IROC Energy Services Corp. announces third quarter results, 2013
capital build program, and declaration of increased quarterly
dividend
CALGARY, Nov. 27, 2012 /CNW/ - IROC Energy Services Corp.
("IROC" or the "Corporation") (TSXV: "ISC") is pleased to present a
summary of its operating and financial results for the three and
nine months ended September 30, 2012,
provide details for its 2013 capital build program, and announce an
increase in its quarterly dividend. For a complete copy of IROC's
interim financial statements and management's discussion and
analysis ("MD&A") please visit www.sedar.com.
Basis of Presentation
Throughout this news release amounts are presented on a continuing
operations basis to more accurately reflect the way in which IROC
intends to operate on a continuing basis.
Highlights for the three month quarter ended
September 30, 2012:
- Strong operational performance from service rigs and rental
assets along with industry leading service rig utilization
continues to drive results.
- Continued demand for our services supports our planned
$25.3 million 2013 capital build
program including 6 new build service rigs and $8 million of new rental assets.
- Total revenue increased 9% to $24.9
million for the three months ended September 30, 2012 as compared to $22.9 million in the third quarter of 2011.
- Gross margin decreased 10% to $9.4
million for the three months ended September 30, 2012 as compared to $10.5 million in the third quarter of 2011.
- EBITDAS decreased 14% to $7.1
million for the three months ended September 30, 2012 as compared to $8.2 million in the third quarter of 2011.
- Net income from continuing operations decreased 30% to
$3.0 million for the three months
ended September 30, 2012 as compared
to $4.3 million in the third quarter
of 2011.
- Announcing increase of quarterly dividend to $0.03 per share effective January, 2013.
Highlights for the nine months ended
September 30, 2012:
- Total revenue increased 25% to $74.0
million for the nine months ended September 30, 2012 as compared to $59.0 million during the comparable period of the
prior year.
- Gross margin increased 18% to $28.9
million for the nine months ended September 30, 2012 as compared to $24.4 million during the comparable period of the
prior year.
- EBITDAS increased 20% to $22.0
million for the nine months ended September 30, 2012 as compared to $18.3 million during the comparable period of the
prior year.
- Net income from continuing operations increased 15% to
$9.9 million for the nine months
ended September 30, 2012 as compared
to $8.6 million during the comparable
period of the prior year.
Operations
IROC's operations are reported in three
segments; the Drilling and Production Services segment, the
Rental Services segment and Corporate Services and
Other. The following is a discussion of the reporting
segments in which IROC operates.
DRILLING AND PRODUCTION SERVICES
The Drilling and Production Services segment
provides services to oil and gas exploration, development and
production companies with most of our customers and operations
being located in western Canada,
in the provinces of Alberta and
Saskatchewan.
The Drilling and Production Services segment
consists of two divisions:
Eagle Well Servicing ("Eagle") contracts service
rigs to oil and gas companies to perform various completion,
workover and maintenance services on oil and natural gas
wells. Eagle has offices and equipment in Red Deer and Grande
Prairie in Alberta and
Lloydminster and Estevan in
Saskatchewan with equipment being
used in those geographic areas.
Helix Coil Services ("Helix") contracts coiled
tubing units to oil and gas companies to perform various
completion, workover and maintenance services on oil and natural
gas wells. Helix is based in Red
Deer, Alberta with equipment generally being used in
Alberta and Saskatchewan, Canada.
