Dalmac Energy Reports Record Fiscal 2012 Financial Results - 2012 earnings increased 38% to $2.6M or $0.13 per share
EDMONTON, AB, Aug. 28, 2012 /CNW/ - John Babic, President and CEO of Dalmac Energy Inc. ("Dalmac") (TSX Venture "DAL") is pleased to announce financial and operating results for the fourth quarter and year ended April 30, 2012.
Fourth Quarter and Annual Financial Highlights:
- Record Q4 revenues of $11.0M;
- Record annual revenues of $35.7M;
- Record annual net income of $2.6M ($0.13 per share);
- Fiscal 2012 pre-tax net earnings increased 60% to $3.5M or $0.17 per share;
- Long-term debt, excluding finance leases, decreased by 43%;
- Continued high utilization rates.
Revenues for Fiscal 2012 increased by 36% to a record $35.7M in comparison to the $26.2M reported in Fiscal 2011. Revenues for Q4 improved by 32% to $11.0M compared to $8.3M and the gross margin for the current year remained stable at 31% compared to 33%. The gross margin for Q4'12 was 30% compared to 29% in Q4'11.
Pre-tax net earnings for Fiscal 2012 continued to show marked improvement over the previous year. Pre-tax net earnings increased by 60% over Fiscal 2011 to $3.5M ($0.17/share) compared to $2.2M ($0.12/share). The Company's net earnings after-tax increased by 37%, to $2.6M ($0.13/share) compared with $1.9M ($0.11/share). Net income for Q4'12 increased 109% to $686K from $329K in Q4'11. Future tax liabilities for fiscal 2012 were $1,112,627 compared to $265,378 in Fiscal 2011.
(in thousands of dollars,
except per share data)
|Revenues||$10,954||$ 8,291||$ 35,663||$26,234|
|Gross margin %||30%||29%||31%||33%|
|EBIDTAS per share -- basic||0.09||0.07||0.32||0.29|
|Net income per share - basic||0.03||0.02||0.13||0.11|
|Net income per share -- diluted||0.03||0.02||0.13||0.10|
(1) EBITDAS stands for earnings before interest, taxes, depreciation, amortization, and stock based compensation.
In comparison to the prior year, expenses for Q4'12 increased by 25% to $2.2M and the YE'12 expenses increased by 18% to $7.5M which are consistent with the increase in revenues for the period.
Long-term debt, excluding finance leases, decreased by 43% during Fiscal 2012 to $2.2M from the $3.9M reported at YE'11. Through a focused effort to improve the balance sheet, Dalmac achieved positive working capital at YE'12 compared to a deficiency of $2.3M at YE'11.
Subsequent to year-end, the Company announced that it had entered into a commitment letter with PNC Bank, Canada branch, for a senior secured finance facility of up to $17-million, with an interest rate considerably lower than the Company's loan rates at the time. This finance facility will continue to improve Dalmac's working capital conditions and will lead to further interest savings during Fiscal 2013.
The year ending April 2012 was a record year which generated the strongest financial performance in the Company's history. All divisions are benefiting from increased oil prices and technology driven industry conditions which are creating increased demand for all our operational services. Based on current oil prices and the continued expansion of horizontal drilling and multi stage fracturing, the Company expects continued strong demand for its services.
The ability to attract and retain personnel in a very tight labor market is critical to the Company's success. Dalmac has been able to fully crew all its service units throughout the past year and expects the same to continue into the new fiscal year. This process requires a constant commitment to ongoing training practices and procedures.
Responding to the current surge in demand for our services, Dalmac plans on increasing the size of its fleet over the next 12 months by purchasing about $6.5 million dollars of additional oilfield equipment to manage the growth. The Company is confident that current positive industry indicators will continue to translate into higher revenues and earnings for Dalmac throughout the remainder of calendar 2012 and well into 2013.
A conference call to discuss the results will be held today, Tuesday, August 28, 2012, at 1:30 p.m. EST/11:30 a.m. MST. To participate in the conference call, please dial 416-644-3414 local in Toronto or toll-free 1-800-814-4859 and request the Dalmac Energy conference.
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SOURCE: Dalmac Energy Inc.For further information: