Shares Outstanding 20,535,959
CALGARY, May 29 /CNW/ - Global Energy Services Ltd. ("Global Energy")
(GLK - TSX Venture), announces the Board of Directors have approved the
release of the March 31, 2009 financial reports.
Financial highlight to March 31, 2009
- Revenue totalled $2,083,604 for the three month period ended
March 31, 2009 compared to $2,567,327 for the same period in 2008, a
decline of 19 percent or $483,723. The decline in revenue was
influenced by an overall decline in industry activity of twenty seven
percent according to industry statistics reported by the Nickle's
- Net income (loss) declined by $186,112 resulting in a net loss of
$165,923 for the three month period ended March 31, 2009 as compared
to a net income of $20,188 in the comparable period in 2008. The loss
resulted from a reduction to the gross margin in our production
division due mainly to a result of lower margins on the introduction
of the new wind solar packages.
- At March 31, 2009, the Company had a working capital surplus (current
assets less current liabilities) of $1,853,896 compared to a surplus
of $1,858,407 at December 31, 2008. Cash flow from operating
activities of $57,301 was generated in the first quarter of 2009.
- The Company expects our expenditures to decrease over the balance of
the 2009 year, due to the substantial cost reduction program we have
implemented in our communications segment in the first quarter of
2009. Given the cost reductions expected from this program, the
Company believes our current cash resources are sufficient for the
Company to complete its short term strategic objectives.
According to Mr. Derek Begin, President and CEO the outlook for Global
Energy Services is improving as "Well optimization of existing gas well
production has grown significantly and we see this improved opportunities for
our pumping technologies as the economy stabilizes. Our planned penetration
into the USA market is showing more promise as our joint venture with ILS
(International Lift Systems) is now owned by Lufkin Industries who have a
bigger footprint in the market."
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
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS
RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS
MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED.
For further information:
For further information: Don Jorgensen, CMA, VP of Finance & CFO, Global
Energy Services Ltd., Tel: (403) 243-0820, Email: email@example.com