Advertisement
CALGARY, ALBERTA -- (Marketwire) -- 03/06/13 -- Essential Energy Services Ltd. (TSX: ESN) ("Essential" or the "Company") announces fourth quarter EBITDA(1) of $22.4 million compared to $31.7 million in the fourth quarter of 2011. For 2012, EBITDA(1) was $74.3 million compared to $73.7 million for 2011. After a slower third quarter, activity and earnings improved in the fourth quarter primarily due to the performance of the Canadian well servicing operations. Long-term debt at December 31, 2012 was $35.6 million.
SELECTED FINANCIAL INFORMATION Three months ended Year ended December 31, December 31,(Thousands, except per share amounts) 2012 2011 2012 2011----------------------------------------------------------------------------Revenue $ 96,015 $ 108,855 $ 348,580 $ 313,171Gross margin 27,039 35,498 90,695 87,143 Gross margin % 28% 33% 26% 28%EBITDA(1) from continuing operations 22,368 31,733 74,342 73,694 EBITDA %(1) 23% 29% 21% 24%Net income from continuing operations $ 8,050 $ 17,082 $ 30,764 $ 32,349 Per share - basic $ 0.06 $ 0.14 $ 0.25 $ 0.32 Per share - diluted $ 0.06 $ 0.14 $ 0.25 $ 0.31Net income (loss) from discontinued operations $ (7,626) $ 431 $ (8,901) $ (1,574)Net income attributable to shareholders of Essential $ 678 $ 17,559 $ 22,308 $ 31,122 Per share - basic $ 0.01 $ 0.14 $ 0.18 $ 0.31 Per share - diluted $ 0.01 $ 0.14 $ 0.18 $ 0.30Funds flow from operations (1) $ 19,859 $ 28,729 $ 68,198 $ 65,202Total assets $ 406,853 $ 421,500 $ 406,853 $ 421,500Total long-term debt $ 35,563 $ 63,486 $ 35,563 $ 63,486Equity attributed to shareholders of Essential $ 302,411 $ 288,828 $ 302,411 $ 288,828--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Refer to Non-IFRS Measures
The acquisition of Technicoil Corporation ("Technicoil" or the "Technicoil Acquisition") on May 31, 2011 impacts the 2012 fiscal year comparison to the year ended December 31, 2011. The results for Technicoil are not included for January to May of 2011.
2012 HIGHLIGHTS - ESSENTIAL
Operating Highlights for Fourth Quarter 2012
-- Coil Well Service - Essential broadened its service offering by increasing the size of its deep coil tubing and pumper fleet as part of its 2012 capital program. During the quarter, Essential added one conventional deep coil tubing rig and five pumpers to its fleet. Deep coil tubing utilization, although down year-over-year, remained strong and considerably higher than conventional well servicing.-- Service Rigs - Essential experienced continued strong demand for service rigs working on steam-assisted gravity drainage ("SAGD") wells which operate on a 24 hour basis and service rigs working in northern Alberta. Service rig utilization improved considerably over the third quarter of 2012.-- Downhole Tools & Rentals - The Tryton multi-stage fracturing system ("Tryton MSFS") achieved strong performance in the fourth quarter as experienced staff and the continued introduction of innovative technical solutions contributed to improved results.
