CALGARY, AB, July 30, 2024 /CNW/ - AKITA Drilling Ltd. (TSX:AKT) AKITA Drilling Ltd. ("AKITA" or the "Company") announces results for the six months ended June 30, 2024. During the second quarter of 2024, the Company repaid $17,000,000 in debt, decreasing its outstanding debt balance from $70,000,000 to $53,000,000 and bringing the total debt reduction in the past six quarters to $41,000,000. The Company's net income decreased to a loss of $478,000 in the second quarter of 2024 from earnings of $6,177,000 during the same period of 2023. The slowed demand for drilling services in the US was the key driver of lower results for the Company in the second quarter of 2024. Additionally, the Company received $2,000,000 in Employee Retention Credits from the IRS in the second quarter of 2023, which did not reoccur in 2024. The slowdown in the US was partially offset by an increase in the adjusted operating margin from Canada, which increased by 19% in the second quarter of 2024 when compared to the second quarter of 2023. Net cash from operations decreased to $10,913,000 for the three months ended June 30, 2024, compared to $16,150,000 in the same period of 2023, due to lower results in the quarter, partially offset by a larger release of working capital in the second quarter of 2024 compared to the same period of 2023.  In Canada, the Company operated 9 rigs in the second quarter of 2024 (Q2 2023 – 9 rigs) and 8 rigs in the US (Q2 2023 – 14 rigs). The Company spent $7,126,000 on routine capital items in the second quarter of 2024, up from $4,700,000 over the same period in 2023.  Colin Dease, AKITA's Chief Executive Officer stated: "with $17 million of debt repaid in the quarter and activity looking to improve on both sides of the border, we are anticipating a strong second half of 2024." CONSOLIDATED FINANCIAL HIGHLIGHTS $Thousands except per share amounts  For the three months ended June 30,  For the six months ended June 30,  2024 2023 Change  % Change 2024 2023 Change  % Change Revenue 38,336 58,349 (20,013) (34 %) 84,641 123,349 (38,708) (31 %) Operating and maintenance expenses 29,806 41,988 (12,182) (29 %) 63,317 87,414 (24,097) (28 %) Operating margin 8,530 16,361 (7,831) (48 %) 21,324 35,935 (14,611) (41 %) Margin % 22 % 28 % (6 %) (21 %) 25 % 29 % (4 %) (14 %) Net cash from operating activities 10,913 16,150 (5,237) (32 %) 17,861 15,736 2,125 14 % Adjusted funds flow from operations(1) 6,387 12,620 (6,233) (49 %) 17,647 27,779 (10,132) (36 %)   Per share 0.16 0.32 (0.16) (50 %) 0.44 0.70 (0.26) (37 %) Net income (loss) (478) 6,177 (6,655) (108 %) 2,149 15,699 (13,550) (86 %)   Per share (0.01) 0.16 (0.17) (106 %) 0.05 0.40 (0.35) (88 %) Capital expenditures 7,126 4,700 2,426 52 % 11,061 7,204 3,857 54 % Weighted average shares outstanding 39,734 39,650 84 0 % 39,725 39,650 75 0 % Total assets 242,353 266,330 (23,977) (9 %) 242,353 266,330 (23,977) (9 %) Total debt 52,404 79,670 (27,266) (34 %) 52,404 79,670 (27,266) (34 %) (1)See "Non-GAAP and Supplementary Financial Measures" near the end of this release for further detail.  Canadian Drilling Division For the three months ended June 30,  For the six months ended June 30,  $Thousands except per day amounts 2024 2023 Change  % Change 2024 2023 Change  % Change Revenue Canada 9,820 9,706 114 1 % 25,369