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CALGARY, ALBERTA -- (Marketwire) -- 03/12/13 -- Total Energy Services Inc. (TSX: TOT) ("Total Energy" or the "Company") announces its consolidated financial results for the three and twelve-month periods ending December 31, 2012.
Financial Highlights($000's except per share data)-------------------------------------------------------------------------------------------------------------------------------------------------------- Three Months Ended Dec. 31 Twelve Months Ended Dec. 31 (unaudited) (audited) % % 2012 2011 Change 2012 2011 Change----------------------------------------------------------------------------Revenue $ 78,404 $ 96,936 (19)% $ 307,702 $ 332,082 (7)%Operating Earnings (1) 14,806 31,206 (53)% 65,221 96,233 (32)%EBITDA (1) 21,743 38,608 (44)% 91,076 122,034 (25)%Cashflow (1) 22,110 37,251 (41)% 91,949 120,780 (24)%Net Income 10,525 23,441 (55)% 47,692 69,266 (31)%Per Share Data (Diluted) (2)EBITDA (1) $ 0.63 $ 1.10 (43)% $ 2.62 $ 3.49 (25)%Cashflow (1) 0.64 1.06 (40)% 2.65 3.46 (23)%Net Earnings 0.34 0.69 (51)% 1.49 2.08 (28)%-------------------------------------------------------------------------------------------------------------------------------------------------------- Dec. 31 Dec. 31 2012 2011 % (audited) (audited) Change----------------------------------------------------------------------------Financial PositionTotal Assets $ 476,591 $ 434,617 10%Long-Term Debt, Convertible Debentures and Obligations Under Finance Leases 67,937 66,466 2%Working Capital (3) 90,708 120,786 (25)%Net Debt (4) nil nil nilShareholders' Equity 306,069 275,321 11%Shares Outstanding (000's)Basic 30,600 31,375 (2)%Diluted (2) 34,300 35,261 (3)%--------------------------------------------------------------------------------------------------------------------------------------------------------
Notes 1 through 4 please refer to the Notes to the Financial Highlights set forth at the end of this release.
Total Energy's results for the three and twelve months ended December 31, 2012 reflect a more challenging industry environment that began following a record first quarter for the Company. Continued weakness in North American natural gas prices and widening oil price differentials in Western Canada contributed to lower drilling and completion activity during the second half of 2012 compared to the second half of 2011.
