CALGARY, ALBERTA -- (Marketwired) -- 04/08/13 -- Aveda Transportation and Energy Services Inc. ("Aveda" or the "Company") (TSX VENTURE: AVE), a leading provider of oilfield hauling services and equipment rentals to the energy industry, today announced record revenue for the three and twelve months ended December 31, 2012.
2012 BUSINESS HIGHLIGHTS
-- Revenue for the twelve months ended December 31, 2012 grew by $11.2 million to $83.3 million compared with revenue of $72.2 million for the same period in 2011, US revenue increased by 57% which offset a 14% decline in Canadian revenue;-- Generated net loss for the twelve months ended December 31, 2012 of $1.3 million, as compared to net income of $2.6 million for the same period in 2011;-- Generated Adjusted EBITDA(1) for the twelve months ended December 31, 2012 of $9.8 million, a decrease of $1.5 million compared with Adjusted EBITDA(1) of $11.3 million for the same period in 2011;-- Expanded equipment base by acquiring $23.6 million of net additional equipment and leaseholds in the year 2012;-- The Company rebranded itself as Aveda Transportation and Energy Services. Operating under a single brand will allow the Company to multiply individual successes across a strong and unified brand going forward;-- Commenced operations in new branches in Pleasanton, TX and Midland, TX. The Company signed a new lease on a new Pennsylvania facility and moved operations from New Columbia to Williamsport, PA in 2013;-- Raised $8.0 million ($7.2 million net of financing costs) in new equity financing, and increased its existing credit facility to $50 million from $35 million;-- Acquired selected assets of 1st Rate Energy Services Inc. and a private company called Complete Energy Services Inc. together referred to as "Complete" for approximately $7.5 million. As a result of the acquisition the Company increased its rental fleet by 270 pieces of equipment and established operation in Sylvan Lake, AB;-- The Company elected to close its Crossfield, AB rental operation and combine it with the newly acquired Sylvan Lake, AB operation;-- Following consecutive periods of poor performance, the Company elected to close its Melita, MB and Grande Prairie, AB branches and allocated its fleet assets amongst other branches;-- Relocated Nisku, AB branch to Leduc, AB; and-- Hired Kevin Roycraft as the President and Chief Executive Officer in November 2012. Mr. Roycraft has more than 20 years of transportation industry experience. He was the former Vice-President of Operations for Liquid Transport Corp. (one of North America's largest bulk chemical and oil transportation company).
"Despite the challenging market conditions of the past year, Aveda's 2012 capital expenditure program and the Complete acquisition have positioned the Company for growth," said Kevin Roycraft, President and Chief Executive Officer of Aveda "I look forward to working with the Aveda team to capitalize on the great opportunities ahead."
Lucas Tomei has tendered his resignation as Corporate Secretary of the Company and is replaced by Kris Miks. The Company thanks Lucas for his services.