New West Energy Services Inc. Announces Fourth Quarter and Fiscal Year-End Results
2017年8月29日 - 10:00PM
New West Energy Services Inc. (TSX-V:NWE), an oil
and gas and environmental services company focused on Western
Canada, today announced its financial results for the fourth
quarter and fiscal year ended April 30, 2017.
HIGHLIGHTS
- NWE continued with its busiest winter season since
2013/2014.
Fourth Quarter
- Revenue in the fourth quarter was $4.9 million, representing an
increase of 77% from the same period a year prior, driven largely
by a 98% increase in revenue from the Vacuum Truck and Fluid
Transportation Services division and a 26% increase in revenue from
the Environmental Services division. This increase was
primarily due to greater drilling and completions activity in
Western Canada (average drilling rig utilization in Western Canada
for the quarter was 31% compared to 15% for the same period a year
prior) resulting in higher equipment utilizations and environmental
operating days.
- Gross margin was 23%, representing a decrease of 4 percentage
points from the same period last year. This decrease was
primarily due to increased costs associated with the use of third
party contractors to fulfill excess equipment service demand,
higher than normal equipment costs due to adding acquired units
into service and higher labour costs.
- Normalized EBITDAC for the quarter was $361,331, compared to
negative $165,313 from the same period a year prior, representing
an increase of $526,644.
Fiscal Year
- Revenue in the fiscal year was $11,927,912 and remained flat
from the same period the year prior. This was due largely to
the continued downturn in the oil and gas industry, predominately
in the first half of the year, and NWE’s corresponding lower
equipment utilization and environmental services operating
days.
- Gross margin was 23%, representing a decrease of 3 percentage
points from the same period last year. This decrease was
primarily due to depressed revenues in the first half of the fiscal
year and increased costs associated with the use of third party
contractors to fulfill excess equipment service demand, higher than
normal equipment costs due to adding acquired units into service
and higher labour costs.
- Normalized EBITDAC was a negative $258,263 compared to negative
$189,546 from the same period last year, representing a decrease of
$68,717.
Gerry E. Kerkhoff, President and Chief Executive
Officer of NWE, stated, “New West has shown significant increases
in revenue since the commencement of the last winter season.
Our vacuum truck and fluid transportation services division has
seen greater equipment utilization, including the deployment of
additional equipment that we acquired in March of 2017 for $4.8
million, and our environmental services division has seen top line
growth as the sector continues to improve.”
Mr. Kerkhoff concluded, “With the increase in
our available operating capital and larger fleet size, we have
diversified into the completions and production sectors and have
expanded our client base while increasingly taking on larger
projects with correspondingly higher revenues. With the oil
and gas sector showing increasing signs of recovery, we are
optimistic for New West’s continued growth.”
For the three months ended April 30, |
|
2017 |
|
|
2016 |
|
|
Vacuum Truck & Fluid Transportation Services |
Environmental Services |
Corporate |
Total |
|
Vacuum Truck & Fluid Transportation Services |
Environmental Services |
Corporate |
Total |
|
$ |
$ |
$ |
$ |
|
$ |
$ |
$ |
$ |
Revenue |
3,837,133 |
|
1,039,455 |
|
- |
|
4,876,588 |
|
|
1,934,375 |
|
824,513 |
|
- |
|
2,758,888 |
|
Direct costs |
3,034,928 |
|
727,687 |
|
- |
|
3,762,615 |
|
|
1,445,693 |
|
556,125 |
|
- |
|
2,001,818 |
|
Gross margin |
802,205 |
|
311,768 |
|
- |
|
1,113,973 |
|
|
488,682 |
|
268,388 |
|
- |
|
757,070 |
|
G & A expenses |
283,796 |
|
361,276 |
|
107,570 |
|
752,642 |
|
|
415,917 |
|
391,230 |
|
115,236 |
|
922,383 |
|
Share base pmts |
- |
|
- |
|
276,740 |
|
276,740 |
|
|
- |
|
- |
|
- |
|
- |
|
Finance charges |
199,146 |
|
13,861 |
|
39,348 |
|
252,355 |
|
|
86,512 |
|
1,420 |
|
315 |
|
88,247 |
|
Amortization |
407,641 |
|
- |
|
- |
|
407,641 |
|
|
317,188 |
|
- |
|
- |
|
317,188 |
|
Net loss before
tax |
(88,378 |
) |
(63,369 |
) |
(423,658 |
) |
(575,405 |
) |
|
(330,935 |
) |
(124,262 |
) |
(115,551 |
) |
(570,748 |
) |
Total assets |
14,569,579 |
|
1,094,911 |
|
149,016 |
|
15,813,506 |
|
|
8,431,719 |
|
648,863 |
|
212,677 |
|
9,293,259 |
|
EBITDAC* |
518,409 |
|
(49,508 |
) |
(107,570 |
) |
361,331 |
|
|
72,765 |
|
(122,842 |
) |
(115,236 |
) |
(165,313 |
) |
|
|
|
|
|
|
|
|
|
|
For the years ended April 30, |
|
2017 |
|
|
2016 |
|
|
Vacuum Truck & Fluid Transportation Services |
Environmental Services |
Corporate |
Total |
|
Vacuum Truck & Fluid Transportation Services |
Environmental Services |
Corporate |
Total |
|
$ |
$ |
$ |
$ |
|
$ |
$ |
$ |
$ |
Revenue |
8,328,756 |
|
3,599,156 |
|
- |
|
11,927,912 |
|
|
7,461,361 |
|
4,635,356 |
|
- |
|
12,096,717 |
|
Direct costs |
6,784,346 |
|
2,451,885 |
|
- |
|
9,236,231 |
|
|
5,772,434 |
|
3,135,272 |
|
- |
|
8,907,706 |
|
Gross margin |
1,544,410 |
|
1,147,271 |
|
- |
|
2,691,681 |
|
|
1,688,927 |
|
1,500,084 |
|
- |
|
3,189,011 |
|
G & A expenses |
1,139,606 |
|
1,378,828 |
|
431,510 |
|
2,949,944 |
|
|
1,408,553 |
|
1,664,171 |
|
305,833 |
