Total Energy Services Inc. Announces 2013 Results
CALGARY, ALBERTA--(Marketwired - Mar 10, 2014) - Total Energy
Services Inc. ("Total Energy" or the "Company") (TSX:TOT) announces
its consolidated financial results for the three and twelve-month
periods ending December 31, 2013.
Financial Highlights |
($000's except per share data) |
|
|
|
|
|
|
|
|
|
Three Months Ended Dec. 31 |
|
Twelve Months Ended Dec. 31 |
|
|
|
(unaudited) |
|
(audited) |
|
|
|
2013 |
2012 |
% Change |
|
2013 |
2012 |
% Change |
|
|
Revenue |
$ |
86,940 |
$ |
78,404 |
11 |
% |
$ |
339,579 |
$ |
307,702 |
10 |
|
% |
Operating Earnings (1) |
|
16,149 |
|
14,806 |
9 |
% |
|
54,780 |
|
65,221 |
(16 |
) |
% |
EBITDA (1) |
|
23,152 |
|
21,743 |
6 |
% |
|
82,952 |
|
91,076 |
(9 |
) |
% |
Cashflow (1)(5) |
|
23,990 |
|
22,110 |
9 |
% |
|
60,446 |
|
91,949 |
(34 |
) |
% |
Net Income |
|
10,694 |
|
10,525 |
2 |
% |
|
37,308 |
|
47,692 |
(22 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data (Diluted) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (1) |
$ |
0.67 |
$ |
0.63 |
6 |
% |
$ |
2.43 |
$ |
2.62 |
(7 |
) |
% |
Cashflow (1) |
|
0.69 |
|
0.64 |
8 |
% |
|
1.77 |
|
2.65 |
(33 |
) |
% |
Net Earnings |
|
0.34 |
|
0.34 |
nil |
|
|
1.20 |
|
1.49 |
(19 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31 |
|
Dec. 31 |
|
|
|
|
|
|
|
|
|
|
|
2013 (audited) |
|
2012 (audited) |
% Change |
|
|
Financial Position |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
|
$ |
518,782 |
$ |
476,591 |
9 |
|
% |
Long-Term Debt, Convertible Debentures and Obligations
Under Finance Leases |
|
|
69,598 |
|
67,937 |
2 |
|
% |
Working Capital (3) |
|
|
|
|
|
|
|
73,512 |
|
90,708 |
(19 |
) |
% |
Net Debt (4) |
|
|
|
|
|
|
|
nil |
|
nil |
nil |
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
340,612 |
|
306,069 |
11 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares Outstanding (000's) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
31,176 |
|
30,600 |
2 |
|
% |
Diluted (2) |
|
|
|
|
|
|
|
34,838 |
|
34,300 |
2 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes 1 through 5 please refer to the Notes to the
Financial Highlights set forth at the end of this
release. |
Total Energy's results for the three and twelve months ended
December 31, 2013 reflect continued growth in the Company's
Compression and Process Services division and increased drilling
activity during the fourth quarter that positively impacted the
Contract Drilling Services division. Moderate well completion and
work over activity in Western Canada combined with lower pricing
and the inability to pass on increased operating costs due to
competitive market conditions weighed upon the Rentals and
Transportation Services division's performance during 2013.
Total Energy's Contract Drilling Services division achieved 60%
utilization during the fourth quarter of 2013, recording 881
operating days (spud to release) with a fleet of 16 rigs, compared
to 603 operating days, or 42% utilization, during the fourth
quarter of 2012 with a fleet of 15 rigs. Revenue per operating day
decreased 2% for the fourth quarter of 2013 relative to the prior
year comparable period due to lower pricing and the mix of
equipment operating. For the twelve months ended December 31, 2013,
the Contract Drilling Services division achieved 2,814 operating
days (48% utilization), compared to 2,460 operating days (44%
utilization) for 2012. The Rentals and Transportation Services
division achieved a utilization rate on major rental equipment of
43% during the fourth quarter of 2013 as compared to a 41%
utilization rate during the fourth quarter of 2012. For 2013,
rental equipment utilization averaged 38% as compared to 47% for
2012. The Rentals and Transportation Services division exited 2013
with approximately 9,700 pieces of rental equipment and 100 heavy
trucks as compared to 9,800 rental pieces and 106 heavy trucks at
the end of 2012. The Compression and Process Services division
generated revenues of $39.0 million for the three months ended
December 31, 2013 compared to $33.9 million for the same period in
2012, an increase of 15%. For 2013, revenues increased by 44% to
$174.7 million compared to $121.3 million in 2012. The Compression
and Process Services division exited 2013 with a $60.1 million
backlog of fabrication sales orders as compared to $34.5 million at
December 31, 2012. Included in the December 31, 2013 fabrication
sales backlog is $47.7 million of gas compression equipment orders
and $12.4 million of process equipment orders. At December 31,
2013, approximately 43,900 horsepower of compression equipment was
on rent compared to 31,700 horsepower on rent at December 31, 2012.
