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cordy oilfield services inc (CKK) Snapshot

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52 Week High
04/7/14 - C$0.28
52 Week Low
12/23/14 - C$0.03
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cordy oilfield services inc (CKK) Details

Cordy Oilfield Services Inc. operates as an energy services and construction company. Its Heavy Construction segment provides mining services; infrastructure construction and maintenance services, including roads, reservoirs, deep and shallow water sewage, and storm water reticulation; construction, maintenance, and reclamation of oilfield leases and lease roads; heavy haulage; gravel supply and delivery; right-of-way clearing; bridge and culvert installation; and camp services to oil and gas production companies, private developers, public infrastructure, and mines in Alberta and British Columbia. The company’s Pipeline and Facilities Construction segment offers services, such as pipeline integrity management; right of way clearing and preparation; environmental reclamation and lease maintenance; oil and gas gathering systems; well head hook ups; metering facilities; oil batteries and satellites; sweet and sour facilities and low pressure gas tie-ins; dehydrators and separators; compressors and tank farms; pipeline installations; water injection lines; pipeline maintenance and repairs; decommissioning old well sites; and transport of facility components to production sites. Its Manufacturing and Supply segment provides drill bits, down-hole hammers hammer bits, and rock bits; construction, mining, and seismic drilling products; stock and customized mining tools; and customized drilling solutions to oil sands exploration, seismic, mining, construction, environmental, geotechnical, and water well industries in western Canada. This segment also sells, rents, and services bottom hole assemblies and their components; and rents diameter hammers and accessories. The company’s Environmental Services segment offers environmental clean-up, hazardous goods transport, and containment services to oil and gas services, production, industrial, and commercial industries in Alberta. Cordy Oilfield Services Inc. was incorporated in 1998 and is headquartered in Calgary, Canada.

Founded in 1998

cordy oilfield services inc (CKK) Top Compensated Officers

Chairman and Chief Executive officer
Total Annual Compensation: C$1.0
Chief Financial Officer
Total Annual Compensation: C$315.0K
Compensation as of Fiscal Year 2013.

cordy oilfield services inc (CKK) Key Developments

Cordy Oilfield Services Inc. Borrows $900,000 from Lyncorp International Ltd

Cordy Oilfield Services Inc. (Cordy) announced that it has borrowed $900,000 from Lyncorp International Ltd. In addition, Cordy entered into a settlement agreement with Lyncorp pursuant to which a promissory note in the amount of $940,264.63 was issued to Lyncorp in settlement of $940,264.63 owed to Lyncorp. This represents the sum of the balance of the purchase price of $587,574.25 remaining payable by Cordy for heavy equipment purchased from Lyncorp as disclosed in a news release dated July 11, 2014, plus the outstanding rent owing to Lyncorp in the amount of $352,690.38. The sum of the Loan Amount and the Debt Settlement Amount of $1,840,264.63 is due and payable on March 31, 2015 and bear interest at the rate of 15% per annum. Cordy granted a security interest in its accounts receivable in order to secure the repayment of $1,840,264.63. Cordy Environmental Inc., Cordy Manufacturing Inc., and Cordy Construction Inc., each a wholly-owned subsidiary of Cordy, have provided guarantees and security interests in their accounts receivable in support of the repayment of $1,840,264.63. Cordy will use the proceeds of the Loan to repay part of the Corporation's current indebtedness and for general working capital purposes.

Cordy Oilfield Services Inc. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Year 2014

Cordy Oilfield Services Inc. reported consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the three month period ended September 30, 2014, the company's consolidated revenues decreased by $10.9 million to $21.6 million as compared to consolidated revenues of $32.5 million in the period ended September 30, 2013. The period over period decrease is attributable to the following the Heavy Construction segment experienced an increase in activity in the mining sector yet it was not sufficient to offset the reduced activity in the oil sands area or with oil and gas clients who slowed their capital projects. The Environmental Services and Manufacturing and Supply segments were impacted by customer slowdowns in capital projects resulting in reduced demand for Cordy's services and products. EBITDAS loss of $2.4 million as compared to earnings of $3.1 million in the period ended September 30, 2013, a decrease of $5.5 million. Net loss was $8.9 million or $0.10 per share, an increased loss of $10.3 million from net earnings of $1.4 million or $0.01 per share for the three months ended September 30, 2013. Cash flow used in from operating activities was $0.6 million against $2.2 million a year ago. For the nine months, the company's consolidated revenues were 65.3 million against $90.2 million a year ago. EBITDAS loss was $4.7 million compared to earnings of $7.1 million in the period ended September 30, 2013. Net loss was $13.1 million or $0.15 per share compared to net earnings of $1.3 million or $0.01 per share a year ago. Cash flow used in from operating activities was $0.5 million against cash generated from operating activities of $2.0 million a year ago. Based upon the company's third quarter results, which were below expectations, as well as the current weakening commodity pricing environment, the company expects the balance of 2014 activity and its resulting financial performance to be below its 2013 results.

Cordy Oilfield Services Inc. to Report Q3, 2014 Results on Nov 19, 2014

Cordy Oilfield Services Inc. announced that they will report Q3, 2014 results on Nov 19, 2014


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