Bonnett's Energy Services Trust (TSX:BT.UN) ("Bonnett's", or the "Trust") has released its Q2 2009 results



    TSX SYMBOL: BT.UN

    GRANDE PRAIRIE, AB, Aug. 11 /CNW/ - Bonnett's Energy Services Trust has
significantly reduced its operating costs and achieved Q2 EBITDA similar to
that experienced in the comparable period of 2008 despite the current industry
slowdown which brought revenue levels to $6.3 million for the quarter, $3.7
million less than the comparable period of the prior year.
    Murray Toews, Chief Executive Officer of the Trust commented, "We are
satisfied with our financial results given the extremely difficult market in
which we are operating. I am very proud of our staff and their commitment to
our organization."
    Significant cost reductions were initiated in Q1 2009 and continued into
Q2. These included both workforce and compensation reductions to align the
Trust's cost structure with the expected demand for services.
    The management of the Trust continues to evaluate service offerings and
the overall business strategy of the Trust in response to economic conditions.
It is anticipated that the Trust may divest of certain non-core assets in
addition to the rationalization of assets in some core service lines.

    
    Financial highlights

                    Three Months Ended June 30      Six Months Ended June 30
    -------------------------------------------------------------------------
    ($000's except
     per unit
     amounts)         2009      2008      2007      2009      2008      2007
    -------------------------------------------------------------------------
    Revenue from
     continuing
     operations   $  6,347  $ 10,018  $ 10,269  $ 27,059  $ 36,201  $ 46,242
    EBITDAC from
     continuing
     operations(1)  (3,242)   (3,044)   (2,674)      452     4,786     7,283
    Funds flow
     from
     continuing
     operations(2)  (3,913)   (4,121)   (3,484)     (812)    2,478     5,773
    Funds flow
     from
     continuing
     operations
     per unit
      Per unit
       - basic       (0.27)    (0.33)    (0.30)    (0.05)     0.20      0.50
      Per unit
       - diluted     (0.27)    (0.33)    (0.30)    (0.05)     0.20      0.50
    Net income
     (loss) from
     continuing
     operations     (6,361)   (6,583)   (6,345)   (5,746)   (2,413)   (1,249)
    Net income
     (loss)         (6,361)   (6,583)   (7,553)   (5,746)   (2,670)   (3,304)
    Net income
     (loss) per
     unit from
     continuing
     operations
      Per unit
       - basic       (0.44)    (0.52)    (0.55)    (0.40)    (0.19)    (0.11)
      Per unit
       - diluted     (0.44)    (0.52)    (0.55)    (0.40)    (0.19)    (0.11)
    Net income
     (loss) per
     unit
      Per unit
       - basic       (0.44)    (0.54)    (0.65)    (0.40)    (0.22)    (0.29)
      Per unit
       - diluted     (0.44)    (0.54)    (0.65)    (0.40)    (0.22)    (0.29)
    Distribution to
     Unitholders         -         -         -         -         -     8,073
      Distribution
       per unit
       - basic           -         -         -         -         -      0.70
    Weighted
     average units
      Basic         14,305    12,607    11,558    14,305    12,191    11,529
      Diluted       14,305    12,607    11,624    14,305    12,191    11,617
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Notes:
    ------
    (1) Earnings before interest, taxes, depreciation, amortization and unit
        based compensation and certain other items ("EBITDAC") is not a
        recognized measure under Canadian Generally Accepted Accounting
        Principles (GAAP). Management believes that in addition to net
        earnings, EBITDAC is a useful supplemental measure as it provides an
        indication of the results generated by the Trust's principal business
        activities prior to consideration of how those activities are
        financed or how the results are taxed. These measures are identified
        and presented, where appropriate, together with reconciliations to
        the equivalent GAAP measure. However, they should not be used as an
        alternative to GAAP, because they may not be consistent with
        calculations of other companies or trusts.