The gas compression rental fleet operated at an average utilization
rate of 87% and 86% for the three and twelve month periods ended
December 31, 2013, respectively, as compared to 87% and 84% for the
same periods in 2012.
During the fourth quarter, Total Energy declared a quarterly
dividend of $0.05 per share to shareholders of record on December
31, 2013. This dividend was paid on January 31, 2014.
Outlook
Western Canadian drilling activity strengthened during the
fourth quarter of 2013 and continues to remain robust during the
first quarter of 2014. Continued strength of oil prices, recent
near term strength in natural gas prices and a lower Canadian
dollar relative to the United States dollar provide support for
relatively high Canadian drilling activity levels. Current
expectations are that well completion and work over activity will
increase as winter drilling programs are completed.
In February 2014, the Company's natural gas compression
business, Bidell Gas Compression, moved into a newly constructed
41,000 sq. ft. fabrication facility which is located immediately
adjacent to Bidell's main 58,000 sq. ft. fabrication facility in
southeast Calgary. Bidell will be vacating a leased 17,000 sq. ft.
facility during the second quarter, resulting in approximately
123,000 sq. ft. of fabrication space of which 80% is owned. Going
forward, Bidell's fabrication capacity is expected to increase by
at least 20%.
During the second quarter of 2014, Total Energy's Contract
Drilling Services division, Chinook Drilling, will complete the
construction of a 4,200 meter (vertical depth rating) AC electric
telescopic double drilling rig complete with top drive and the
upgrade of an existing conventional single. The completion of this
capital program is on time and on budget and will increase
Chinook's rig fleet to 17 rigs, of which 15 are telescopic doubles
with vertical depth ratings of 3,000 meters or greater and two rigs
are extended reach singles with integrated top drives and vertical
depth ratings of 1,800 meters. Chinook has an owned top drive fleet
of 10 units.
As part of the Company's previously announced 2013 capital
expenditure program, the Rental and Transportation Services
division disposed of, replaced and upgraded a significant number of
pieces in its rental equipment and heavy truck fleets. The net
impact of this capital program was a slight reduction in size of
the rental equipment and heavy truck fleets during the fourth
quarter of 2013. Subsequent to December 31, 2013, the rental
equipment fleet has increased to 9,900 pieces and the heavy truck
fleet to 109 units with the delivery of new equipment during the
first quarter of 2014.
Total Energy's financial condition remains strong with a
long-term debt (including convertible debentures) to long-term debt
plus equity ratio of 0.17 to 1.0, $73.5 million of positive working
capital and no net debt as at December 31, 2013. Total Energy's $35
million operating facility is currently fully available and
undrawn.
Conference Call
At 2:30 p.m. MST today, Total Energy will conduct a conference
call and webcast to discuss its fourth quarter financial results.
Daniel Halyk, President & Chief Executive Officer, will host
the conference call. The call is open to Shareholders and all other
interested persons. A live webcast of the conference call will be
accessible on Total's website at www.totalenergy.ca by selecting
"Webcasts". Persons wishing to join the conference call live may do
so by calling (866) 226-1792 or (416) 340-2216. Those who are
unable to listen to the call live may listen to a recording of it
on Total Energy's website. A recording of the conference call will
also be available until March 17, 2014 by dialing (800) 408-3053
(passcode 9395642).
Dividend increase
Total Energy's Board of Directors has determined to increase the
Company's quarterly dividend by $0.01 per share to $0.06 per common
share beginning for the quarter ending March 31, 2014. This equates
to an annual dividend of $0.24 per common share. All dividends
declared and paid by Total Energy are eligible dividends for
Canadian tax purposes unless otherwise indicated.
