Cordy Oilfield Services Inc. Reports Second Quarter and Year to Date Results
28 Août 2013 - 10:37PM
Marketwired Canada
CORDY OILFIELD SERVICES INC. (the "Corporation" or "Cordy") (TSX VENTURE:CKK)
released today its second quarter results for the period ending June 30, 2013.
The Corporation's revenues from continuing operations for the six months ended
June 30, 2013 increased $3.4 million from the same period in 2012 to $57.7
million. For the three month period ended June 30, 2013 Cordy had revenue of
$19.5 million, a $1.5 million increase from the comparative 2012 period. The
Corporation experienced growth primarily in the oil sands sector in the first
quarter of 2013 as well as an increase at the end of the second quarter due to
the 2013 Alberta flood which increased demand for our equipment as part of the
flood clean-up. Both of these factors contributed to increased revenues for our
Heavy Construction and our Environmental segments.
Earnings before interest, taxes, depreciation, amortization and impairment and
share-based compensation ("EBITDAS") from continuing operations for the six
months ended June 30, 2013 were $4.0 million compared to $3.8 million for the
six months ended June 30 of 2012, representing an increase of $0.2 million.
Cordy had an EBITDAS loss for the three months ended June 30, 2013 of $1.9
million, an improvement of $0.5 million from the loss of $2.4 million in the
comparative period in 2012.
The net loss from continuing operations of $2.8 million or $0.03 per share for
the three months ended June 30, 2013 represents an improvement of $0.4 million
compared to a loss from continuing operations of $3.2 million or $0.04 per share
for the three months ended June 30, 2012. For the six months ended June 30, 2013
Cordy had a net loss from continuing operations of $0.1 million, a change of
$0.4 million from the six months ended June 30, 2012 earnings of $0.3 million.
For the quarters ended
June 30,
($ millions except share
price and per share Q2 YTD Q2 YTD
amounts) Q2 2013 Q2 2012 $ Change 2013 2012 $ Change
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FINANCIAL RESULTS
Revenue 19.5 18.0 1.5 57.7 54.3 3.4
EBITDAS(1) (1.9) (2.4) 0.5 4.0 3.8 0.2
Net earnings (loss)
and total
comprehensive income
(loss) from all
operations (2.8) (3.5) 0.7 (0.1) 0.3 (0.4)
Cash flows generated
from (used in)
operating activities
from all operations 5.3 2.3 3.0 4.2 5.5 (1.3)
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SHARE INFORMATION
Earnings per share
from continuing
operations ($) (0.03) (0.04) 0.01 - - -
Earnings per share
from discontinued
operations ($) - - - - - -
Earnings per share
from all operations
($) (0.03) (0.04) 0.01 - - -
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(1) Earnings before interest, taxes, depreciation, amortization, impairment and
share-based compensation (see reader advisory).
OUTLOOK
Cordy has diverse business units within four segments. Historically these
business segments have had stronger first and fourth quarters. The second
quarter was seasonally slower due to spring break-up and activity has picked up
as of the end of the second quarter and appears it will continue into the third
quarter.
The Corporation is dependent, to a degree, on the overall health of western
Canada's oil, natural gas, and mining sectors. For the balance of 2013 the
prospects for the oil sands sector is expected to be the primary driver for our
Heavy Construction segment. Work resulting from both the 2013 Alberta flood
clean-up and in the oil sands sector is expected to benefit our Environmental
segment. Clean-up services with respect to pipeline spills are expected to be
the main activity for our Pipeline segment. In our Manufacturing segment we
anticipate continued challenges due to loss of customers and drop in demand for
drill bits. Management continues to seek opportunities to expand Cordy's
operations in sectors where its business segments operate and to refinance the
business to support the Corporation.
Complete copies of Cordy's reviewed consolidated financial statements for the
quarter ended June 30, 2013 and the associated Management's Discussion and
Analysis are available on our website www.cordy.ca or on SEDAR at www.sedar.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.
READER ADVISORY
Effective January 1, 2011, Cordy began reporting its financial results in
accordance with International Financial Reporting Standards (IFRS). Prior-year's
comparative amounts were changed to reflect results as if Cordy had always
prepared its financial results using IFRS.
This News Release contains certain statements that constitute forward-looking
statements. These statements relate to future events or the Corporation's future
performance. All statements, other than statements of historical fact, that
address activities, events or developments that the Corporation or a third party
expects or anticipates will or may occur in the future, are forward-looking
statements. These include the Corporation's future growth, results of
operations, performance and business prospects and opportunities; prevailing
economic conditions; commodity prices; sourcing, pricing and availability of raw
materials, components and parts, equipment, suppliers, facilities and skilled
personnel; dependence on major customers; uncertainties in weather and
temperature affecting the duration of the service periods and the activities
that can be completed; regional competition; and other factors, many of which
are beyond the Corporation's control. These other factors include future prices
of oil and natural gas and oil and natural gas industry activity, including the
effect of changes in commodity prices on oil and natural gas exploration and
development activity, the ability to complete strategic acquisitions and realize
the anticipated benefits of any acquisitions that are completed, the
Corporation's outlook regarding the competitive environment it operates in, and
the assumptions underlying any of the foregoing. Forward-looking statements are
often, but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may", "will",
"project", "predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions. These statements involve known and
unknown risks, uncertainties and other factors, many of which are beyond the
Corporation's control, including those discussed under "Risks and Uncertainties"
and elsewhere in this News Release, that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements. The
Corporation believes that the expectations reflected in those forward-looking
statements are reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements included in this
News Release should not be unduly relied upon. These statements speak only as of
the date of this News Release. The Corporation does not intend, and does not
assume any obligation, to update these forward-looking statements, whether as a
result of new information, future events or otherwise, except as required under
applicable securities laws. The forward-looking statements contained in this
News Release are expressly qualified by this cautionary statement.
Cordy uses the measures Earnings Before Interest, Taxes, Depreciation,
Amortization and Impairment and Share Based Compensation (EBITDAS) in this news
release. This measure does not have any standardized meaning prescribed by
International Financial Reporting Standards (IFRS). It is, therefore, considered
to be non-IFRS term and may not be comparable to similar measures presented by
other entities. Management of Cordy uses these non-IFRS measures to improve its
ability to compare financial results among reporting periods and to enhance its
understanding of operating performance, liquidity and ability to generate funds
to finance operations. This non-IFRS measure is also provided to readers as
additional information on Cordy's operating performance, liquidity and ability
to generate funds to finance operations. EBITDAS is an approximate measure of
the Cordy's pre-tax operating cash flow and is generally used to better measure
performance and evaluate trends of individual assets. EBITDAS comprises earnings
before deducting interest and other financial charges, income taxes,
depreciation and amortization, net income attributable to non-controlling
interests and preferred share dividends.
FOR FURTHER INFORMATION PLEASE CONTACT:
For general information, please contact:
Cordy Oilfield Services Inc.
David Mullen, Chairman & Chief Executive Officer
403-266-2067
403-266-2087 (FAX)
david.mullen@cordy.ca
For investor relations information, please contact:
Cordy Oilfield Services Inc.
David Boomer, CA, Chief Financial Officer
403-266-2067
403-266-2087 (FAX)
dave.boomer@cordy.ca
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