Ceiba Energy Services Announces Record Third Quarter 2013 Results
27 Novembre 2013 - 11:32PM
Marketwired Canada
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Ceiba Energy Services Inc. (TSX VENTURE:CEB) ("Ceiba", "Ceiba Energy" or the
"Company") has filed its Financial Statements and related Management`s
Discussion and Analysis for the quarter ended September 30, 2013 which are
available on the Company`s profile at www.sedar.com.
The Company is pleased to announce it has achieved positive operating margins in
the three and nine months ended September 30, 2013 as compared to negative
margins for the same periods in 2012. The revenue recorded in the third quarter
of 2013 increased by approximately 390% over the reported revenues for the same
period in 2012 and 33% higher than second quarter 2013. The Company continued to
show improvement on financials, increasing revenue in the quarter by $679,031
over Q3 2012 and gross margin by $500,380 over Q3 2012. General and
Administration expense in the quarter ending Sep 30, 2013 is lower by $270,824
as compared to the same quarter in 2012. This equates to a 33% cost improvement
in the quarter ending September 30, 2013.
Results of Operations
---------------------------------------------------------------------------
Three Months ended Nine months ended
September 30, September 30,
2013 2012 2013 2012
---------------------------------------------------------------------------
Revenue $852,902 $173,871 $2,240,924 $457,526
Operating expenses 455,829 $277,178 1,336,156 $639,865
---------------------------------------------------------------------------
Gross margin $397,073 $(103,307) $904,768 $(182,339)
---------------------------------------------------------------------------
Gross margin % 47% (59)% 40% (40)%
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Three months ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
----------------------------------------------
Total Income (Loss) and
Comprehensive Income
(Loss) for the Period (1,278,527) 1,226,606 (4,238,698) (1,423,221)
Add back:
Other income and expenses 462,832 (3,193,233) 1,056,289 (2,673,646)
Depreciation 71,572 21,047 210,550 72,200
Stock-based compensation 510,531 520,973 1,190,452 1,316,915
Commissioning costs - 491,739 - 626,742
Transaction costs 71,928 - 308,248 -
----------------------------------------------
1,116,863 (2,159,474) 2,765,539 (657,789)
----------------------------------------------
----------------------------------------------
Adjusted EBITDA (161,664) (932,868) (1,473,159) (2,079,010)
---------------------------------------------------------------------------
Additional 2013 Third Quarter Highlights
-- The Company expanded its customer base by 40% and grew volume receipts
to exceed 43,000 cubic metres, a quarter over quarter increase of 63%.
-- The volumes at Silver Valley increased 36% over the second quarter and
50% over the first quarter 2013 and volumes for quarter ending
September 30, 2013 are 376% higher than same period volumes in 2012.
-- Gross margin for the Company increased to 47% in the second quarter
from 36% in the second quarter of 2013, an improvement of 29%.
-- With a focus on improving financial performance towards achieving
positive cash flow, the Company is pleased to see continued improvement
in Adjusted EBITDA, a measure that the Company believes is a key
indicator for the results generated by Ceiba's core business
activities.
-- The Company completed its launch of the new corporate website,
ceibaenergy.com, to support the repositioning of the Company as Ceiba
Energy Services, a service Company focused on growth with a strong
commitment to environment and community, represented by the Ceiba Tree.
Future Plans and Outlook
The opening of the Chamberlain facility on November 21, 2013 was a significant
event for the Company and its contribution positions the Company to deliver
positive Adjusted EBIDTA in the first quarter of 2014. With both Silver Valley
and Chamberlain facilities operational as per Ceiba's previously announced
expansion strategy for 2013, the Company is focusing on its capital and growth
plans for 2014. Ceiba expects that these plans will include expanding services
at the Silver Valley facility as well as initiating waste water disposal
services at its Athabasca site. The Company continues to evaluate and seek
additional acquisition and expansion opportunities.
About Ceiba Energy
Ceiba Energy (TSX VENTURE:CEB) provides specialized services to the energy
sector, specifically to companies involved in the exploration, extraction and
production of oil and natural gas in Western Canada. Ceiba Energy develops and
constructs facilities in proximity to its customers to provide treatment of
crude oil emulsion, terminalling, storage and marketing of oil and disposal of
production.
Reader Advisory
Certain information regarding Ceiba Energy in this news release, including
management's assessment of the expected time of completion of the Chamberlain
facility and the expected capacity of the Silver Valley facility, may constitute
forward looking statements under applicable securities laws and necessarily
involve risks including, without limitation, risks associated with facility
construction and oilfield services operations, general risks associated with oil
and gas exploration, development, production, marketing and disposal of waste,
loss of markets, environmental risks, competition from other service providers,
delays resulting from or inability to obtain required regulatory approvals and
ability to access sufficient capital from internal and external sources. As a
consequence, actual results may differ materially from those anticipated in the
forward-looking statements. Readers are cautioned that the foregoing list of
factors is not exhaustive. Additional information on these and other factors
that could affect Ceiba Energy's operations and financial results are included
in reports on file with Canadian securities regulatory authorities and may be
accessed through the SEDAR website (www.sedar.com). The forward-looking
statements or information contained in this news release are made as of the date
hereof and Ceiba Energy does not undertake any obligation to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
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 the accuracy of this release.
Ceiba Energy's website is work in progress at: www.ceibaenergy.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Ceiba Energy Services Inc.
Todd Hanas
Investor Relations
Toll Free: 1-866-869-8072
thanas@ceibaenergy.com
www.ceibaenergy.com
Ceiba Energy Services Inc. (TSXV:CEB)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Ceiba Energy Services Inc. (TSXV:CEB)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