Total Energy's dividend policy is consistent with its primary
objective of building sustainable shareholder value, as measured on
a diluted per share basis. Total Energy's dividend policy
recognizes the cyclical nature of the Canadian energy services
industry and is intended not to impair the Company's ability to
continue to finance substantial future growth on reasonable terms
and without unnecessary dilution to existing shareholders,
particularly during periods when access to debt or equity markets
may be restricted or impaired.
Annual Meeting of
Shareholders
Shareholders and other interested persons are invited to attend
the annual meeting of Shareholders which will commence at 10:00
a.m. (Calgary time) on Thursday, May 22, 2014 at the Calgary
Petroleum Club, 319 - 5th Avenue S.W., Calgary, Alberta.
Selected Financial Information
Selected financial information relating to the three and
twelve-month periods ended December 31, 2013 and 2012 is attached
to this news release. This information should be read in
conjunction with the consolidated financial statements of Total
Energy and the attached notes to the consolidated financial
statements and management's discussion and analysis to be issued in
due course and reproduced in the Company's 2013 annual report.
Consolidated Statements of Financial Position |
(in
thousands of Canadian dollars) |
|
|
|
|
|
|
December 31, |
December 31, |
|
2013 |
2012 |
|
(audited) |
(audited) |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
3,210 |
$ |
50,052 |
|
Accounts receivable |
|
78,130 |
|
63,511 |
|
Inventory |
|
38,858 |
|
33,240 |
|
Income taxes receivable |
|
2,402 |
|
- |
|
Prepaid expenses and deposits |
|
9,782 |
|
2,547 |
|
|
132,382 |
|
149,350 |
|
|
|
|
|
Property, plant and equipment |
|
382,347 |
|
323,188 |
|
|
|
|
|
Goodwill |
|
4,053 |
|
4,053 |
|
$ |
518,782 |
$ |
476,591 |
|
|
|
|
|
Liabilities & Shareholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
46,224 |
$ |
32,523 |
|
Deferred revenue |
|
8,710 |
|
6,971 |
|
Dividends payable |
|
1,559 |
|
1,530 |
|
Income taxes payable |
|
- |
|
15,098 |
|
Current portion of obligations under finance leases |
|
2,377 |
|
2,520 |
|
|
58,870 |
|
58,642 |
|
|
|
|
|
Obligations under finance leases |
|
2,775 |
|
2,723 |
|
|
|
|
|
Convertible debentures |
|
64,446 |
|
62,694 |
|
|
|
|
|
Deferred tax liability |
|
52,079 |
|
46,463 |
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Share capital |
|
83,243 |
|
76,890 |
|
Contributed surplus |
|
6,677 |
|
5,160 |
|
Equity portion of convertible debenture |
|
4,601 |
|
4,601 |
|
Retained earnings |
|
246,091 |
|
219,418 |
|
|
340,612 |
|
306,069 |
|
|
|
|
|
|
$ |
518,782 |
$ |
476,591 |
|
|
|
|
|
Consolidated Statements of Comprehensive Income |
(in thousands of Canadian dollars except per share
amounts) |
|
Three months ended |
Year ended |
|
|
December 31, |
December 31, |
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
(audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
86,940 |
|
$ |
78,404 |
|
$ |
339,579 |
|
$ |
307,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
55,882 |
|
|
49,485 |
|
|
224,958 |
|
|
187,311 |
|
|
Selling, general and administration |
|
7,058 |
|
|
6,809 |
|
|
29,416 |
|
|
28,403 |
|
|
Share-based compensation |
|
680 |
|
|
1,042 |
|
|
3,236 |
|
|
3,065 |
|
|
Depreciation |
|
7,171 |
|
|
6,262 |
|
|
27,189 |
|
|
23,702 |
|
Results from operating activities |
|
16,149 |
|
|
14,806 |
|
|
54,780 |
|
|
65,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on disposal of property, plant and equipment |
|
(168 |
) |
|
675 |
|
|
983 |
|
|
2,153 |
|
|
Finance income |
|
43 |
|
|
248 |
|
|
385 |
|
|
878 |
|
|
Finance costs |
|
(1,514 |
) |
|
(1,489 |
) |
|
(5,965 |
) |
|
(5,797 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before income taxes |
|
14,510 |
|
|
14,240 |
|
|
50,183 |
|
|
62,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense (recovery) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
2,018 |
|
|
5,730 |
|
|
7,259 |
|
|
15,255 |
|
|
Deferred |
|
1,798 |
|
|
(2,015 |
) |
|
5,616 |
|
|
(492 |
) |
Total income tax expense |
|
3,816 |
|
|
3,715 |
|
|
12,875 |
|
|
14,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income and total comprehensive income for the
period |
|
10,694 |
|
|
10,525 |
|
|
37,308 |
|
|
47,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained earnings, beginning of period |
