Kelman Announces Q3-2007 Operating Results



    
    -------------------------------------------------------------------------
                                                     Three Months Ended
    -------------------------------------------------------------------------
                                         September 30,  September 30,      %
                                                 2007           2006  Change
    -------------------------------------------------------------------------
    Operating Revenue                    $  6,655,376   $  5,983,973      11
    Operating Expenses                   $  5,067,809   $  5,333,875      (5)
    -------------------------------------------------------------------------
    EBITDA                               $  1,587,567   $    650,098     144
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Net Earnings (Loss)
      Before Taxes                       $    356,383   $   (277,812)    N/A
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Per Share
      (basic and diluted)                $       0.01   $      (0.01)    N/A
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                                      Nine Months Ended
    -------------------------------------------------------------------------
                                          September 30, September 30,      %
                                                  2007          2006  Change
    -------------------------------------------------------------------------
    Operating Revenue                     $ 19,597,452  $ 19,231,419       2
    Operating Expenses                    $ 16,192,163  $ 16,380,725      (1)
    -------------------------------------------------------------------------
    EBITDA                                $  3,405,289  $  2,850,694      19
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Net Earnings (Loss)
      Before Taxes                        $    (63,872) $      5,028     N/A
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Per Share
      (basic and diluted)                 $      (0.00) $       0.00     N/A
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Stock Symbol: KTI.TSX

    CALGARY, Nov. 9 /CNW/ - Kelman Technologies Inc ("KTI") today announced a
net income of $356 thousand, $0.01 per share, for the third quarter of 2007
and a net loss of $64 thousand, $(0.00) per share, in the nine months ended
September 30, 2007. These results reflect foreign currency translation losses
of $305 thousand, in the quarter and $757 thousand, on a year-to-date basis.
Capital expenditures were $1.2 million, of which $248 thousand was acquired by
means of capital leases, in the third quarter, and $3.0 million, of which
$735 thousand was acquired by means of capital leases, on a year-to-date
basis. The Company ended the quarter with working capital of $7.2 million, an
increase of 8 percent compared to Q3 2006.

    
                   (*)   (*)   (*)   (*)   (*)   (*)   (*)
    

    Kelman Technologies Inc. is a publicly traded Canadian company listed on
the Toronto Stock Exchange under the trading symbol "KTI". With offices in
Calgary and Toronto, Canada, Denver, Houston, and Oklahoma City, United
States, London, United Kingdom and Tripoli, Libya KTI services oil and gas
exploration companies with a full suite of seismic processing and on-line data
management and data archival services.

    To the extent this press release includes forecasts or forward looking
statements about future performance of the company such forecasts or
statements are believed to be reasonable by the company but are based upon
assumptions in respect of commodity pricing and oil and gas exploration
activity levels over the next couple of years. The risks associated with
future events are mitigated where possible by KTI but are uncontrollable and
no guarantee of the accuracy of the forecasts or future financial performance
of the company is offered.



    
    KELMAN TECHNOLOGIES INC.
    Consolidated Balance Sheets
    (Unaudited)

    -------------------------------------------------------------------------
                                                  September 30,  December 31,
                                                          2007          2006
    -------------------------------------------------------------------------

    Assets

    Current assets:
      Cash                                        $  1,974,679  $  2,045,785
      Accounts receivable                            5,930,133     5,406,905
      Work in progress                               1,916,744     2,081,447
      Prepaid expenses and deposits                    369,903       423,566
      -----------------------------------------------------------------------
                                                    10,191,459     9,957,703
    Property and equipment                           6,220,774     5,517,916
    Other assets                                        12,811        17,081
    -------------------------------------------------------------------------
                                                  $ 16,425,044  $ 15,492,700
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Shareholders' Equity

    Current liabilities:
      Indebtedness                                $    487,500  $    487,500
      Accounts payable and accrued liabilities       1,672,714     1,613,736
      Deferred revenue                                  41,664             -
      Current portion of capital leases                216,442             -
      Preferred shares                                 605,321       605,321
      -----------------------------------------------------------------------
                                                     3,023,641     2,706,557

