Pason Systems Inc. reports second quarter operating results
Stock Exchange: TSX
Symbol: PSI
CALGARY, Aug. 9 /CNW/ - Pason Systems Inc. ("Pason" or "the Company") today announced its results for the three-month and six-month periods ended June 30, 2010.
Performance Data
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Three Months Ended June 30, Six Months Ended June 30,
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2010 2009 Change 2010 2009 Change
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(000s, except per share ($) ($) (%) ($) ($) (%)
data) (unaudited)
Revenue 51,031 22,251 129 107,415 76,426 41
EBITDA(1) 21,512 994 2,064 46,902 24,769 89
As a % of revenue 42.2 4.5 838 43.7 32.4 35
Per share - basic 0.26 0.01 2,500 0.58 0.30 93
Per share - diluted 0.26 0.01 2,500 0.58 0.30 93
Funds flow from
operations(1) 18,764 3,058 514 39,218 21,743 80
Per share - basic 0.23 0.04 475 0.48 0.27 78
Per share - diluted 0.23 0.04 475 0.48 0.27 78
Earnings (Loss) 6,453 (8,706) - 14,850 (3,790) -
Per share - basic 0.08 (0.11) - 0.18 (0.05) -
Per share - diluted 0.08 (0.11) - 0.18 (0.05) -
Capital expenditures 7,132 2,755 159 11,451 8,466 35
Working capital 137,331 157,218 (13) 137,331 157,218 (13)
Total assets 387,692 392,754 (1) 387,692 392,754 (1)
Shareholders' equity 312,291 336,915 (7) 312,291 336,915 (7)
Common shares
outstanding (No.)
Basic 81,501 81,473 - 81,495 81,466 -
Diluted 81,501 81,473 - 81,495 81,466 -
Shares outstanding
end of period 81,501 81,475 - 81,501 81,475 -
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(1) EBITDA is defined as earnings before interest expense, income taxes,
stock-based compensation expense and depreciation and amortization
expense. Funds flow from operations is defined as earnings adjusted
for depreciation and amortization expense, stock-based compensation
expense, future income taxes and other non-cash items impacting
operations as presented in the Consolidated Statements of Cash Flows.
These definitions are not recognized measures under Canadian
generally accepted accounting principles, and accordingly, may not be
comparable to measures used by other companies.
President's Message
Operations Review
The oil and gas industry continues to earn its reputation for volatility as economic trends that were all in a downward spiral at this time last year have shown a surprising reversal towards a relatively strong market for oil and gas drilling. While certainly not back to boom level activity of 2008 in the United States and 2006 in Canada, the current market is providing ample opportunity for Pason to demonstrate its strengths and earn solid returns. During the second quarter Pason recorded revenue of $51.0 million, a 129% improvement over 2009. Again due to Pason's somewhat unusual oilfield service cost structure consisting of primarily fixed costs, this revenue increase amplified into a much greater improvement in EBITDA, cash flow and earnings. EBITDA rose to $21.5 million from less than a million in 2009 and cash flow increased to $18.8 million compared to $3.1 million in the prior year. Profitability returned with last year's $8.7 million loss reversed by a profit of $6.5 million this year.
As is always the case in the second quarter, which is a generally inactive quarter in Canada, Pason's results were dominated by activity in the United States. Leading the return to overall profitability was the segment profit of $14.0 million generated in the United States representing a significant improvement over the loss of $3.5 million logged last year. This dramatic reversal was driven by a surprisingly strong rebound in rig count and a very successful integration of the Petron employees and rental business within the United States. From last year's low of approximately 700 rigs the rig count has risen to about 1,500 rigs, which is not that far off the 2008 peak of 2,000 active rigs. Pason's rig count has rebounded even more from last year's second quarter low of fewer than 400 rigs to a current level of approximately 1,000 rigs or about 65% of all rigs working in the United States. This strengthening rig count allowed us to reverse our price decreases of 2009 during the first quarter and as a result revenue per industry day for the quarter was a very strong $263 compared to $165 in 2009. We have added about 40% of the field technician positions we terminated in 2009, but have done so with greater operating leverage. As a result, the number of rigs per field technician now is tracking at almost 8, which is record leverage for the Company and speaks to the quality of our field technicians and the maturing of the regional rental manager level that we added several years ago. We also improved margin with our decision last year to cease providing manned geological services and concentrate on unmanned geological services. Our revenue fell but we had positive margin of $0.3 million versus $0.1 million in 2009. Finally, results were aided by a smaller undepreciated base of rental assets and because our depreciation is time based, depreciation for the quarter fell even though activity increased. We continue to compete in all basins and are particularly strong in the new Marcellus basin where there was little prior base of oilfield services.
