Shares Outstanding 20,785,959
CALGARY, April 21 /CNW/ - Global Energy Services Ltd. ("Global Energy")
(TSXV: GLK), announces the Board of Directors have approved the release
of the December 31, 2010, financial reports.
Financial highlight to December 31, 2010
Revenue totaled $5,432,879 for the year ended December 31, 2010 compared
to $5,979,409 for the same period in 2009, a decrease of 9 percent or
$546,530. Revenue generated from the communications segment increased
by 22 percent or $840,422 to $4,614,874 from $3,774,452 in the
comparable period of 2009. Revenue from production services amounted to
$858,257 as compared with $2,228,567 for the prior year. This
represents a 61 percent decrease or $1,370,310 and is attributable to
continued weakness in the conventional gas market.
Net loss improved by $369,428 resulting in a net loss of $152,469 for
the year ended December 31, 2010 compared to a net loss of $521,897 in
2009. On a weighted average per share basis, the net loss was $0.007
versus $0.025 of net loss in 2009. The decrease in loss resulted from
reduction of expenses and an improvement in the communication segment.
At December 31, 2010, the Company had a working capital surplus (current
assets less current liabilities) of $1,107,194 compared to a surplus of
$1,122,973 at December 31, 2009. The company has an operating loan with
a maximum facility of $1,200,000 bearing interest at prime plus 1.0
We have continued to maintain our liquidity and capital resources and we
are seeing improvements in many of the industry areas except for
conventional gas. Given the cost reductions expected our current cash
resources are sufficient for the Company to complete its short term
According to Mr. Derek Begin, President and CEO the outlook for Global
Energy Services is improving as "we are focusing on our opportunities
arising from the licensing agreement with Lufkin Industries and our
communication segment is growing with the higher industry activity."
About Global Energy Services Ltd.
Global Energy Services Ltd. is an innovative oilfield service company
that provides production services and communications solutions to the
oil and gas industry. The production services segment utilizes its
patented Activator hydraulic submersible pump to enhance gas production
in conventional gas and coalbed methane wells. Global's communications
segment provides a complete suite of integrated products and solutions
specifically suited for the oil and gas industry. Global was founded in
1994 and is listed on the TSX-V.
More information about Global Energy Services Ltd. can be found at http://www.global-energy.ca
SOURCE Global Energy Services Ltd.
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Global Energy Services Ltd.