|
236,955 |
|
|
211,558 |
|
|
219,418 |
|
|
190,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
(1,558 |
) |
|
(1,530 |
) |
|
(6,181 |
) |
|
(6,180 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase and cancellation of common shares in excess of stated
common share capital |
|
- |
|
|
(1,135 |
) |
|
(4,454 |
) |
|
(12,425 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained earnings, end of period |
$ |
246,091 |
|
$ |
219,418 |
|
$ |
246,091 |
|
$ |
219,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share : |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.34 |
|
$ |
0.34 |
|
$ |
1.21 |
|
$ |
1.54 |
|
|
Diluted |
$ |
0.34 |
|
$ |
0.34 |
|
$ |
1.20 |
|
$ |
1.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows |
(in thousands of Canadian dollars) |
|
|
Three months ended |
|
Year ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
(audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income for the period |
$ |
10,694 |
|
$ |
10,525 |
|
$ |
37,308 |
|
$ |
47,692 |
|
|
Add (deduct) items not affecting cash: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
7,171 |
|
|
6,262 |
|
|
27,189 |
|
|
23,702 |
|
|
|
Share-based compensation |
|
680 |
|
|
1,042 |
|
|
3,236 |
|
|
3,065 |
|
|
|
Gain (loss) on disposal of property, plant and equipment |
|
168 |
|
|
(675 |
) |
|
(983 |
) |
|
(2,153 |
) |
|
|
Finance income |
|
(43 |
) |
|
(248 |
) |
|
(385 |
) |
|
(878 |
) |
|
|
Finance costs |
|
1,514 |
|
|
1,489 |
|
|
5,965 |
|
|
5,797 |
|
|
|
Current income tax expense |
|
2,018 |
|
|
5,730 |
|
|
7,259 |
|
|
15,255 |
|
|
|
Deferred income tax expense (recovery) |
|
1,798 |
|
|
(2,015 |
) |
|
5,616 |
|
|
(492 |
) |
|
Income taxes paid |
|
(10 |
) |
|
- |
|
|
(24,759 |
) |
|
(39 |
) |
|
|
|
23,990 |
|
|
22,110 |
|
|
60,446 |
|
|
91,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in non-cash working capital items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(6,907 |
) |
|
(3,690 |
) |
|
(14,619 |
) |
|
31,045 |
|
|
|
Inventory |
|
(4,181 |
) |
|
1,614 |
|
|
(2,664 |
) |
|
3,907 |
|
|
|
Prepaid expenses and deposits |
|
(38 |
) |
|
206 |
|
|
(3,374 |
) |
|
(752 |
) |
|
|
Accounts payable and accrued liabilities |
|
6,950 |
|
|
2,055 |
|
|
13,385 |
|
|
(5,551 |
) |
|
|
Deferred revenue |
|
3,016 |
|
|
3,363 |
|
|
1,739 |
|
|
3,907 |
|
|
|
|
22,830 |
|
|
25,658 |
|
|
54,913 |
|
|
124,505 |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
(38,557 |
) |
|
(29,074 |
) |
|
(75,029 |
) |
|
(89,365 |
) |
|
Acquisition of business |
|
- |
|
|
- |
|
|
(16,954 |
) |
|
- |
|
|
Proceeds on disposal of property, plant and
equipment |
|
2,223 |
|
|
2,766 |
|
|
6,574 |
|
|
8,973 |
|
|
Changes in non-cash working capital items |
|
(4,040 |
) |
|
(703 |
) |
|
(3,160 |
) |
|
(2,603 |
) |
|
|
|
(40,374 |
) |
|
(27,011 |
) |
|
(88,569 |
) |
|
(82,995 |
) |
Financing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of obligations under finance leases |
|
(722 |
) |
|
(688 |
) |
|
(3,001 |
) |
|
(3,188 |
) |
|
Payment of dividends |
|
(1,554 |
) |
|
(1,535 |
) |
|
(6,152 |
) |
|
(5,905 |
) |
|
Issuance of common shares |
|
894 |
|
|
1 |
|
|
5,599 |
|
|
1,198 |
|
|
Repurchase of common shares |
|
1 |
|
|
(1,393 |
) |
|
(5,419 |
) |
|
(15,027 |
) |
|
Interest paid |
|
(56 |
) |
|
(374 |
) |
|
(4,213 |
) |
|
(4,194 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,437 |
) |
|
(3,989 |
) |
|
(13,186 |
) |
|
(27,116 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in cash and cash equivalents |
|
(18,981 |
) |
|
(5,342 |
) |
|
(46,842 |
) |
|
14,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period |
|
22,191 |
|
|
55,394 |
|
|
50,052 |
|
|
35,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
$ |
3,210 |
|
$ |
50,052 |
|
$ |
3,210 |
|
$ |
50,052 |
|
Segmented Information
The Company operates in three main industry segments, which are
substantially in one geographic segment. These segments are
Contract Drilling Services, which includes the contracting of
drilling equipment and the provision of labour required to operate
the equipment, Rentals and Transportation Services, which includes
the rental and transportation of equipment used in drilling,
completion and production operations and Compression and Process
Services, which includes the fabrication, sale, rental and
servicing of natural gas compression and process equipment.