It is difficult for an oilfield service company in Canada with any significant overhead to achieve profitability in the largely dormant second quarter. Therefore we were pleased to almost break even and record only a small loss of $0.3 million versus a $4.8 million loss last year in the Canadian business unit. Canadian drilling days were up 77% which compares to our 75% increase in revenue. However, our Canadian business unit expenses were almost flat year over year which directly contributed to greatly improved margin. Clearly we need new product revenue growth in Canada and believe that if we can enter a relatively stable period, rather than the choppy activity of the last three years, we should be able to demonstrate some meaningful growth with the directional drilling facilitation product and a new version of our total gas system.
International revenue increased to $5.4 million from $2.4 million last year but the 2009 profit of $0.6 million was reduced to $0.3 million in this year's second quarter. Despite increases in profitability in all other International markets, overall profitability was hurt by losses in Pason Offshore. This was due to significant non-cash charges resulting from the Petron acquisition. All other International entities as a group actually contributed $2.4 million of segment profit or a significant improvement over the prior year. International sales opportunities have slowed from 2009 but there was also some loss of momentum during the change of management resulting from Pason's acquisition of the Petron business. We are hopeful that a newly hired general manger and the combination of former Petron employees and Pason Houston employees into a new office later this year, will improve the focus and execution of this business segment.
We recognize that creating material new revenue in an established company is a challenging task and in response to that need, we recently formed a key department called the New Revenue Group to be led by Bob Rodda, formerly our COO. The functions of this group, which will focus on revenue rather than operations, will be to search for new technologies, consolidate and investigate new product ideas within Pason and to help in the initial rollout of new products. The relatively small team in the new revenue group is being assembled with outside hires and transfers internally involving people with a demonstrated skill and interest in building revenue. At the same time we are looking to hire a replacement COO from the outside with experience in managing the organizational structure of a larger, multi-jurisdictional company.
We also continue to investigate the potential for Pason within the oilfield water cleaning and treatment market, which is clearly expanding with a plethora of new technologies and entrants. The key for Pason is whether, similar to the drilling rig instrumentation market, the challenges of deploying, monitoring and servicing water treatment plants, are sufficiently challenging that the role makes sense for a specialty service company rather than the larger participants already involved within the industry. The next 12 months should answer that question.
Outlook
With consistent oil prices, promising new oil targets in North America plus a steady strengthening of natural gas prices, there appears to be more optimism for a stable rig count somewhere between the recent highs and lows the Industry has experienced. Providing a second wave of worldwide macro economic instability does not occur, we would expect to have a reasonable environment within which we can deliver meaningful profits for the balance of the year.
On behalf of the Board of Directors,
(signed)
Jim Hill
Chairman, President & Chief Executive Officer
August 6, 2010
Second Quarter Conference Call
Pason will be conducting a conference call for interested analysts, brokers, investors and media representatives to review its second quarter results at 9:00 a.m. (Calgary time) on Tuesday, August 10, 2010. The conference call dial-in number is 1-888-231-8191, conference ID No. 75691639.
Pason is a leading international provider of specialized rental and sold oilfield instrumentation systems for use on land and offshore rigs. The Company's tightly integrated package of products and services, including data acquisition, wellsite reporting software, remote communications and internet information management tools, maximizes rig uptime and minimizes operating costs.
Pason's common shares trade on the Toronto Stock Exchange under the symbol PSI. Additional information, including the Company's Annual Report and Annual Information Form for the year ended December 31, 2009, is available on SEDAR at www.sedar.com or on the Company's website at www.pason.com.
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements.
