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CALGARY, ALBERTA -- (Marketwire) -- 03/19/13 -- Tesla Exploration Ltd. (TSX: TXL) ("Tesla" or the "Company") today announces its 2012 annual and fourth quarter operating and financial results.
----------------------------------------------------------------------------(000s, except per share data) Three months ended Year Ended(unaudited) December 31 December 31 2012 2011 Change 2012 2011 Change $ $ % $ $ %--------------------------------------------------------------------------------------------------------------------------------------------------------Revenue 41,750 62,319 (33) 191,686 225,450 (15)Revenue excluding reimbursables 36,479 48,559 (25) 163,218 162,107 1Gross margin (1) 11,806 11,691 1 51,866 39,761 30 As a % of revenue excluding reimbursables 32% 24% 32% 25%Net earnings (loss) (566) 719 n/m 5,535 576 861 Per share - basic (0.02) 0.03 n/m 0.24 0.03 863EBITDA (2) 6,125 7,486 (18) 31,745 23,923 33 Per share - basic 0.27 0.33 (18) 1.40 1.05 33Cash flow from operations (3) 5,672 5,933 (4) 30,802 22,277 38 Per share - basic 0.25 0.26 (4) 1.36 0.98 39Weighted average shares outstanding for the year - basic 22,739 22,793 n/m 22,728 22,794 n/mCapital expenditures 5,190 4,642 12 28,857 12,877 124--------------------------------------------------------------------------------------------------------------------------------------------------------As at December December 31 31 2012 2011 Change $ $ %--------------------------------------------------------------------------------------------------------------------------------------------------------Working capital 3,330 10,411 (68)Total assets 129,443 141,088 (8)Total long-term borrowings (4) 22,185 29,073 (24)Equity 63,374 57,993 9(1) Gross margin is defined as gross profit before depreciation and amortization. Gross margin is a measure that does not have a meaning prescribed under IFRS in Canada and accordingly, may not be comparable to similar measures used by other companies.(2) EBITDA is defined as income before interest, taxes, depreciation, amortization and impairments, gains or losses on foreign exchange, gains or losses on sales of capital assets, bad debt provisions and stock- based compensation. EBITDA and EBITDA per share are presented because they are frequently used by securities analysts and others for evaluating companies and their ability to service debt. EBITDA is a measure that does not have any standardized meaning prescribed under IFRS in Canada and accordingly, may not be comparable to similar measures used by other companies. The Company is consistent with its calculation of EBITDA year over year.(3) Cash flow from operations is defined as "Cash provided by operating activities before changes in non-cash working capital." Cash flow from operations and cash flow from operations per share are measures that provide shareholders and potential investors with additional information regarding the Company's liquidity and its ability to generate funds to finance its operations. Management utilizes these measures to assess the Company's ability to finance operating activities and capital expenditures. Cash flow from operations and cash flow from operations per share are not measures that have any standardized meaning prescribed by IFRS in Canada, and accordingly, may not be comparable to similar measures used by other companies. The Company is consistent with its calculation of cash flow from operations year over year.(4) Includes capital lease obligations and long-term debt, including current portions.
