813,917
(Decrease)increaseincashandcashequivalentsduringtheyear 
(330,255)362,924
Cash andcash equivalents,
beginningofyear785,261422,337
Cash andcash equivalents,
endofyear$ 455,006$ 785,261Supplementarycashflowinformation(Note16)
ConsolidatedStatementsof Cash Flows
Theaccompanyingnotesareanintegralpartofthesefinancialstatements.
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SurfaceDeep Hole
250
Employees
39210345615
Drilling Services / 111 Drill Rigs
Man PortableConventionalSurfaceMan PortableDeep HoleSurfaceUndergroundReverseCirculationGeotechnicalHelicopter Support
During the pasttwo years, theCompany hasgreatly improvedits drilling fleetin order to providehigher quality andbetter customerservice, atcompetitive prices
UndergroundGeotechnicalReverseCirculationFly
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DirectCosts
DirectcostsfortheyearendedJune30,2009were$30.16millioncomparedto$44.90millioninthefiscalyearendingJune30,2008.Thedecreaseisa directresultof the decreasedactivity in fiscal2009.GrossmarginsfortheyearendedJune30,2009were26.7%comparedto23.4%duringthefiscalyearendingJune30,2008.Theincreasedgrossmargin isa directresultof costreductionmeasuresimplementedduringfiscal2009.Managementexpectsgrossmarginstoincreasetobetween28-30%rangeduringfiscal2010duetoimprovedcostcontrols,andupgradesandmodernizationofthedrillfleet.
General andAdministration
Generalandadministrativeexpensesdecreasedbyapproximately7.0%or$511,432from$7.28millioninfiscal2008to$6.77millioninfiscal2009.Includedingeneralandadministrationcostsareseveralnon-recurringchargessuchas$114,000performancebonuspaidonthefiscalresultsof2008,andapproximately$60,000incostsestablishingtheAlbaniadivision.Insurancecostsincreasedduringfiscal2009by$178,497duetoincreasedcapitalassetbase,foreignworkerscompensation,andhigherpremiumsduringthefirstsixmonthsofthe2009year.Aspartoftherestructuring,therewerereductionsintravel,marketing, anda small reduction in salariesandwagesduringfiscal2009.Travelcostsdecreasedby40%duringtheyearto$277,056ascomparedto$461,049;marketingandpromotiondecreasedby24%from$268,455to$204,620infiscal2009.Salariesandwagesdecreasedbylessthan2%duringthe year, butmanagementbelievesthiscostwilldecreasefurtherforthefullyearasaresultof the10%salaryreductionputinplaceonMarch1,2009.We anticipate general andadministration coststobereducedtobetween$5.2millionand$5.6million forfiscal 2010, asa resultof the variouscostreductionstrategiesputinplaceinfiscal2009.Managementcontinuestolookforcostsavingsthroughvariousplansoncentralizingadministrationinfiscal2010.
Amortization
Amortizationofproperty,plantandequipmentfortheyearendingJune30,2009increasedby$597,078to$3.0millionduringfiscal2009ascomparedto$2.40millioninfiscal2008.Theincreaseisduetotheacquisitionof$4.70millionof capital assetsduringfiscal 2009andtherecordingof a full yearof depreciation fromthe$5.47millionofacquisitionsinfiscal2008.
InterestExpense
The Company incurreda $455,959interestexpenseduringtheyearendingJune30,2009,comparedto$385,851incurredduringtheyearendJune30,2008.The increase isa resultof additional leasesfordrillsacquiredduringthefirstquarteroffiscal2009andincreasedutilizationofouroperatingline.
IncomeTaxes
TheprovisionforincometaxfortheyearendingJune30,2009is$1.25millioncomparedto$748,155fortheyearendingJune30,2008.Thecurrentincometaxexpenseisprimarilyincurredintheinternationaldivisions.Duringthe yearthe Company incurred$3.2million of income tax lossesin Canada which are availabletoreducetaxableincomeinthefuture.AtJune 30, the Company had$6.32million in taxlossestoapplyagainstcurrentincometaxes.
NetIncome
Netlossforfiscal2009was$846,909comparedtonetearningsof$3.20millioninfiscal2008.Earningsdecreasedduringfiscal2009duetolowerrevenues,increasedamortizationandincreasedincometaxes.
ConsolidatedFinancial Position
Consolidatedtotal assetsdecreasedby $5.51millionto$33.19millionatJune30,2009from$38.70millionatJune30,2008.Thechangeconsistsof a $5.71 million decrease of accountsreceivablewhichisoffsetsomewhatbythe$1.05millionincreaseinourcapitalassetbase.Consolidatedtotal liabilitiesdecreasedby $4.20millionto$14.10millionatJune30,2009,from$18.60millionatJune30,2008,primarilyasaresultofthedecreaseintradepayables.Accountspayable decreasedby 50%to$3.86million atJune30,2009,ascomparedto$7.67millionatJune30,2008.The Company’scash (cash andcash equivalents)positionatJune30,2009,is$455,006 comparedto$785,261atJune30,2008.Shortterminvestmentsandmarketablesecuritiesdecreased$75,580,from$116,308atJune30,2008,to$40,728atJune30,2009.ThedecreasecanbeattributedtochangesinmarketsharepricesatJune 30, 2009.We have adjustedthe value of ourholdingsatJune30,2009,asrecordedinthecomprehensiveincomestatement.AtJune30,2009,thebalanceof$40,728consistsofsharesinCanadian publiccorporations.Revenues(‘000s)
20092008
Surface$ 28,00368%$ 44,08675%Underground12,4093013,29223Geotechnical74921,2652
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Positioned for Today and Tomorrow
   A  n  n  u  a   l   R  e  p  o  r   t  s

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