Shares Outstanding: 20,785,959
CALGARY, April 27 /CNW/ - Global Energy Services Ltd. ("Global Energy") (GLK - TSX Venture), announces the Board of Directors have approved the release of the December 31, 2009, financial reports.
Financial highlight to December 31, 2009
- Revenue totalled $5,979,409 for the year ended December 31, 2009
compared to $9,175,981 for the same period in 2008, a decrease of 35
percent or $3,196,582. Revenue generated from the communications
segment decreased by 22 percent or $1,039,452 to $3,774,452 from
$4,813,904 in the comparable period of 2008. Revenue from production
services amounted to $2,228,567 as compared with $4,280,831 for the
prior year. This represents a 48 percent decrease or $2,052,264 and
is attributable to massive cuts in gas well completions and well
optimization by industry.
- Net loss improved by $107,608 resulting in a net loss of $521,897 for
the year ended December 31, 2009 compared to a net loss of $629,505
in 2008. On a weighted average per share basis, the net loss was
$0.025 versus $0.031 of net loss in 2008. The decrease in loss
resulted from reduction of expenses and consolidating of operations.
- At December 31, 2009, the Company had a working capital surplus
(current assets less current liabilities) of $1,122,972 compared to a
surplus of $1,853,716 at December 31, 2008. The company has an
operating loan with a maximum facility of $1,200,000 bearing interest
at prime plus 1.0 percent.
- We have planned for a slight improvement in our Canadian revenues for
2010 and have planned to maintain the previous cost reductions to
reflect the reduced revenue base. Given the cost reductions expected
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 "we are focusing on our opportunities arising from the licensing agreement with Lufkin Industries and our communication segment is growing with the higher rig utilization."
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 http://www.global-energy.ca
SOURCE GLOBAL ENERGY SERVICES LTD.
For further information: For further information: Don Jorgensen, VP of Finance & CFO, Global Energy Services Ltd., Tel: (403) 243-0820, Email: email@example.com