EQUAL is CES' transport division, providing its customers with trucks and trailers specifically designed to meet the demanding requirements of off-highway oilfield work, and trained personnel to transport and handle oilfield produced fluids and to haul, handle, manage and warehouse drilling fluids. EQUAL operates from two terminals and yards located in Edson, Alberta and Carlyle, Saskatchewan.
CES' corporate head office and its sales and services headquarters are located in Calgary, Alberta and its stock point facilities and other operations are located throughout Alberta, British Columbia, and Saskatchewan. CES' indirect wholly-owned subsidiary, AES' head office is located in Houston, Texas and conducts operations in thirteen states with stock point facilities located in Oklahoma, Texas, Louisiana, Pennsylvania, West Virginia, Colorado, North Dakota, New Mexico, and Utah. CES' indirect wholly-owned subsidiary, JACAM head office is located in Sterling, Kansas and conducts operations in Kansas, Oklahoma, Texas, New Mexico, Colorado, Wyoming, Montana, Utah, California, and North Dakota.
Financial Highlights Three Months Ended Years Ended December 31, December 31, ----------------------------------------------------($000's, except per share amounts) 2012 2011 2012 2011----------------------------------------------------------------------------Revenue 95,028 138,793 471,299 459,257Gross margin (1) 21,401 37,300 110,167 123,415Income before taxes 4,193 20,565 43,890 61,145 per share - basic (2) 0.07 0.37 0.79 1.12 per share - diluted (2) 0.07 0.36 0.76 1.08Net income 2,847 14,873 27,869 41,695 per share - basic (2) 0.05 0.27 0.50 0.76 per share - diluted (2) 0.05 0.26 0.49 0.74EBITDAC (1) 10,050 24,426 64,928 76,320 per share - basic (2) 0.18 0.44 1.17 1.39 per share - diluted (2) 0.17 0.43 1.13 1.35Funds flow from operations (1) 8,603 22,705 48,234 68,663 per share - basic (2) 0.15 0.41 0.87 1.25 per share - diluted (2) 0.15 0.40 0.84 1.22Dividends declared 9,029 7,156 33,476 26,118 per share (2) 0.16 0.13 0.60 0.48-------------------------------------------------------------------------------------------------------------------------------------------------------- Three Months Ended Years Ended December 31, December 31, ----------------------------------------------------Shares Outstanding 2012 2011 2012 2011----------------------------------------------------------------------------End of period 56,847,853 55,138,435 56,847,853 55,138,435Weighted average - basic 56,193,530 55,001,647 55,693,220 54,745,391 - diluted 57,792,055 56,870,630 57,395,332 56,483,369--------------------------------------------------------------------------------------------------------------------------------------------------------Financial Position ($000's) December 31, 2012 December 31, 2011----------------------------------------------------------------------------Net working capital 114,899 153,660Total assets 354,642 385,351Long-term financial liabilities (3) 71,575 96,779Shareholders' equity 215,420 204,060----------------------------------------------------------------------------Notes:(1) CES uses certain performance measures that are not recognizable under International Financial Reporting Standards ("IFRS"). These performance measures include net income before interest, taxes, depreciation and amortization, gains and losses on disposal of assets, goodwill impairment, unrealized foreign exchange gains and losses, unrealized derivative gains and losses, and stock-based compensation ("EBITDAC"), gross margin, Funds Flow from Operations, and Distributable Funds. Management believes that these measures provide supplemental financial information that is useful in the evaluation of CES' operations. Readers should be cautioned, however, that these measures should not be construed as alternatives to measures determined in accordance with IFRS as an indicator of CES' performance. CES' method of calculating these measures may differ from that of other organizations and, accordingly, these may not be comparable. Please refer to the Non-GAAP measures section of CES' MD&A for the three and twelve months ended December 31, 2012.(2) Pursuant to the three-for-one split of CES' outstanding common shares effective July 13, 2011 all per share data has been retroactively adjusted to reflect the stock split.(3) Includes long-term portion of the Amended Senior Facility, vehicle financing loans, committed loans, and finance leases, excluding current portions.