    (2) Funds flow or funds flow from operations refers to cash flow from
        operations before changes in non-cash working capital. The Trust
        views cash flow from operating activities before changes in non-cash
        working capital balances, hereafter referred to as Funds Flow, as a
        measure of liquidity, and believes that Funds Flow is a metric used
        by many investors to assess the financial performance of the Trust.
        As the Trust may distribute a portion of its cash on an ongoing
        basis, the Trust believes that Funds Flow is an appropriate
        consideration in determining funds available for distribution to
        Unitholders. Although changes in non-cash working capital balances
        will impact cash available to finance distributions, these changes
        will be a source of cash in one period and a use of cash in another
        depending on changes in the level of activity in a particular period
        due to seasonality and other factors. Absent a sustained period of
        growth in the Trust's business, changes in non-cash working capital
        will generally not be a use of cash by the Trust over a longer period
        of time, although that may be the case from one quarter to the next.
        Given that these changes are not predictable and tend to even out
        over time, management does not believe it is appropriate to include
        such changes in determining cash flow from operating activities being
        a measure used to indicate capacity of the Trust to generate cash
        flow for paying distributions in the future. Any use of cash from an
        increase in working capital in a particular period will be financed
        by the Trust's credit facilities and repaid when non cash working
        capital decreases and cash is generated. See the heading "Funds flow
        from Operations" for reconciliation to the equivalent GAAP measure.
        Funds flow should not be used as an alternative to GAAP, because it
        may not be consistent with calculations of other companies or trusts.

    Disclosure Regarding Forward-Looking Statements
    -----------------------------------------------
    
    This press release contains forward-looking information within the
meaning of applicable Canadian securities law. This information is subject to
certain risks and uncertainties that could cause actual results to differ
materially from those included in the forward-looking information. When used
in this document, the words "intend", "plan", "anticipate", "believe", "seek",
"propose", "estimate", "intend" and similar expressions, as well as future or
conditional verbs such as "may", "would", "could", and "will", as they relate
to the Trust, are intended to identify forward-looking information. Such
information reflects the Trust's current views with respect to future events
and are subject to certain risks, uncertainties and assumptions, including,
without limitation, those described in the Trust's MD&A for the three and six
months ended June 30, 2009 under the heading "Risks and uncertainties", and
"Outlook". Forward-looking information concerning expected operating and
economic conditions are based upon past operating and economic conditions.
Forward-looking information concerning the availability of funding for future
operations is based upon sources of funding which the Trust has relied upon in
the past and expectations concerning future economic and operating conditions.
Forward-looking information concerning the relative future competitive
position of the Trust is based upon expectations relating to future economic
and operating conditions, the current business environment, present and
anticipated programs and expansion plans of other organizations operating in
the energy service industry. Forward-looking information concerning the nature
and timing of growth is based on past factors affecting the growth of the
Trust, past sources of growth and expectations relating to future economic and
operating conditions. Forward-looking information in respect of the costs
anticipated to be associated with the acquisition and maintenance of equipment
are based upon past acquisition and maintenance costs for such equipment and
expectations relating to the future acquisition and maintenance cost increases
concerning such equipment. Although management of the Trust believes that the
expectations reflected in such forward-looking information are reasonable,
there can be no assurance that such expectations will prove to have been
correct because, should one or more of the enumerated risks or uncertainties
materialize, or should the assumptions underlying forward-looking information
prove incorrect, actual results may vary materially from those described in
this press release as intended, planned, anticipated, believed, estimated or
expected. Except where required by law, the Trust does not assume any
obligation to update forward-looking information if conditions or opinions
should change. Readers should not place undue reliance on forward-looking
information. All of the forward-looking information of the Trust contained in
this press release are expressly qualified, in their entirety, by this
cautionary statement.

    
    Additional Information
    ----------------------
    
    Additional information relating to the Trust is filed on SEDAR and can be
viewed at www.sedar.com or at the Trust's website at www.bonnettsenergy.com.
This information includes the Trust's Annual Information Form dated March 31,
2009.

    %SEDAR: 00022595E




For further information:

For further information: Information can also be obtained by contacting
the Trust at Bonnett's Energy Services Ltd., R.R. 2, Site 33, Box 1, Grande
Prairie, Alberta T8V 2Z9 or David Ross, CFO at (403) 264-3010 ext 231

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BONNETT'S ENERGY SERVICES TRUST

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