    Long-term portion of capital leases                458,664             -

    Preferred shares                                 3,767,680     3,645,774

    Shareholders' equity:
      Share capital                                 13,125,325    13,125,325
      Equity component of preferred shares             812,706       812,706
      Contributed surplus                              898,074       799,512
      Deficit                                       (5,661,046)   (5,597,174)
      -----------------------------------------------------------------------
                                                     9,175,059     9,140,369
    -------------------------------------------------------------------------
                                                  $ 16,425,044  $ 15,492,700
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    KELMAN TECHNOLOGIES INC.
    Consolidated Statements of Operations, Comprehensive Income (Loss) and
    Deficit

    Three and nine months ended September 30, 2007 and 2006

    -------------------------------------------------------------------------
                              Three Months Ended           Nine Months Ended
                      September 30, September 30, September 30, September 30,
                              2007          2006          2007          2006
    -------------------------------------------------------------------------

    Revenue           $  6,655,376  $  5,983,973  $ 19,597,452  $ 19,231,419

    Expenses:
      Operating          5,067,809     5,333,875    16,192,163    16,380,725
      Depreciation and
       amortization        772,735       778,535     2,270,656     2,291,306
      Interest             153,708       145,448       441,409       450,365
      Foreign
       exchange loss       304,741         3,927       757,096       103,995
    -------------------------------------------------------------------------
                         6,298,993     6,261,785    19,661,324    19,226,391
    -------------------------------------------------------------------------
    Net earnings (loss)
     and comprehensive
     income (loss)         356,383      (277,812)      (63,872)        5,028

    Deficit, beginning
     of period        $ (6,017,429) $ (5,553,491) $ (5,597,174) $ (5,836,331)
    -------------------------------------------------------------------------

    Deficit, end of
     period           $ (5,661,046) $ (5,831,303) $ (5,661,046) $ (5,831,303)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Net earnings
     (loss) per Common
     Share, basic and
     diluted          $       0.01  $      (0.01) $      (0.00) $       0.00
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    KELMAN TECHNOLOGIES INC.
    Consolidated Statements of Cash Flows

    Three and nine months ended September 30, 2007 and 2006

    -------------------------------------------------------------------------
                              Three Months Ended           Nine Months Ended
                      September 30, September 30, September 30, September 30,
                              2007          2006          2007          2006
    -------------------------------------------------------------------------

    Cash provided by
     (used in):

    Operations:
      Net earnings
       (loss)         $    356,383  $   (277,812) $    (63,872) $      5,028
      Items not
       involving cash:
        Depreciation and
         amortization      772,735       778,535     2,270,656     2,291,306
        Unrealized
         foreign
         exchange loss
         (gain)             86,115        13,777       152,600           733
        Accretion of
         preferred shares   40,636        40,635       121,907       121,907
        Stock-based
         compensation
         expense            31,554        33,107        98,562       170,486
        Amortization of
         other assets        1,423         1,423         4,270         4,270
        Loss on disposal
         of property and
         equipment               -             -         1,910         3,090
        Lease inducement
         benefit            (4,948)          828        (3,292)        2,484
      -----------------------------------------------------------------------
                         1,283,898       590,493     2,582,741     2,599,304

      Change in non-cash
       working capital
       items              (978,932)      (80,256)     (533,537)   (1,035,260)
      -----------------------------------------------------------------------
                           304,966       510,237     2,049,204     1,564,044

    Financing:
      Repayment of
       capital leases      (44,160)            -       (60,240)       (5,779)
      Issue of Common
       Shares                    -             -             -       512,500
      Decrease in
       indebtedness              -             -             -      (512,500)
      -----------------------------------------------------------------------
                           (44,160)            -       (60,240)       (5,779)

    Investing:
      Expenditures on
       property and
       equipment          (925,805)     (414,957)   (2,240,077)   (2,047,216)
      Change in non-cash
       working capital
       items               180,007       (61,539)      180,007        53,545
    -------------------------------------------------------------------------
                          (745,798)     (476,496)   (2,060,070)   (1,993,671)

    -------------------------------------------------------------------------
    (Decrease) increase
     in cash              (484,992)       33,741       (71,106)     (435,406)

    Cash, beginning of
     period              2,459,671     1,382,329     2,045,785     1,851,476
    -------------------------------------------------------------------------
    Cash, end of
     period           $  1,974,679  $  1,416,070  $  1,974,679  $  1,416,070
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    





For further information:

For further information: please visit our web site at
http://www.kelman.com or contact Mr. Rene VandenBrand, President and CEO at
(281) 293-0537, or by email to rene@kelman.com

Organization Profile

KELMAN TECHNOLOGIES INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890