This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Tesco loses $300,000 (U.S.) in Q3 2009 2009-11-03 20:44 ET - News Release Mr. Julio Quintana reports TESCO CORPORATION REPORTS Q3 2009 RESULTS Tesco Corp. had a net loss for the quarter ended Sept. 30, 2009, of $300,000, or one cent per diluted share. This compares with a net loss of $3.6-million, or 10 cents per diluted share, for the second quarter of 2009, and net income of $17.6-million, or 46 cents per diluted share, for the third quarter of 2008. All figures are in U.S. unless otherwise stated.
Revenue was $72.6-million for the quarter ended Sept. 30, 2009, compared with revenue of $88.4-million for the second quarter of 2009 and $140.0-million for the third quarter of 2008.
Commentary
Julio Quintana, Tesco's chief executive officer, commented: "The continued depressed drilling markets, particularly in North America, have reduced our revenue streams across all our business lines. However, our competitive positioning and balance sheet continue to improve. During the quarter, we generated positive cash flow and reduced our net debt outstanding to a net cash position of $11.9-million. We have taken measures to right size the company to meet the current economic circumstances and market demands. In addition, we have reduced capital spending by 70 per cent year over year. Longer term, we believe the fundamentals driving the growth of our global business remain intact, which we believe will give us the ability to maintain our core strengths and take advantage of opportunities as the market recovers."
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