SYLVAN LAKE, AB, Nov. 29, 2012 /CNW/ - Lonestar West Inc. (TSXV:
LSI) today announced its business performance for the first quarter
of fiscal 2013. Lonestar experienced another great quarter
which included record gross revenues, growth in fleet size and
improved utilization rates.
Highlights for the first quarter of fiscal year
2013 include:
- Revenues increased 61.5% to $6,156,643 from $3,812,418 in the previous year equivalent
quarter.
- EBITDAC increased 120.4% to $1,267,231 compared to $574,893 in the previous year equivalent
quarter.
- EBITDAC per share rose 100.0% to $0.08 from $0.04 in
the previous year equivalent quarter.
- Net income of $664,585 in
comparison to the $318,027 net income
in the previous year equivalent quarter.
The fleet expansion program resulted in a 44.0%
increase in fleet size as the Company went from 25 units available
for work at the end of the first quarter of fiscal 2011 to 36 units
available for work at the end of the first quarter of fiscal
2013.
On November 2,
2012, the Company issued 2,172,928 common shares at
$1.40 per share for proceeds of
$3,042,100. The funds raised
were utilized for working capital and fleet
acquisition. Management estimates that approximately
four HVACs will be added in the second quarter and approximately
seven will be added in the third quarter, thereby resulting in
approximately 47 units in the fleet by the end of the third
quarter.
President and CEO James
Horvath commented, "We have had another profitable quarter
for the first three months of fiscal 2013. The utilization
rates for our fleet have all increased in relation to the prior
year quarter which had a direct impact on our profits. Our
current strategy of growing our fleet has resulted in a strong
quarter with expectations for additional growth for Lonestar in the
future."
As always, Lonestar is committed to customer
service, safety and our employees which enable us to continue to
grow into a major multi-national HVAC competitor. For
complete details on the September 30,
2012 interim and June 30, 2012
year end audited financial statements, as well as the related
MD&A's, please refer to SEDAR at www.sedar.com.
Business Description
Lonestar West Inc. (www.lonestarwest.com)
operates a fleet of 36 HVAC and vacuum trucks throughout
Western Canada from its base in
Sylvan Lake, Alberta. It is
focused on profitably growing its HVAC services to become a major
competitor in the multi-national market.
Lonestar's shares trade on the TSX Venture
Exchange under the symbol LSI.
Certain information and statements contained herein
constitute forward-looking information, including the anticipated
costs associated with the purchase of capital equipment,
expectations concerning the nature and timing of growth within the
business operated by Lonestar, expectations respecting the
competitive position of such business, expectations concerning the
financing of future business activities and statements as to future
economic and operating conditions. Readers should review the
cautionary statement respecting forward-looking information that
appears in Lonestar's complete MD&A.
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SOURCE Lonestar West Inc.