As at and for the three months ended December 31,
2013 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract |
|
Rentals and |
|
Compression |
|
|
|
|
|
|
|
|
Drilling |
|
Transportation |
|
and Process |
|
Other |
|
|
|
|
Services |
|
Services |
|
Services |
|
(1) |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
18,266 |
|
$ |
29,683 |
|
$ |
38,991 |
|
$ |
- |
|
$ |
86,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
10,204 |
|
|
15,786 |
|
|
29,892 |
|
|
- |
|
|
55,882 |
|
Selling, general and administration |
|
922 |
|
|
3,482 |
|
|
1,904 |
|
|
750 |
|
|
7,058 |
|
Share-based compensation |
|
- |
|
|
- |
|
|
- |
|
|
680 |
|
|
680 |
|
Depreciation |
|
1,644 |
|
|
3,742 |
|
|
1,777 |
|
|
8 |
|
|
7,171 |
|
Results from operating activities |
|
5,496 |
|
|
6,673 |
|
|
5,418 |
|
|
(1,438 |
) |
|
16,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on sale of PP&E |
|
10 |
|
|
(185 |
) |
|
- |
|
|
7 |
|
|
(168 |
) |
Finance income |
|
- |
|
|
- |
|
|
- |
|
|
43 |
|
|
43 |
|
Finance costs |
|
(204 |
) |
|
(554 |
) |
|
(241 |
) |
|
(515 |
) |
|
(1,514 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before income taxes |
|
5,302 |
|
|
5,934 |
|
|
5,177 |
|
|
(1,903 |
) |
|
14,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
- |
|
|
2,514 |
|
|
1,539 |
|
|
- |
|
|
4,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
107,206 |
|
|
234,343 |
|
|
161,342 |
|
|
15,891 |
|
|
518,782 |
|
Total Liabilities |
|
20,057 |
|
|
49,700 |
|
|
37,974 |
|
|
70,439 |
|
|
178,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
4,854 |
|
$ |
14,624 |
|
$ |
16,618 |
|
$ |
2,461 |
|
$ |
38,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at and for the three months ended December 31,
2012 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract |
|
Rentals and |
|
Compression |
|
|
|
|
|
|
|
|
Drilling |
|
Transportation |
|
and Process |
|
Other |
|
|
|
|
|
Services |
|
Services |
|
Services |
|
(1) |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
12,773 |
|
$ |
31,725 |
|
$ |
33,906 |
|
$ |
- |
|
$ |
78,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
7,362 |
|
|
15,121 |
|
|
26,999 |
|
|
3 |
|
|
49,485 |
|
Selling, general and administration |
|
770 |
|
|
3,619 |
|
|
1,809 |
|
|
611 |
|
|
6,809 |
|
Share-based compensation |
|
- |
|
|
- |
|
|
- |
|
|
1,042 |
|
|
1,042 |
|
Depreciation |
|
1,241 |
|
|
3,861 |
|
|
1,046 |
|
|
114 |
|
|
6,262 |
|
Results from operating activities |
|
3,400 |
|
|
9,124 |
|
|
4,052 |
|
|
(1,770 |
) |
|
14,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on sale of property, plant and equipment |
|
15 |
|
|
325 |
|
|
335 |
|
|
- |
|
|
675 |
|
Finance income |
|
- |
|
|
- |
|
|
80 |
|
|
168 |
|
|
248 |
|
Finance costs |
|
(253 |
) |
|
(579 |
) |
|
(178 |
) |
|
(479 |
) |
|
(1,489 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before income taxes |
|
3,162 |
|
|
8,870 |
|
|
4,289 |
|
|
(2,081 |
) |
|
14,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
- |
|
|
2,514 |
|
|
1,539 |
|
|
- |
|
|
4,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
100,758 |
|
|
225,655 |
|
|
102,565 |
|
|
47,613 |
|
|
476,591 |
|
Total Liabilities |
|
20,220 |
|
|
44,170 |
|
|
23,020 |
|
|
83,112 |
|
|
170,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
5,495 |
|
$ |
11,361 |
|
$ |
1,574 |
|
$ |
10,644 |
|
$ |
29,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at and for the year ended December 31, 2013
(audited) |
|
|
Contract |
|
Rentals and |
|
Compression |
|
|
|
|
|
|
|
|
Drilling |
|
Transportation |
|
And Process |
|
Other |
|
|
|
|
|
Services |
|
Services |
|
Services |
|
(1) |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
55,953 |
|
$ |
108,908 |
|
$ |
174,718 |
|
