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ESI Announces 2017 Third Quarter Earnings


News provided by

ESI Energy Services Inc.

Oct 25, 2017, 18:36 ET

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CALGARY, Oct. 25, 2017 /CNW/ - ESI Energy Services Inc. (CSE: OPI) ("ESI" or the "Company") announces 2017 third quarter financial results.

Robert Dunstan, ESI's President and CEO, is pleased to announce higher levels of revenue, EBITDA, funds flow from operations as well as increased working capital and lower long-term debt, for the three and nine month periods ended September 30, 2017 compared with the same period in 2016.

Highlights

Revenue for the three month period ended September 30, 2017 increased by 62 percent to $4,766,000 compared to $2,951,000 during the same period in 2016.  Virtually all of this revenue was generated in the United States.  Activity levels for padding machines and oilfield services in Canada remained low.

Over 98 percent of the revenue generated during the third quarter of 2017 came from padding machines. Activity levels for large padding machines were up from 27 padding months during the third quarter of 2016 to 60 padding months during the third quarter of 2017, an increase of 122 percent. Activity levels for small padders were down slightly by 7 percent to 27 padding months during the third quarter of 2017, compared with 29 padding months during the same period in 2016.  Our newest small padding machine, the micro-padder, which was introduced during the first quarter of 2017, is starting to gain traction. To date, we have added 3 micro-padding heads to our rental fleet.  Micro-padders generated 5 padding months during the third quarter of 2017.

Gross margin for the three month period ended September 30, 2017 was up by 73 percent.  This increase was primarily due to the 62 percent increase in revenue during the period, most of which was generated by large padding machine rentals.  Since most of the Company's costs are fixed, gross margin, EBITDA, funds flow and net income tend to increase exponentially once fixed costs have been recovered.    

Net income increased during the third quarter of 2017 from a deficit of $2,377,000 during the three month period ended September 30, 2016 to net income of $1,962,000 during the same period in 2017.  The increase in net income during the third quarter of 2017 was primarily due to the 62 percent increase in revenue during the period.

Funds flow from operations was $2,905,000 during the third quarter of 2017 compared with of $1,134,000 during the same period in 2016, an increase of 156 percent.

Revenue for the nine month period ended September 30, 2017 increased by 88 percent to $11,004,000 compared to $5,859,000 during the same period in 2016.  Consistent with the first six months of 2017, virtually all of this revenue was generated from padding revenue in the United States.  Activity levels for padding machines and oilfield services in Canada remained low during the nine month period ended September 30, 2017.

Over 96 percent of the revenue generated during the first nine months of 2017 came from padding machines. Activity levels for large padding machines were up by a multiple, from 39 padding months during the first nine months of 2016 to 130 padding months during the same period in 2017, an increase of 233 percent. Activity levels for small padders were by down by 25 percent to 67 padding months during the first nine months of 2017, compared with 89 padding months during the same period in 2016.

Gross margin for the nine month period ended September 30, 2017 was up by 155 percent.  This increase was primarily due to the 88 percent increase in revenue during the period.

Net income increased during the first nine months of 2017 from a net loss of $5,802,000 during the nine month period ended September 30, 2016 to net income of $1,772,000 during the same period in 2017.  The increase in net income during the nine month period ended September 30, 2017 was primarily due to the 88 percent increase in revenue during the period.

Funds flow from operations was $5,108,000 during the first nine months of 2017 compared with a deficit of $84,000 during the same period in 2016, an increase of $5,192,000.

Working capital increased by $2,958,000 to $11,067,000 and long-term debt was nil compared to $3,268,000 at December 31, 2016.  The increase in working capital was primarily attributable to cash proceeds received from the sale of eight pipe layers during the first quarter of 2017 for gross proceeds of $3,500,000 and the increase in revenue during the first nine months of 2017.

The third quarter of 2017 continued to build on the momentum established during the second quarter of the year, reflecting significant improvement over the same period in the prior year.

About ESI

ESI is a publically traded company listed on the Canadian Securities Exchange under the stock symbol "OPI". ESI is a pipeline equipment rental and sales company with principal operations in Leduc, Alberta and Phoenix, Arizona. The Company, through its operating subsidiaries, ESI Pipeline Services Ltd. ("ESIPSL") and Ozzie's Pipeline Padder, Inc. ("OPI"), supplies (rents and sells) backfill separation machines ("Padding Machines") to mainline pipeline contractors, oilfield pipeline and construction contractors, utility construction contractors and renewables (wind and solar) contractors.     

Forward-Looking Statements

Certain statements contained in this news release may constitute forward-looking information, including statements regarding trends in large padding machine rentals, building additional micro padders and general improved trends in our business. These statements relate to future events or future performance. The use of the word "will", "expected" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions inherent in forward-looking information, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

SOURCE ESI Energy Services Inc.

For further information: Robert Dunstan, Chief Executive Officer, Phone: (403) 205 7188, Email: [email protected]

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ESI Energy Services Inc.

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