11:30 AM EST - Leader Energy Services Ltd. : has reported a first-quarter loss of $3.6 million, down from a year-ago profit of $2.4 million, as revenue edged up five per cent while operating costs more than doubled. Leader said Monday it has cut its Canadian field workforce by 30 per cent as demand has remained "disappointing" in the second quarter. "Management believes it unlikely that any significant improvement in industry conditions will occur until late 2007 or possibly early 2008," the Calgary-based provider of well stimulation and cementing services stated. January-March revenue was $11.8 million, up from $11.3 million a year earlier. Operating costs swelled 112 per cent to $11.2 million while general and administrative expenses grew 60 per cent to $2.2 million. The rise in spending "is primarily attributed to staff levels that were high in anticipation of a level of demand for services that did not materialize," Leader stated. Leader Energy Services Ltd.
shares LEE:CA are trading up four cents at $0.86.
