SYLVAN LAKE, AB, Feb. 25, 2013 /CNW/ - Lonestar West Inc. (TSXV:
LSI) today announced its business performance for the second
quarter of fiscal 2013. Lonestar experienced another great
quarter which included record gross revenues, growth in fleet size
and expansion into the United
States.
Highlights for the second quarter of fiscal year
2013 include:
- Revenues increased 48.8% to $6,750,036 from $4,535,173 in the previous year equivalent
quarter.
- EBITDA increased 44.5% to $1,145,576 compared to $794,747 in the previous year equivalent
quarter.
- EBITDA per share rose 26.8% to $0.07 from $0.05 in
the previous year equivalent quarter.
- Net income before taxes of $624,321 in comparison to the $521,937 net income before taxes in the previous
year equivalent quarter.
The fleet expansion program resulted in a 37.9%
increase in fleet size as the Company went from 29 units available
for work at the end of the second quarter of fiscal 2012 to 40
units available for work at the end of the second quarter of fiscal
2013.
Management estimates that approximately 7 HVACs
will be added in the third quarter and approximately 10 will be
added in the fourth quarter, thereby resulting in approximately 57
units in the fleet by the end of the fiscal year.
During the quarter the Company began operations
into the United States and
generated revenues of $293,152.
Management views this expansion as an integral part of their growth
strategy and is confident that operations in the US will contribute
to the diversification of the Company's business.
President and CEO James
Horvath commented, "Lonestar West Inc. has continued the
growth trend with increased revenues and EBITDA over the prior year
quarters. Management's ability to manage costs and the expansion of
our operations within North
America have had a direct impact on our net income. Our
current strategy of growing our fleet and diversifying our
operational locations has resulted in a strong quarter with
expectations for additional growth for Lonestar in the future."
As always, Lonestar is committed to customer
service, safety and our employees which enable us to continue to
grow into a major multi-national HVAC competitor. For
complete details on the December 31,
2012 interim and June 30, 2012
year end audited financial statements, as well as the related
MD&A's, please refer to SEDAR at www.sedar.com.
Business Description
Lonestar West Inc. (www.lonestarwest.com)
operates a fleet of 46 HVAC and vacuum trucks throughout
North America from its base in
Sylvan Lake, Alberta. It is
focused on profitably growing its HVAC services to become a major
competitor in the North American market.
Lonestar's shares trade on the TSX Venture
Exchange under the symbol LSI.
Certain information and statements contained
herein constitute forward-looking information, including the
anticipated costs associated with the purchase of capital
equipment, expectations concerning the nature and timing of growth
within the business operated by Lonestar, expectations respecting
the competitive position of such business, expectations concerning
the financing of future business activities and statements as to
future economic and operating conditions. Readers should
review the cautionary statement respecting forward-looking
information that appears in Lonestar's complete MD&A.
SOURCE Lonestar West Inc.