Consolidated Balance Sheets
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As at June December
30, 31,
2010 2009
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(000s) (unaudited) ($) ($)
Assets
Current
Cash 121,598 109,849
Accounts receivable 54,304 39,102
Prepaid expenses 1,018 1,416
Income taxes recoverable 1,785 2,928
Future income tax assets 11,134 9,037
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189,839 162,332
Capital assets 157,460 170,678
Intangible assets (Note 3) 22,988 19,557
Future income tax asset 11,353 14,558
Goodwill 6,052 5,972
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387,692 373,097
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Liabilities
Current
Accounts payable and accrued liabilities 37,218 29,780
Current portion of stock-based compensation
liability 2,250 1,320
Dividend payable 13,040 11,408
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52,508 42,508
Stock-based compensation liability 1,614 906
Future income tax liabilities 21,279 21,348
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75,401 64,762
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Shareholders' Equity (Note 2)
Share capital 72,050 71,864
Contributed surplus 14,845 14,029
Accumulated other comprehensive loss (21,507) (22,651)
Retained earnings 246,903 245,093
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312,291 308,335
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387,692 373,097
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See accompanying notes to the consolidated financial statements.
Consolidated Statements of Operations and Retained Earnings
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Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
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(000s, except per share data) ($) ($) ($) ($)
(unaudited)
Revenue
Equipment rentals 49,273 20,736 103,747 72,632
Geological services 804 1,437 2,055 3,480
Instrumentation sales 860 - 1,418 -
Interest 94 78 195 314
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51,031 22,251 107,415 76,426
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Expenses
Rental services 21,377 13,346 43,659 35,349
Geological services 466 1,352 1,539 3,351
Cost of instrumentation sales 597 - 775 -
Manufacturing and distribution 301 106 512 184
Research and development 4,433 3,081 8,282 6,414
Corporate services 1,857 1,345 3,707 3,014
Local administration 1,780 949 3,382 2,463
Stock-based compensation 1,224 1,624 2,532 2,002
Depreciation and amortization 12,768 14,346 24,116 30,437
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44,803 36,149 88,504 83,214
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Earnings (loss) before the
under noted items 6,228 (13,898) 18,911 (6,788)
Other (income) expenses (1,292) 1,078 (1,343) 882
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Earnings (loss) before income
taxes 7,520 (14,976) 20,254 (7,670)
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Income tax expense (recovery)
Current 648 (2,813) 4,634 1,606
Future 419 (3,457) 770 (5,486)
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1,067 (6,270) 5,404 (3,880)
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Earnings (loss) 6,453 (8,706) 14,850 (3,790)
Retained earnings, beginning
of period 253,490 276,704 245,093 271,788
Dividends (Note 5) (13,040) (9,777) (13,040) (9,777)
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Retained earnings, end of
period 246,903 258,221 246,903 258,221
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Earnings (loss) per share
Basic 0.08 (0.11) 0.18 (0.05)
Diluted 0.08 (0.11) 0.18 (0.05)
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See accompanying notes to the consolidated financial statements.
Consolidated Statements of Comprehensive Income (Loss)
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Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
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(000s) (unaudited) ($) ($) ($) ($)
Earnings (loss) 6,453 (8,706) 14,850 (3,790)
Other comprehensive income
(loss), net of tax
Foreign currency translation
adjustment 4,298 (12,945) 1,144 (8,074)
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Total comprehensive income
(loss) 10,751 (21,651) 15,994 (11,864)
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See accompanying notes to the consolidated financial statements.
Consolidated Statements of Accumulated Other Comprehensive Loss
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Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
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(000s) (unaudited) ($) ($) ($) ($)
Accumulated other comprehensive
(loss) income, beginning of
period (25,805) 7,321 (22,651) 2,450
Other comprehensive income
(loss), net of tax
Foreign currency translation
adjustment 4,298 (12,945) 1,144 (8,074)
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Accumulated other comprehensive
loss, end of period (21,507) (5,624) (21,507) (5,624)
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See accompanying notes to the consolidated financial statements.