|
3,378,557 |
|
Share base pmts |
- |
|
- |
|
276,740 |
|
276,740 |
|
|
- |
|
- |
|
- |
|
- |
|
Finance charges |
342,809 |
|
17,091 |
|
76,173 |
|
436,073 |
|
|
254,624 |
|
4,748 |
|
609 |
|
259,981 |
|
Amortization |
1,364,747 |
|
- |
|
- |
|
1,364,747 |
|
|
1,325,788 |
|
- |
|
- |
|
1,325,788 |
|
Net loss before
tax |
(1,302,752 |
) |
(248,648 |
) |
(784,423 |
) |
(2,335,823 |
) |
|
(1,300,038 |
) |
(168,835 |
) |
(306,442 |
) |
(1,775,315 |
) |
Total assets |
14,569,579 |
|
1,094,911 |
|
149,016 |
|
15,813,506 |
|
|
8,431,719 |
|
648,863 |
|
212,677 |
|
9,293,259 |
|
EBITDAC* |
404,804 |
|
(231,557 |
) |
(431,510 |
) |
(258,263 |
) |
|
280,374 |
|
(164,087 |
) |
(305,833 |
) |
(189,546 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Normalized EBITDAC is earnings from continuing operations
before interest, taxes, depreciation, amortization and share-based
payments and is a measure of NWE’s operating profitability. The
calculation is further adjusted to normalize EBITDAC by removing
any non-reoccurring transactions that are not in the normal course
of operations.
Contact: Gerry E. Kerkhoff New West Energy Services Inc.
President & Chief Executive Officer Phone - 403.984.9798 or
1.888.977.2327 (BEAR) Fax - 403.984.9799 Email -
gkerkhoff@newwestenergyservices.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.
Cautionary Note Regarding
Forward-Looking Information
Certain statements in this news release may
constitute “forward-looking information” within the meaning of
applicable securities laws that involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements or industry results to be materially
different from any future results, performance or achievements or
industry results expressed or implied by such forward-looking
information and financial outlook. Forward-looking
information is identified by the use of terms and phrases such as
“anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”,
“may”, “plan”, “predict”, “project”, “will”, “would”, and similar
terms and phrases, including references to assumptions. Such
information may involve, but is not limited to, comments with
respect to strategies, expectations, planned operations or future
actions. Forward-looking information in this news release
includes, without limitation, statements with respect to: the use
of proceeds of its loans; the use of the acquired equipment;
planned changes in NWE’s business and revenues; the competitive
environment in which NWE operates; and the assessment of future
plans and operations. Actual events or results may differ
materially. The forward-looking information in this news
release is based on assumptions which includes, but is not limited
to: NWE realizing the expected benefits of its loans and acquired
equipment; the general state of the economy and the oil and gas
industry not worsening; NWE not losing any key personnel; NWE
sustaining or increasing their level of revenues and EBITDAC
NWE growing its businesses long term and managing its growth;
NWE complying with existing regulations and not becoming subject to
more stringent regulations; and, NWE’s insurance being sufficient
to cover losses that may occur as a result of its operations.
The forward-looking information in this news release is subject to
risks, uncertainties and other factors that could cause actual
results to differ materially from historical results or results
anticipated by the forward-looking information. The factors
which could cause results to differ from current expectations
include, but are not limited to: failure to realize the expected
benefits of its loans and acquired equipment; potential undisclosed
liens associated with the acquired equipment; NWE’s results being
dependent upon the general state of the economy and the oil and gas
industry; NWE being dependent on key personnel, the loss of which
could harm its business; NWE may not be able to sustain or increase
their revenues or EBITDAC; NWE may be unable to grow its business
long term or to manage any growth; NWE may be unable to integrate
the acquired equipment into its business; competition in NWE’s
markets may lead to reduced revenues and EBITDAC; NWE may fail to
comply with existing regulations or become subject to more
stringent regulations; NWE’s insurance may be insufficient to cover
losses that may occur as a result of NWE’s operations; the market
price of NWE’s common shares will fluctuate; and, there is a
possibility of dilution of existing holders of NWE’s common shares
due to future financings or acquisitions. Although NWE has
attempted to identify factors that would cause actual actions,
events or results to differ materially from those disclosed in the
forward-looking statements in this news release, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Also, many of the factors are
beyond the control of NWE. Accordingly, readers should not
place undue reliance on the forward-looking information in this
news release. The forward-looking information is made as of
the date of this news release, and NWE does not assume any
obligation to publicly update or revise such forward-looking
information to reflect new information, subsequent or otherwise,
except as may be required by applicable law. The
forward-looking information contained herein is expressly qualified
in its entirety by this cautionary statement.
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