CALGARY, Feb. 24, 2016 /CNW/ - A correction from source is being issued for the press release titled Calfrac Announces Fourth Quarter Results disseminated today at 7:44 AM ET. The definition of Fixed Charge Coverage Ratio as described in the Liquidity and Capital Resources section and Note 17 of the consolidated financial statements should have read as follows (addition underlined):
The Fixed Charge Coverage Ratio is defined as cash flow to interest expense. Cash flow is a non-GAAP measure and does not have a standardized meaning under IFRS and is defined under the indenture agreement as net income (loss) attributable to the shareholders of Calfrac before depreciation, extraordinary gains or losses, unrealized foreign exchange gains or losses, gains or losses on disposal of property, plant and equipment, impairment of assets, restructuring charges, provision for settlement of litigation, stock-based compensation, interest, and income taxes.
In addition, the Company's Fixed Charge Coverage Ratio at December 31, 2015 as disclosed in the Liquidity and Capital Resources section and Note 17 of the consolidated financial statements should have stated 0.8:1, not 1.3:1.
Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol "CFW". Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Russia, Mexico, and Argentina.
SOURCE Calfrac Well Services Ltd.
For further information: For further information on this conference call please contact Ashley Connolly, Manager, Capital Markets at (587) 955-1704.