Consolidated Statements of Cash Flows
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Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
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(000s) (unaudited) ($) ($) ($) ($)
Cash flows related to the
following activities:
Operating
Earnings (loss) 6,453 (8,706) 14,850 (3,790)
Adjustments for non-cash
items:
Depreciation and
amortization 12,768 14,346 24,116 30,437
Stock-based compensation 414 822 936 502
Future income taxes 419 (3,457) 770 (5,486)
Unrealized foreign exchange
(gain) loss (1,290) 53 (1,454) 80
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18,764 3,058 39,218 21,743
Changes in non-cash working
capital 2,131 26,735 (2,021) 57,745
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20,895 29,793 37,197 79,488
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Financing
Issue of common shares under
the stock option plan 11 60 165 165
Purchase of stock options - (55) - (218)
Payment of dividends - - (11,408) (9,777)
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11 5 (11,243) (9,830)
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Investing
Additions to capital assets (6,046) (2,001) (9,403) (6,855)
Deferred development costs,
net of investment tax
credits received (1,086) (754) (2,048) (1,611)
Purchase of Australian
distribution rights - - (2,829) -
Proceeds on disposal of
capital assets 10 251 22 375
Changes in non-cash working
capital (89) (3,157) (456) (5,223)
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(7,211) (5,661) (14,714) (13,314)
Effect of exchange rate changes
on cash 1,689 (3,475) 509 (2,819)
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Net increase in cash and cash
equivalents 15,384 20,662 11,749 53,525
Cash and cash equivalents,
beginning of period 106,214 133,473 109,849 100,610
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Cash and cash equivalents,
end of period 121,598 154,135 121,598 154,135
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Represented by:
Cash and short-term deposits 108,558 144,358 108,558 144,358
Cash held in trust (Note 5) 13,040 9,777 13,040 9,777
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Cash and cash equivalents 121,598 154,135 121,598 154,135
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See accompanying notes to the consolidated financial statements.
Notes to Interim Consolidated Financial Statements
Six Months Ended June 30, 2010 and 2009
(000s, except per share data) (unaudited)
1. Significant Accounting Policies
These interim consolidated financial statements have been prepared in
accordance with the same accounting policies and methods of computation
as those outlined in the annual audited financial statements. These
interim consolidated financial statements do not include all disclosures
normally provided in annual financial statements and should be read in
conjunction with the Company's audited annual financial statements for
the year ended December 31, 2009.
2. Share Capital
Authorized
Unlimited number of common shares
Unlimited number of preferred shares, issuable in series
Issued
Common shares
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Shares Amount
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(No.) ($)
Balance, December 31, 2009 81,487 71,864
Exercise of stock options 14 165
Contributed surplus adjustment on exercise of
stock options - 21
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Balance, June 30, 2010 81,501 72,050
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The basic and diluted weighted average number of common shares
outstanding for the six months ended June 30, 2010 was 81,495.
Stock Option Plan
At June 30, 2010, 5,520 stock options were outstanding for common shares
at exercise prices ranging from $10.99 to $17.11 per share, expiring
between 2010 and 2015 as follows:
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2010 2009
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Weighted Weighted
Average Average
Share Exercise Share Exercise
Options Price Options Price
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(No.) ($) (No.) ($)
Outstanding, beginning of
period 6,540 12.05 6,753 12.88
Granted 30 11.90 50 12.31
Exercised (17) 12.06 (67) 8.20
Forfeited (1,033) 13.86 (1,320) 14.13
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Outstanding, end of period 5,520 11.71 5,416 12.62
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Exercisable, end of period 1,886 12.12 1,509 13.63
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Available for grant, end of
period 2,630 2,732
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All options are issued at market price and vest over three years. The
following table summarizes the life of options issued:
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Date of Issuance Years
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November 2006 through October 2008 3.50
November 2008 and thereafter 5.00
The following table summarizes information about stock options
outstanding at June 30, 2010:
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Options Outstanding Options Exercisable
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Weighted
Average
Remaining Weighted Weighted
Contrac- Average Average
Range of Options tual Exercise Exercisable Exercise
Exercise Prices Outstanding Life Price (Vested) Price
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($) (No.) (Years) ($) (No.) ($)
10.99 - 11.79 1,662 4.42 10.99 - -
11.80 - 12.00 2,106 3.43 11.80 716 11.80
12.01 - 13.00 1,691 1.00 12.18 1,121 12.18
13.01 - 17.11 61 0.88 15.29 49 15.37
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5,520 2.96 11.71 1,886 12.12
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The total number of options outstanding must not exceed 10% of the total
common shares outstanding.
