SYLVAN LAKE, AB, Feb. 25, 2013 /CNW/ - Lonestar West Inc. (TSXV: LSI) today announced its business performance for the second quarter of fiscal 2013. Lonestar experienced another great quarter which included record gross revenues, growth in fleet size and expansion into the United States.
Highlights for the second quarter of fiscal year 2013 include:
- Revenues increased 48.8% to $6,750,036 from $4,535,173 in the previous year equivalent quarter.
- EBITDA increased 44.5% to $1,145,576 compared to $794,747 in the previous year equivalent quarter.
- EBITDA per share rose 26.8% to $0.07 from $0.05 in the previous year equivalent quarter.
- Net income before taxes of $624,321 in comparison to the $521,937 net income before taxes in the previous year equivalent quarter.
The fleet expansion program resulted in a 37.9% increase in fleet size as the Company went from 29 units available for work at the end of the second quarter of fiscal 2012 to 40 units available for work at the end of the second quarter of fiscal 2013.
Management estimates that approximately 7 HVACs will be added in the third quarter and approximately 10 will be added in the fourth quarter, thereby resulting in approximately 57 units in the fleet by the end of the fiscal year.
During the quarter the Company began operations into the United States and generated revenues of $293,152. Management views this expansion as an integral part of their growth strategy and is confident that operations in the US will contribute to the diversification of the Company's business.
President and CEO James Horvath commented, "Lonestar West Inc. has continued the growth trend with increased revenues and EBITDA over the prior year quarters. Management's ability to manage costs and the expansion of our operations within North America have had a direct impact on our net income. Our current strategy of growing our fleet and diversifying our operational locations has resulted in a strong quarter with expectations for additional growth for Lonestar in the future."
As always, Lonestar is committed to customer service, safety and our employees which enable us to continue to grow into a major multi-national HVAC competitor. For complete details on the December 31, 2012 interim and June 30, 2012 year end audited financial statements, as well as the related MD&A's, please refer to SEDAR at www.sedar.com.
Lonestar West Inc. (www.lonestarwest.com) operates a fleet of 46 HVAC and vacuum trucks throughout North America from its base in Sylvan Lake, Alberta. It is focused on profitably growing its HVAC services to become a major competitor in the North American market.
Lonestar's shares trade on the TSX Venture Exchange under the symbol LSI.
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
Kristina Scade, CA, Chief Financial Officer (403) 887 - 2074
Investor Relations, The Howard Group Inc.
Jeff Walker (888) 221-0915
[email protected] (403) 221-0915