Lonestar West Announces 2013 Year End Financial Results
2014年5月1日 - 9:29AM
Marketwired
Lonestar West Announces 2013 Year End Financial Results
SYLVAN LAKE, ALBERTA--(Marketwired - Apr 30, 2014) - Lonestar
West Inc. (TSX-VENTURE:LSI) today announced the financial results
for the six month fiscal year ended December 31, 2013, the first
report since its change of year-end.
Lonestar is pleased to announce it has once again achieved
strong revenues in six month period ended December 31, 2013.
Highlights for the six month fiscal period ended December 31,
2013 include:
- Revenues were $17,581,642 for the six month period compared to
$27,895,601 in the previous twelve -month fiscal year ended June
30, 2013.
- EBITDAC for the six month period was $1,331,938 compared to
$4,181,410 in the previous twelve-month fiscal year ended June 30,
2013.
- EBITDAC per share for the six month period was $0.06 compared
to $0.25 in the previous twelve month fiscal year ended June 30,
2013.
- Income before taxes was a negative $289,353 for the six month
period in comparison to the $1,939,400 net income before taxes in
the previous twelve month fiscal year ended June 30, 2013.
- Net income for the six month period was a negative $188,295
compared to net income of $1,446,429 in the previous twelve month
fiscal year ended June 30, 2013.
The Company also reported results for the quarter ended December
31, 2013.
- Revenues increased 37.5% to $9,281,102 from $6,750,037 in the
previous year equivalent quarter.
- EBITDAC decreased 63.4% to $420,304 from $1,148,576 in the
previous year equivalent quarter.
- EBITDAC per share decreased 70.5% to $0.02 from $0.06 in the
previous year equivalent quarter.
- Loss before taxes was $411,834 a $1,036,156 decrease in
comparison to the $624,322 income before taxes in the previous year
equivalent quarter.
- Net loss for the quarter was $280,276 a $748,598decrease in
comparison to the $468,322 net earnings in the previous year
equivalent quarter.
The Company once again experienced revenue growth during the six
month period as result of management implementing its growth
strategy. However, the Company also experienced increased operating
and general and administrative expenses as a result of the
implementation of the Company's growth strategy. Increased costs
were related to housing expenses for staff, the hiring of
additional head office and management personnel and professional
fees relating to the new credit facility. These increased costs
resulted in a net loss for the six-month period of $188,295.
Lonestar continues to see significant growth in its revenues
with an increase of 37.5% for the three-month period ended December
31, 2013 over the prior year comparable quarter. While EBITDA
declined on a comparable quarter basis, Management believes that it
is making significant progress on the build-out of its US
operations. Towards the end of the fourth quarter of 2013 and
during the first quarter of 2014, key personnel were added to the
operations in the United States and it is anticipated that their
impact will be demonstrated in the following quarters.
During the first quarter, Management has experienced a material
increase of Request For Proposals for pipeline construction
compared to last year. An increased level of activity is expected
in the Canadian energy sector during the second and third quarters,
which should directly have a positive impact on Lonestar
operations. In addition, in line with the Company's growth
strategy, substantial additions were made to Lonestar's fleet post
year-end with the purchase of 11 HVAC units, 6 Vacuum units and 2
water trucks.
"Lonestar is going through the difficult process of building a
North American platform for providing Hydrovac services" said James
Horvath, CEO and President of Lonestar. "While our EBITDAC results
were relatively poor for the last several quarters, management
believes our underlying growth strategy is sound and anticipates
the benefits of the increased costs will be realized in future
quarters. Lonestar is continuing to focus on its growth strategy by
increasing the size of our fleet and introducing our superior
services to new customers and geographical areas. "
About Lonestar West
Based in Sylvan Lake, Alberta, Lonestar West Inc. operates a
fleet of 87 HVAC and Vacuum trucks throughout Western Canada,
California, Oklahoma, Texas and has recently expanded into Kansas.
It is focused on profitably growing its HVAC services to become a
major competitor in the North American market.
For more information please visit the Lonestar West website at
www.lonestarwest.com.
NEITHER THE
TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
Lonestar West Inc.James HorvathPresident &
CEO403-887-2074info@lonestarwest.comwww.lonestarwest.comThe Howard
Group Inc.Jeff WalkerInvestor Relations(888) 221-0915 or (403)
221-0915jeff@howardgroupinc.com
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