All stock options granted to employees and directors were accounted for
using the fair value method estimated on the date of grant using the
Black-Scholes option pricing model. This method was in effect until the
shareholders approved adjustments to the stock option plan on October 23,
2008. As of this date, stock options have been accounted for using a
combination of both the fair value and intrinsic value methods.
Contributed Surplus
Amounts recorded to contributed surplus are as follows:
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Six Months Ended June 30, 2010 2009
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($) ($)
Balance, beginning of period 14,029 8,834
Stock-based compensation expense 844 1,706
Stock options exercised (21) (38)
Intrinsic value adjustment (7) 2,096
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Balance, end of period 14,845 12,598
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Restricted Share Unit ("RSU") Plan
In November of 2008, the Company introduced an RSU program for employees
and directors. At June 30, 2010, 608 (2009 - 576) RSUs were outstanding.
All RSUs vest over three years and will result in a cash payment to
holders based upon the corresponding future market value of the Company's
common shares. Stock-based compensation expense arising from the RSU plan
is recorded in the Consolidated Statements of Operations and the
corresponding liability is recorded in the Consolidated Balance Sheets.
Stock-based Compensation Expense and Liability
Stock-based compensation expense can be summarized as follows:
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Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
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($) ($) ($) ($)
Stock options 414 822 936 502
RSUs 810 802 1,596 1,500
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Stock-based compensation expense 1,224 1,624 2,532 2,002
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Stock-based compensation liability can be summarized as follows:
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As at June December
30, 31,
2010 2009
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($) ($)
Stock options 84 32
RSUs 2,166 1,288
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Current portion of stock-based compensation liability 2,250 1,320
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Stock options 70 27
RSUs 1,544 879
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Long-term portion of stock-based compensation
liability 1,614 906
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Total stock-based compensation liability 3,864 2,226
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Purchase of Common Shares
On March 22, 2010, the Company received regulatory approval to renew its
normal course issuer bid program. The Company did not purchase any shares
during the first two quarters of either 2010 or 2009. The Company is
authorized to purchase and cancel up to 4,000 common shares before the
bid terminates on March 23, 2011. The daily purchase limit is 26 common
shares.
3. Re-Purchase of Australian Distribution Rights
In January of 2010, the Company re-purchased its Australian distribution
rights for US$2,750 from its former partner. This amount was recorded in
intangible assets on the Company's Consolidated Balance Sheets.
4. Contingencies
Since late 2003, the Company has defended its position in patent
infringement lawsuits in Canada and the United States regarding the
Company's automatic driller. Trial on the U.S. lawsuit concluded on
November 6, 2008. The jury determined Pason's automatic driller infringed
three claims of the patent at issue, denied the Company's claim that the
patent was invalid, and awarded damages in the amount of US$14,300. The
Company accrued this amount in the 2008 consolidated financial
statements. On April 30, 2009, the trial judge denied Pason's motion to
reverse the jury verdict and the alternative motion for a new trial,
approved the jury's damages award of US$14,300, plus interest and court
costs, and certified the matter for appeal. The judge denied the
plaintiff's request for enhanced damages based on willful infringement
and refused the plaintiff's motion for a permanent injunction that would
have prevented the rental of Pason's automatic driller in the United
States.
The Company subsequently filed an appeal with the Federal Circuit Appeals
Court and posted a bond suspending any enforcement of the verdict while
the appeal was pending. The plaintiff filed a motion with the Federal
Circuit Appeals Court arguing that the trial court was premature in
certifying the judgment as final and appealable without resolving Pason's
claim that the patent holder was guilty of inequitable conduct in its
prosecution of the patent. The Federal Circuit Appeals Court agreed,
dismissed the appeal, and remanded the case to the trial court. Further
trial proceedings at the trial court level are currently stayed in
deference to the re-examination proceedings described below.
Upon application by the Company, the United States Patent and Trademark
Office ("USPTO") determined in August 2009 that prior art not previously
considered in the prosecution of the patent at issue raised substantial
new questions of patentability. In December 2009, the USPTO issued an
initial office action determining as a preliminary matter that several
claims of the '142 Patent were invalid, including the three claims
previously litigated in the U.S. case. In February 2010, the USPTO issued
a "Final Rejection". In the Final Rejection, the USPTO rejected two
claims of the '142 Patent but also confirmed two others. In response, the
plaintiff moved to amend the two rejected claims to overcome the
rejection. On March 27, 2010, the examiner allowed the plaintiff's
amendment and issued a Notice of Intent to Issue Re-examination
Certificate. Once the Re-examination Certificate is issued, this will
conclude the re-examination proceeding. The matter will then be returned
to the trial court for further proceedings on Pason's inequitable conduct
claims and the plaintiff's request for an injunction.