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Three months
ended |
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September 30,
2012 |
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June 30,
2012 |
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March 31,
2012 |
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December 31,
2011 |
Eagle Well Servicing: |
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Number of service rigs (end of period) |
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47 |
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46 |
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44 |
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41 |
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Service rig
utilization(1) |
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62% |
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43% |
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74% |
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69% |
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Commodity prices: |
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NYMEX crude oil $US/bbl |
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92.22 |
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93.49 |
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102.93 |
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94.06 |
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AECO Monthly index natural gas
$CAD/GJ |
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2.07 |
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1.74 |
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2.39 |
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3.29 |
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Three months ended |
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September 30,
2011 |
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June 30,
2011 |
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March 31,
2011 |
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December 31,
2010 |
Eagle Well Servicing: |
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Number of service rigs (end of period) |
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38 |
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36 |
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36 |
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35 |
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Service rig
utilization(1) |
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69% |
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42% |
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78% |
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66% |
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Commodity prices: |
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NYMEX crude oil $US/bbl |
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89.76 |
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102.60 |
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94.08 |
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85.17 |
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AECO Monthly index natural gas
$CAD/GJ |
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3.53 |
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3.54 |
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3.58 |
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3.39 |
(1) |
IROC calculates utilization based on full
utilization being 10 hour days, 365 days per year consistent
with
the CAODC standard. IROC commences calculation of utilization
for a new rig on the first day it goes
into the field for active service. |
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As at September 30,
2012, Eagle had a fleet of 47 service rigs having added one
slant rig in the quarter. Year to date, we have added one
slant service rig, two double service rigs, and three single
service rigs in the nine month period ended September 30, 2012. Eagle's service rig
fleet and equipment are among the newest in the industry. All
of Eagle's service rigs are free standing mobile service rigs and
are internally guyed with no requirement for external
anchors. This reduces set up time and corresponding costs
when compared to service rigs which require external anchors or are
skid mounted. At September 30, 2012,
Eagle had three slant rigs in service. Slant rig designs are
optimized for use in the heavy oil and SAGD markets and our slant
rigs have been well received by the customers who have put them
into service. Slant rigs tend to work on locations with
multiple well bores, referred to in the industry as "pads", which
can result in more hours of operation due to shorter rig moves and
less impact from spring breakup conditions.
Currently Eagle's service rig fleet consists of
48 service rigs, all of which are fully crewed and
operational. In addition, 2 additional service rigs from our
2012 capital build program are currently being built, with expected
delivery and deployment before year end. This will give Eagle
50 service rigs in operation by December 31,
2012.
One key challenge facing the energy services
industry is staffing, particularly for field personnel. To
date, Eagle has been able to fully crew its assets in this very
tight labour market across the service industry.
The trend toward increased oil-related activity
continues to provide benefit to the Corporation's service rig
division. Current activity levels are estimated to be in excess of
90% levered to oil, with workover, completion and abandonment
activity all contributing to continuing demand for the
Corporation's services in the foreseeable future. In the past
couple of quarters, we have seen a relative change in service rig
and coiled tubing unit activity focussing less on new drilling
completion activity and more on workover and maintenance
activities. This shift is consistent with lower year over
year drilling and completion activity.
Commodity prices are the main activity driver in
the oil and gas industry as the Corporation's customers'
exploration and development programs are directly impacted by oil
and natural gas prices. Oil and gas producers spend capital
on new wells and service operations when they are economic within
the context of current and forecasted commodity prices. Crude
oil prices have continued to be strong during the first nine months
of 2012. Year over year, NYMEX crude oil prices for the first
nine months of 2012 have averaged $US
96.21/barrel in 2012 as compared to $US 95.48/barrel in 2011. In contrast, the
historically low natural gas prices in 2011 have given way to a
near collapse in 2012. The third quarter AECO average price
of $2.07/GJ is a recovery from the
$1.74/GJ average price in the second
quarter, but 2012 is on track to have the lowest natural gas price
in over a decade and this has created hardship for many of our
natural gas weighted customers. In Alberta, the AECO monthly
index for May settled at $1.5586,
marking the lowest AECO index settlement since February 1998. At these price levels,
natural gas development has been focused on resource type
development projects and liquids rich reservoirs as much
conventional shallow gas is not economic. Going forward, the
current AECO forward price for calendar 2013 is about $3.36 per GJ, which would be a relative
improvement from 2012 price levels.
