Ceiba Energy Services Announces Fourth Quarter & Year End 2013 Results
24 Avril 2014 - 3:00PM
Marketwired Canada
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Ceiba Energy Services Inc. ("Ceiba Energy" or the "Company") (TSX VENTURE:CEB),
has filed its Financial Statements and related Management`s Discussion and
Analysis for the quarter and year ended December 31, 2013 which are available on
the Company`s profile at www.sedar.com.
The Company is pleased to announce it has achieved record revenues for the year
and positive operating margins in the three and twelve months ended December 31,
2013 as compared to negative margins for the same periods in 2012. The revenue
recorded in the fourth quarter of 2013 increased by approximately 157% over
reported revenues for the same period. The Company continued to show improvement
on financials, increasing revenue in the quarter by $ 483,617 over Q4 2012 and
gross margin by $270,573 over Q4 2012.
Results of Operations
----------------------------------------------------------------------------
Three months ended Year Ended
December 31 December 31
2013 2012 2013 2012
----------------------------------------------------------------------------
Revenue $790,618 $307,001 $3,031,742 $764,527
Operating expenses $582,618 $369,574 1,911,890 1,112,948
----------------------------------------------------------------------------
Gross margin $208,000 ($62,573) 1,119,652 (348,421)
----------------------------------------------------------------------------
Gross margin % 26% (20%) 37% (46)%
----------------------------------------------------------------------------
Three months ended Year Ended
December 31 December 31
2013 2012 2013 2012
--------------------------------------------------------
Total Income (Loss)
and Comprehensive
Income (Loss) for
the Period (3,342,484) (1,855,959) (7,581,181) (3,277,180)
--------------------------------------------------------
Add back:
Finance Costs 558,753 (105,685) 1,489,079 (12,498)
Depreciation 169,016 134,935 379,566 207,135
Amortization of
Intangibles 2,023,448 1,012,448 2,023,448 1,012,448
Income Taxes - - - -
--------------------------------------------------------
EBITDA (591,267) (814,262) (3,689,088) (2,070,095)
--------------------------------------------------------
Add back:
Stock-based
Compensation 518,714 (401,409) 1,709,166 915,506
Accretion 7,307 24,860 105,273 844,719
Transaction costs 21,928 424,023 330,176 424,032
Commissioning costs - - - 627,492
Unrealized gain - - - (3,561,405)
--------------------------------------------------------
Adjusted EBITDA (43,318) (766,788) (1,544,473) (2,819,751)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2013 Fourth Quarter and Year End Comments and Highlights
-- 2013 was a successful turnaround year for Ceiba. Over the year, the
Company successfully executed on its corporate strategy to ramp up
output at the Silver Valley site and complete construction of the
Chamberlain Custom Treating Facility, opening the latter in late
November.
-- Fluid volumes processed through the facilities in the fourth quarter
rose to approximately 58,000 m3, an increase of 77% over the same
quarter in 2012.
-- Total volumes for the year ending December 31, 2013 were 585% higher
than the same period volumes in 2012.
-- Revenues in the last three months increased by $483,617, or 157% over
the same period in 2012.
-- Continued view of low to moderate heavy oil volumes at the Kinsella
blending and terminal facility led to a goodwill impairment of
$2,023,448, which contributed to the net loss for the Company.
-- The Company achieved positive operating margin for the year ended
December 31, 2013, $1,119,652, as compared to negative margin,
($348,421), for the year ended 2012.
-- Adjusted EBITDA, a measure that Ceiba uses to gauge operational
performance, improved by $0.73 million year over year and improved from
a loss of ($0.77) million in Q4 2012 to a loss of ($0.04) million in Q4
2013.
Future Plans and Outlook
With the Cam-Star acquisition complete and Chamberlain facility on-line, Ceiba
will be operating with five disposal locations in 2014 in comparison to one for
the majority of the 2013 year. The Company expects to continue to execute on its
organic growth strategy, utilizing funds from its previously announced bought
deal, and open its Athabasca facility. Ceiba will also be looking to expand
services at Silver Valley and Chamberlain.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ceiba Energy Services Inc.
Shankar Nandiwada
CFO
403-262-2783
Email: snandiwada@ceibaenergy.com
Ceiba Energy Services Inc.
Todd Hanas
Investor Relations
Toll Free : 1-866-869-8072
Email: thanas@ceibaenergy.com
Please visit Ceiba's website at: 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