If the Company does not prevail on its inequitable conduct defense and
claim, it intends to renew its appeal on all issues.
In the Canadian case, which is scheduled to come to trial in January
2011, management's assessment of the outcome continues to be that the
asserted claims of the patent are not valid, and/or the Company does not
infringe on any valid claims, and as a result, the Canadian litigation is
not expected to have a significant adverse impact on the Company's
financial position or operations. The outcome of the U.S. case does not
bind a Canadian court. Accordingly, no amount has been accrued for any
potential loss under the Canadian case in the consolidated financial
statements at June 30, 2010.
5. Common Share Dividend
During the second quarter of 2010, the Company declared a dividend of
$13,040 (2009 - $9,777) or $0.16 per common share (2009 - $0.12). The
Company transferred these funds to the transfer agent to be held in trust
until the dividend payment was made on July 2, 2010.
6. Segmented Information
The Company operates in three geographic segments: Canada, the United
States and internationally (Latin America, Offshore and the Eastern
Hemisphere). The amounts related to each segment are as follows:
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United Inter-
Canada States national Total
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($) ($) ($) ($)
Three Months Ended June 30, 2010
Revenue 9,983 35,661 5,387 51,031
Operating costs 5,172 15,931 3,117 24,220
Depreciation and amortization 5,084 5,694 1,990 12,768
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Segment operating profit (loss) (273) 14,036 280 14,043
--------------------------------------------------------------
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Research and development 4,433
Stock-based compensation 1,224
Corporate services 1,857
Manufacturing and distribution 301
Other income (1,292)
Income taxes 1,067
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Earnings 6,453
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Capital expenditures 392 4,135 2,605 7,132
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Three Months Ended June 30, 2009
Revenue 5,706 14,187 2,358 22,251
Operating costs 4,566 10,400 681 15,647
Depreciation and amortization 5,940 7,291 1,115 14,346
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Segment operating (loss) profit (4,800) (3,504) 562 (7,742)
--------------------------------------------------------------
--------------------------------------------------------------
Research and development 3,081
Stock-based compensation 1,624
Corporate services 1,345
Manufacturing and distribution 106
Other expenses 1,078
Income taxes (6,270)
-----------
Loss (8,706)
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Capital expenditures 607 446 1,702 2,755
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United Inter-
Canada States national Total
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Six Months Ended June 30, 2010
Revenue 36,587 60,583 10,245 107,415
Operating costs 11,940 30,892 6,523 49,355
Depreciation and amortization 10,198 10,441 3,477 24,116
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Segment operating profit (loss) 14,449 19,250 245 33,944
--------------------------------------------------------------
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Research and development 8,282
Stock-based compensation 2,532
Corporate services 3,707
Manufacturing and distribution 512
Other income (1,343)
Income taxes 5,404
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Earnings 14,850
-----------
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Total assets 195,446 133,795 58,451 387,692
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Capital expenditures 2,350 5,317 3,784 11,451
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Six Months Ended June 30, 2009
Revenue 28,040 43,477 4,909 76,426
Operating costs 11,974 26,852 2,337 41,163
Depreciation and amortization 11,861 16,500 2,076 30,437
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Segment operating profit 4,205 125 496 4,826
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Research and development 6,414
Stock-based compensation 2,002
Corporate services 3,014
Manufacturing and distribution 184
Other expenses 882
Income taxes (3,880)
-----------
Loss (3,790)
-----------
Total assets 192,073 180,287 20,394 392,754
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Capital expenditures 1,412 3,026 4,028 8,466
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For further information: Pason Systems Inc., Jim Hill, Chairman, President and CEO, Phone: (403) 301-3401, Fax: (403) 301-3499, E-mail: [email protected]; Jim Glasspoole, Chief Financial Officer, Phone: (403) 692-3840, Fax: (403) 301-3411, E-mail: [email protected]
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