$ |
- |
|
$ |
339,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
34,362 |
|
|
53,719 |
|
|
136,877 |
|
|
- |
|
|
224,958 |
|
Selling, general and administration |
|
3,331 |
|
|
13,530 |
|
|
8,235 |
|
|
4,320 |
|
|
29,416 |
|
Share-based compensation |
|
- |
|
|
- |
|
|
- |
|
|
3,236 |
|
|
3,236 |
|
Depreciation |
|
5,551 |
|
|
15,156 |
|
|
6,445 |
|
|
37 |
|
|
27,189 |
|
Results from operating activities |
|
12,709 |
|
|
26,503 |
|
|
23,161 |
|
|
(7,593 |
) |
|
54,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on sale of property, plant and equipment |
|
(12 |
) |
|
31 |
|
|
957 |
|
|
7 |
|
|
983 |
|
Finance income |
|
- |
|
|
- |
|
|
53 |
|
|
332 |
|
|
385 |
|
Finance costs |
|
(812 |
) |
|
(2,202 |
) |
|
(952 |
) |
|
(1,999 |
) |
|
(5,965 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before income taxes |
|
11,885 |
|
|
24,332 |
|
|
23,219 |
|
|
(9,253 |
) |
|
50,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
- |
|
|
2,514 |
|
|
1,539 |
|
|
- |
|
|
4,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
107,206 |
|
|
234,343 |
|
|
161,342 |
|
|
15,891 |
|
|
518,782 |
|
Total liabilities |
|
20,057 |
|
|
49,700 |
|
|
37,974 |
|
|
70,439 |
|
|
178,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures (2) |
$ |
9,401 |
|
$ |
27,281 |
|
$ |
47,866 |
|
$ |
4,481 |
|
$ |
89,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at and for the year ended December 31, 2012
(audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract |
|
Rentals and |
|
Compression |
|
|
|
|
|
|
|
|
Drilling |
|
Transportation |
|
and Process |
|
Other |
|
|
|
|
|
Services |
|
Services |
|
Services |
|
(1) |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
52,669 |
|
$ |
133,729 |
|
$ |
121,304 |
|
$ |
- |
|
$ |
307,702 |
|
Cost of services |
|
29,685 |
|
|
58,005 |
|
|
99,621 |
|
|
- |
|
|
187,311 |
|
Selling, general and administration |
|
3,326 |
|
|
14,579 |
|
|
6,310 |
|
|
4,188 |
|
|
28,403 |
|
Share-based compensation |
|
- |
|
|
- |
|
|
- |
|
|
3,065 |
|
|
3,065 |
|
Depreciation |
|
4,845 |
|
|
14,814 |
|
|
3,900 |
|
|
143 |
|
|
23,702 |
|
Results from operating activities |
|
14,813 |
|
|
46,331 |
|
|
11,473 |
|
|
(7,396 |
) |
|
65,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of property, plant and equipment |
|
80 |
|
|
734 |
|
|
1,339 |
|
|
- |
|
|
2,153 |
|
Finance income |
|
- |
|
|
- |
|
|
272 |
|
|
606 |
|
|
878 |
|
Finance costs |
|
(1,013 |
) |
|
(2,319 |
) |
|
(632 |
) |
|
(1,833 |
) |
|
(5,797 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before income taxes |
|
13,880 |
|
|
44,746 |
|
|
12,452 |
|
|
(8,623 |
) |
|
62,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
- |
|
|
2,514 |
|
|
1,539 |
|
|
- |
|
|
4,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
100,758 |
|
|
225,655 |
|
|
102,565 |
|
|
47,613 |
|
|
476,591 |
|
Total liabilities |
|
20,220 |
|
|
44,170 |
|
|
23,020 |
|
|
83,112 |
|
|
170,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
$ |
17,928 |
|
$ |
42,907 |
|
$ |
16,046 |
|
$ |
12,484 |
|
$ |
89,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Other
includes the Company's corporate activities, accretion of
convertible debentures and obligations pursuant to long-term credit
facilities. |
|
|
(2) |
Includes January 1, 2013 acquisition of a process equipment
fabrication business included in Compression and Process Services
segment. |
Total Energy Services Inc. is a growth oriented energy services
corporation involved in contract drilling services, rentals and
transportation services and the fabrication, sale, rental and
servicing of natural gas compression and process equipment. The
common shares of Total Energy are listed and trade on the TSX under
the symbol TOT.
