Lonestar West Announces Q1 Results
20 Maio 2014 - 8:25PM
Marketwired
Lonestar West Announces Q1 Results
SYLVAN LAKE, ALBERTA--(Marketwired - May 20, 2014) - Lonestar
West Inc. (TSX-VENTURE:LSI) today announced the financial results
for the quarter ended March 31, 2014.
Lonestar is pleased to announce it has achieved strong revenues
and EBITDAC in the quarter ended March 31, 2014.
On November 12, 2013, Lonestar West Inc. ("Lonestar" or the
"Company") announced that it changed its financial year-end from
June 30, to December 31. This change in year-end allows the Company
to provide continuous disclosure information on a comparable basis
with its industry peer group. The March 31, 2014 results are the
first quarter reported since the change in year end.
Highlights for the quarter ended March 31, 2014 include:
- Revenues increased 31.2% to $11,518,959 from $8,776,667 in the
previous year equivalent quarter.
- EBITDAC increased 36.5% to $2,124,961 from $1,556,431 in the
previous year equivalent quarter.
- EBITDAC per basic share increased 11% to $0.10 from $0.09 in
the previous year equivalent quarter.
- Income before taxes was $1,112,939 a $93,619 increase in
comparison to the $1,019,320 income before taxes in the previous
year equivalent quarter.
- Net income for the quarter was $834,704 a $72,486 increase in
comparison to the $762,218 net earnings in the previous year
equivalent quarter.
A total of 38 units were added to the Company's fleet since
March 31, 2013 for a total of 87 units at the end of the quarter.
In addition, the geographical reach of the business has been
expanded with the addition of four bases since March 31, 2013. The
Company now operates 11 bases throughout Western Canada,
California, Oklahoma, and Texas as of March 31, 2014. The increase
in fleet size and base coverage was reflected with a 31.2% increase
in gross revenues from the previous year equivalent quarter.
EBITDAC rose by 36.2% from the previous year equivalent quarter
with a rise from $1,556,431 to $2,124,961. The increase in
operating results can be credited to a strong quarter experienced
by the Canadian division. EBITDAC for the Canadian division rose
from $1,664,295 to $2,195,201. In addition, EBITDAC margin rose
from 19.2% to 21.4% of revenues as increased operating efficiencies
were realized.
Management is in the early stages of building its United States
platform to sustain future growth. As a result the Company incurred
costs associated with developing new bases and the hiring of key
management personnel. This had a direct impact on the EBITDAC and
earnings for the United States for the quarter ended March 31,
2014. Management anticipates the benefits relating to implementing
its growth strategy in the United States will be experienced in
future quarters.
"We had a strong first quarter and are pleased with our growth
in revenues and EBITDAC. We are beginning to see the benefits of
our fleet and base expansion and believe that we will see improved
economics as critical mass is achieved in our United States
operations. As of May 20, our United States revenues have already
exceeded our first quarter United States revenues," commented James
Horvath, CEO and President of Lonestar.
Subsequent to March 31, 2014 the Company has entered into a
letter of intent to purchase an oilfield services company located
in Western Canada. Total consideration in relation to the purchase
would be $9,161,000 comprising of $2,000,000 in common share of
Lonestar West Inc. and $7,191,000 combination of cash and a
promissory note. Completion of the acquisition is conditional upon,
among other things, the Company completing its remaining due
diligence, execution of a definitive acquisition agreement,
approval by its Board of Directors and all necessary regulatory
approvals, including approval of the TSX Venture Exchange. In
calendar 2013, the target company achieved EBITDAC of
$2,610,000.
About Lonestar West
Based in Sylvan Lake, Alberta, Lonestar West Inc. operates a
fleet of 89 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.comInvestor Relations, The Howard
Group Inc.Jeff Walker(888) 221-0915 or (403)
221-0915jeff@howardgroupinc.com
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