Stocks To Watch DELTA SEABOARD INTERNATIONAL INCORPORATED (OTCBB: HMDI)
Up 219.15% on Tuesday
Delta Seaboard International, Inc. (HMDI) provides well site services that offer a range of products and services for use by oil companies, and independent oil and natural gas companies operating in south and east Texas, and the Gulf Coast market. Its services include workover services, plugging and abandonment, and well completion and recompletion. The company owns one land-based rig in Louisiana and five land-based rigs in the Gulf Coast region of Texas. Delta Seaboard International, Inc. was founded in 1958 and is based in Kemah, Texas.
HMDI News:
November 15 – Delta Seaboard’s (HMDI) Third Quarter Sales Up 21% to $2,941,919 and Earnings Up 27% to $54,408
11-30-11 Stocks To Watch DELTA SEABOARD INTERNATIONAL INCORPORATED (OTCBB: HMDI)
Delta Seaboard International, Inc. (OTCBB: HMDI) reported strong growth in revenues of $517,419, or 21.3%, to $2,941,919 for the third quarter, compared to revenues of $2,424,500 during the same period in the prior year. Our revenues from rig services increased by $551,994, or 73%, to $1,306,530, compared to $754,536 during the third quarter in 2010. Rig service revenues increased due to two fully operating rigs which rigs were in major maintenance during 2010. Pipe sales decreased by $34,575, or 2%, to $1,635,389 in the third quarter 2011, compared to pipe sales of $1,669,964 during the same period in the prior year. Due to a substantial increase in oil prices, drilling activities have significantly increased during the nine months ended September 30, 2011, compared to the same period in the prior year.
Our operating expenses increased by $531,782, or 22%, to $2,889,411 during for the three months ended September 30, 2011, compared to operating expenses of $2,357,629 for the three months ended September 30, 2010. Operating expenses mainly increased due to higher rig service.
Delta’s net income was up 27%, or $11,514, in the third quarter compared to a net income in the third quarter 2010. The company generated $155,023 cash flow from operations during the third quarter ended September 30, 2011.
“Delta’s strong third quarter results are the continuation of the momentum we’ve seen in the oil and gas industry,” said Delta’s Chairman and CEO Daniel Dror. “Our third quarter strong sales growth reflects a particularly robust up-cycle, with growth in both rig services and pipe sales. Despite signals of slower growth forecast in the economy, we expect additional revenue growth and our businesses to perform well in the fourth quarter.”
For more detailed information, please refer to our September 30, 2011 Form 10-Q filing with the SEC, which was filed on November 14, 2011.
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