Service rig utilization for the third quarter
remained strong at 62% in the current year as compared to 69% in
the prior year quarter. Year to date, service rig utilization
has also been strong averaging 60% in 2012 as compared to 63% in
2011. Demand for our service rigs and coiled tubing units was
softer in the current year quarter as compared to the prior year
quarter as customers, especially smaller producers and gas weighted
producers reduced their activity levels due to a combination of
uncertain commodity prices and tight capital markets impacting
their ability to raise additional funds for exploration and
development. While utilization is lower in the current year
quarter, it is notable to point out that 2011 Q3 utilization was a
record and that Eagle's five year average utilization for Q3 is
57%.
Activity levels in 2012 continue to be driven by
oil based activity with the majority of activity in the quarter
being related to workover and maintenance activity as opposed to
completion based activity. Completion work has been focused
on horizontal oil wells with the complexity of horizontal wells
typically being more time consuming and therefore impacting
utilization percentages relative to vertical wells. In the
first six months of 2011 crude oil prices were on an increasing
trend reaching levels not seen since before the economic downturn
in 2008 and 2009, oil and gas producers equity values were also
increasing rapidly, and the equity markets opened up in the second
and third quarters to allow producers to raise additional equity
and expand their capital programs. In short, in the prior
year producers were optimistic and investing in new capital
projects, at least new oil or liquids rich natural gas
projects. In contrast, in 2012 crude oil prices peaked in the
first quarter and declined for three consecutive months in April,
May and June with some recovery since then. However,
volatility and generally soft equity markets for oil and natural
gas producers has tempered the optimism and moderated or delayed
the capital spending plans of many of our customers resulting in
lower activity levels for both our service rigs and our
intermediate coiled tubing units. Considering the very strong
activity levels in the last quarter of 2011 and the reduced capital
spending plans of many of our customers, we continue to anticipate
a strong fourth quarter tempered by year over year declines in
demand and activity levels.
Helix Coil Services began operations in
July 2011 with the deployment of two
truck mounted coiled tubing units, each with 2" capabilities
placing the equipment in the intermediate size range. In the fourth
quarter of 2011 Helix added one trailer unit with 2" capabilities,
along with crane support equipment. We have not achieved the
performance targets initially set for our coiled tubing units in
2012. A combination of less completion work occurring in the
current year than in the prior year, changes in the completion
programs of many multi stage completions, and increased competition
in the coiled tubing services segment of the industry is expected
to continue to put pressure on this division of our business.
The Corporation has and will continue to take a measured approach
to the growth of this new business line, focussing on developing
both the internal business processes to support this business and a
niche market with a customer base from which we can scale growth
going forward.
RENTAL SERVICES
The Rental Services segment consists of the Aero
Rental Services division ("Aero"). Aero provides rental
equipment for surface pressure control in drilling and workover
operations and tubular handling equipment used for the workover,
re-entry and completion operations. Aero has an office in
Red Deer, Alberta with equipment
being rented for use primarily in Alberta.
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Three months ended |
$ 000's |
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September 30,
2012 |
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June 30,
2012 |
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March 31,
2012 |
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December 31,
2011 |
Aero Rental Services: |
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Gross margin |
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2,101 |
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1,136 |
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3,409 |
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2,653 |
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Book value of rental equipment
(end of period) |
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19,894 |
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17,866 |
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16,099 |
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14,641 |
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Three months ended |
$ 000's |
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September 30,
2011 |
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June 30,
2011 |
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March 31,
2011 |
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December 31,
2010 |
Aero Rental Services: |
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Gross margin |
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2,533 |
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826 |
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2,793 |
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1,739 |
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Book value of rental equipment
(end of period) |
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12,887 |
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11,799 |
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11,249 |
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10,121 |
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This quarter marks the first time in two and a
half years that Aero did not provide absolute margin growth on a
year over year basis. