InvestmentPitch Media Feature Video Discusses Specialty Drilling Company Energold Drilling Corp - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - May 2, 2019) - Today's feature company is (TSXV: EGD) (OTC PINK: EGDFF), which provides a comprehensive range of drilling services from early state exploration to onsite operations as well as manufacturing. It currently services the mining, energy, infrastructure, geothermal, water and manufacturing sectors in 24 countries.
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The company reported annual results for the year ended December 31, 2018 with a four year high revenue of $84.1 million across all business divisions, an increase of 12% compared to the $75.0 million reported at the end of 2017. Net loss for 2018 totaled $14.6 million compared to a loss of $17.6 million in 2017. Operation losses narrowed by 51% to $6.9 million in 2018 from $14.1 million in 2017.
The continued revenue rebound was attributed to a successful diversification and turnaround strategy the group has put in place since 2012 to mitigate the effects of a prolonged downturn in the mineral sector. In 2018, over 50% of revenues for Energold came from non-mining activities.
Fred Davidson, President and CEO, stated: "2018 signified a continual turnaround in the Energold story with the group achieving the first positive EBITDA in over six years and narrowing losses significantly for the full year. This strategically positions the group to continue to work towards achieving breakeven and net income in 2019 as our diversified business segments continue to demonstrate growth against a backdrop of tepid mineral exploration markets."
Management believes with the start of the mergers and acquisitions in the resource sector now underway, more efforts will be placed to upgrade reserves, replace reserves, or discover new projects in coming years which should benefit the mining division. Looking forward, management believes 2019 will be conducive for higher EBITDA and earnings.
At December 31, 2018 the company had 139 rigs in its mineral drilling fleet, many of which the company has developed conversion kits to address evolving client needs beyond portable frontier drilling to reverse circulation, underground drilling, and even open-hole drilling. At the end of December 31, 2018, the company had cash of $5.0 million, trade and receivables of $13.5 million, and net working capital of $32.4 million.
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