For further information, please visit our website at
www.totalenergy.ca.
Notes to Financial Highlights
(1) |
Operating earnings means results from operating activities and is
equal to net income before income taxes minus gain on sale of
property, plant and equipment plus finance costs minus finance
income. EBITDA means earnings before interest, taxes, depreciation
and amortization and is equal to net income before income taxes
plus finance costs plus depreciation minus finance income. Cashflow
means cash provided by operations before changes in non-cash
working capital items. Operating earnings, EBITDA and cashflow are
not recognized measures under IFRS. Management believes that in
addition to net income, operating earnings, EBITDA and cashflow are
useful supplemental measures as they provide an indication of the
results generated by the Company's primary business activities
prior to consideration of how those activities are financed,
amortized or how the results are taxed in various jurisdictions as
well as the cash generated by the Company's primary business
activities without consideration of the timing of the monetization
of non-cash working capital items. Readers should be cautioned,
however, that operating earnings, EBITDA and cashflow should not be
construed as an alternative to net income determined in accordance
with IFRS as an indicator of Total Energy's performance. Total
Energy's method of calculating operating earnings, EBITDA and
cashflow may differ from other organizations and, accordingly,
operating earnings, EBITDA and cashflow may not be comparable to
measures used by other organizations. Reconciliations of these
non-IFRS measures to the most directly comparable IFRS measure are
outlined below. |
|
|
(2) |
Per
share data (diluted) and the number of common shares outstanding on
a diluted basis includes the impact of the approximate 3.1 million
common shares issuable upon the entire conversion of the $69
million principal amount of convertible debentures issued by the
Company in February 2011. |
|
|
(3) |
Working capital equals current assets minus current
liabilities. |
|
|
(4) |
Net
Debt equals long-term debt plus obligations under finance leases
plus convertible debentures plus current liabilities minus current
assets. |
|
|
(5) |
Cashflow for the year ended December 31, 2013 is net of $15.3
million of income taxes paid during the year that relates to 2012
taxable income as a result of the Company not having been required
to make income tax installment payments during 2012. |
Certain statements contained in this press release,
including statements which may contain words such as "could",
"should", "expect", "believe", "will" and similar expressions and
statements relating to matters that are not historical facts are
forward-looking statements. Such forward-looking statements involve
known and unknown risks and uncertainties which may cause the
actual results, performances or achievements of Total Energy to be
materially different from any future results, performances or
achievements expressed or implied by such forward-looking
statements. Such factors include fluctuations in the market for oil
and natural gas and related products and services, political and
economic conditions, the demand for products and services provided
by Total Energy, Total Energy's ability to attract and retain key
personnel and other factors. Reference should be made to Total
Energy's most recently filed Annual Information Form and other
public disclosures (available at www.sedar.com) for a
discussion of such risks and uncertainties.
The Toronto Stock Exchange has neither approved nor
disapproved of the information contained herein.
Total Energy Services Inc.Daniel HalykPresident & Chief
Executive Officer(403) 216-3921Total Energy Services Inc.Mark
KearlVice-President Finance and Chief Financial Officer(403)
216-3920investorrelations@totalenergy.cawww.totalenergy.ca
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