CALGARY, ALBERTA -- (Marketwired) -- 05/29/13 -- Aveda Transportation and Energy Services Inc. (TSX VENTURE: AVE) ("Aveda" or the "Company"), a leading provider of oilfield hauling services and equipment rentals to the energy industry, today announced record revenue and Adjusted EBITDA(1) for the three months ended March 31, 2013.
2013 BUSINESS HIGHLIGHTS
-- Revenue for the quarter ended March 31, 2013 grew by $0.9 million to $23.5 million, compared with revenue of $22.6 million for the same period in 2012. Aveda achieved this revenue growth despite an average year-over-year rig count decline of approximately 9% in the areas the Company operates in;-- Generated net income for the quarter ended March 31, 2013 of $1.7 million, an increase of $1.3 million compared to $0.4 million for the same period in 2012. Net income per share for 2013 was $0.17 compared to net income per share of $0.06 in the comparative period;-- Generated Adjusted EBITDA(1) for the quarter ended March 31, 2013 of $4.3 million, an increase of $1.4 million compared with Adjusted EBITDA(1) of $2.9 million for the same period in 2012; and-- Relocated the Company's Pennsylvania branch from New Columbia to Williamsport, PA.
"Through the hard work of our team members, we were able to achieve profitable results despite market weakness in certain locations," said Kevin Roycraft, President and Chief Executive Officer of Aveda. "The Aveda team is off to a strong start, we will continue to build upon the success we have achieved."
The Company will host its first quarter fiscal 2013 results conference call on Wednesday, May 29th at 4:00 p.m. Eastern Time (ET). President and CEO Kevin Roycraft and Vice-President, Finance and CFO Bharat Mahajan will discuss Aveda's financial results for the quarter and then take questions from securities analysts.
To access the conference call by telephone, dial (647) 427-7450 or (888) 231-8191. A live audio webcast of the conference call will be available at http://www.newswire.ca/en/webcast/detail/1151875/1257551.
The conference call webcast will be archived and available at http://www.avedaenergy.com/investors/Conference-Calls/default.aspx until June 30, 2013.
The Company's consolidated financial statements and Management's Discussion and Analysis are available on the Company's website at www.avedaenergy.com or the SEDAR website at www.sedar.com.
(in thousands, except per share and ratio amounts) Three Three Months Months Ended Ended % March March Change 31, 31, 2012- 2013 2012 2013 --------------------Revenue 23,471 22,600 3.9%Gross profit(4) 4,859 4,286 13.4%Gross margin 20.7% 19.0% N/AGross profit(4) excluding depreciation and amortization 6,841 5,551 23.2%Gross margin excluding depreciation and amortization 29.1% 24.6% N/AAdjusted EBITDA(1) 4,306 2,924 47.3%Adjusted EBITDA(1) as a percentage of revenue 18.3% 12.9% N/ANet income 1,723 440 291.6%Net income as a percentage of revenue 7.3% 1.9% N/AAdjusted EBITDA(1) per share 0.43 0.41 4.9%Earnings per share - basic 0.17 0.06 183.3%Earnings per share - diluted 0.16 0.06 166.7%Current ratio 2.06 2.41 -14.4%Debt to equity ratio(2) 1.14 1.50 -24.3%Debt to EBITDA ratio(2)(3) 2.67 2.74 -2.6%Net capital assets addition 299 4,532 -93.4%Notes:(1) This News Release contains the term Adjusted EBITDA. Adjusted EBITDA aspresented does not have any standardized meaning prescribed by internationalfinancial reporting standards (IFRS) and therefore it may not be comparablewith the calculation of similar measures for other entities. Management usesAdjusted EBITDA to analyze the operating performance of the business.Adjusted EBITDA as presented is not intended to represent cash provided byoperating activities, net earnings or other measures of financialperformance calculated in accordance with IFRS. It is defined as earningsbefore interest, taxes, depreciation and amortization excluding foreignexchange gains or losses which are primarily related to the US dollaractivities of the Company and can vary significantly depending on exchangerate fluctuations, which are beyond the control of the Company, and writedowns of intangible assets, goodwill impairment, financing costs, gains orlosses on disposal of assets, stock based compensation, fees and expenses onsettlement of debt and losses on extinguishment of debt.(2) Debt includes, revolving credit facility, loans and borrowings,obligations under finance lease and convertible debenture as per theircarrying amounts on the balance sheet.(3) Three months ended March 31 debt to EBITDA ratio calculated usingAdjusted EBITDA for the trailing 12 months.(4) Gross profit calculated as revenue less direct operating expense.