SYLVAN LAKE, AB, May 28, 2011 /CNW/ - Lonestar West Inc. (TSXV: LSI) today announced its business performance
for the third quarter of fiscal 2011.
The Company has generated revenues of $4.0 million in the three months
ended March 31, 2011 compared to $1.4 million in the prior year
quarter. The net income for the third quarter is $560,969, compared to
a loss of $371,509 in the prior year quarter. EBITDAC for the quarter
was $839,562 compared to EBITDAC of ($104,465) in the prior year
President and CEO James Horvath commented, "Revenue and earnings have
been meeting expectations due to several factors, such as the increased
oilfield activity and improved utilization through the focus on
expanding service areas. Our geographical expansion has positively
affected our performance as our market size has increased and we have
seen an improvement in our cash flow. Subsequent to this quarter end we
have seen a slow down in revenues due to seasonality of oilfield
For complete details on the interim financial statements and MD&A for
the 2011 Third Quarter please refer to SEDAR at www.sedar.com.
Lonestar West Inc. (www.lonestarwest.com) currently operates a fleet of HVAC and vacuum trucks throughout
Western Canada from its base in Sylvan Lake, Alberta. It is focussed on
profitably growing its HVAC services to become a major national
competitor in the market area.
Lonestar's shares trade on the TSX(Venture) Exchange under the symbol
Certain information and statements contained herein constitute
forward-looking information, including the anticipated costs associated
with the purchase of capital equipment, expectations concerning the
nature and timing of growth within the business operated by Lonestar,
expectations respecting the competitive position of such business,
expectations concerning the financing of future business activities and
statements as to future economic and operating conditions. Readers
should review the cautionary statement respecting forward-looking
information that appears in Lonestar's complete MD&A.
SOURCE Lonestar West Inc.
For further information:
| James Horvath, President and CEO || || || || || (403) 887-2074 |
| Bev Roome, CA, Chief Financial Officer || || || || || (403) 887-2074 |