CALGARY, May 13, 2013 /CNW/ - Petrowest Corporation (TSX:PRW) announced today its consolidated financial results for the three month period ended March 31, 2013.
Rick Quigley, Chief Executive Officer, stated that "the financial results for the first quarter of 2013 were impacted by unfavorable weather conditions, which specifically affected the ramp up of the rock crushing operation. The work that was delayed has moved into the second quarter, as was the case in 2012, and activity levels in the second quarter have ramped up considerably." Mr. Quigley further stated that he "is encouraged by the amount of backlog currently in place, the improvement in the Transportation segment margins and the continued strong activity levels in Construction and Civil."
In the three months ended March 31, 2013, the Company:
- Reported revenue of $45.9 million a decrease of $4.8 million compared to the same quarter in 2012.
- Reported adjusted EBITDA margin of 13.1%.
- Closed a $50.0 million syndicated loan facility
- Repaid the outstanding balance of the US $31.7 million long-term debt facility
- Repaid the outstanding balance of the $1.8 million of convertible debentures
- Recorded $3.6 million of non-recurring finance expenses relating to the unamortized debt issue costs of the US 31.7 million long-term debt facility and the convertible debenture, prepayment costs relating to the US $31.7 million long-term debt facility and $2.1 million of accelerated amortization for the expected refinancing of the term facility
- Commenced operations of the landfill site in northeastern British Columbia.
|Three months ended March 31|
|(In thousands of Canadian dollars)||2013||2012||Change|
|General and administrative||(1,663)||(1,701)||(2.2%)|
|Amortization of property and equipment||(4,289)||(3,558)||20.5%|
|Amortization of intangible assets||(176)||(341)||(48.4%)|
|Gain (loss) on disposal of property and equipment||(542)||(330)||64.2%|
|Foreign exchange gain (loss)||(642)||821||(178.2%)|
|Net finance expense1||(5,805)||(2,619)||121.6%|
|Gain (loss) of fair value of financial instruments||(4)||(257)||(98.4%)|
|Net income (loss) and comprehensive income (loss) before income tax||(5,443)||1,432|
|Deferred income tax recovery||1,139||-|
|Net and comprehensive income (loss)||(4,304)||1,432|
|Total long-term liabilities||64,141||59,850||7.2%|
|Net cash generated from operating activities||2,889||13,935||(79.3%)|
|1 Includes approximately $3.6 million of non-recurring costs - see Financial Highlights above|
SELECTED FINANCIAL INFORMATION AND NON-IFRS MEASURES
Selected financial information for the three month periods ended March 31, 2013 and 2012 is set out above and includes the following non-IFRS financial measures: Gross margin, Gross margin percentage, adjusted EBITDA and adjusted EBITDA margin percentage. This information should be read in conjunction with the consolidated financial statements for the three month period ended March 31, 2013 and the Company's Management, Discussion and Analysis ("MD&A"), available under the Company's profile on the SEDAR website at www.sedar.com. Further information respecting the non-IFRS financial measures is contained in the Company's MD&A.
FORWARD LOOKING INFORMATION
This news release contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are identified by their use of terms and phrases such as "anticipate", "achievable", "believe", "expect", "estimate", "plan", "intend", "project", "may", "should", "could", "predict", "will", or similar words suggesting future outcomes or language suggesting an outlook. Forward-looking statements and information are based on Petrowest's current beliefs as well as assumptions made by and information currently available to Petrowest concerning anticipated business performance. Although management of Petrowest considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking statements are subject to many external variables that are beyond Petrowest's control, such as fluctuating prices for crude oil and natural gas, changes in drilling activity, and general local and global economic, political, business and weather conditions. If any of these or other uncertainties materialize, the actual results of Petrowest may vary materially from those expected.
Petrowest is an Alberta corporation involved in pre-drilling and post-completion energy services as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers. Petrowest's primary operations are based in the Grande Prairie area of northern Alberta and in northeastern British Columbia.
SOURCE: Petrowest Corporation
For further information:
Richard Quigley, President and Chief Executive Officer, at (780) 830-0881, or Ian Hogg, Vice President, Corporate Affairs, at (403) 384-0407, or Lloyd Wiggins, Chief Financial Officer, at (416) 572-2160, or [email protected].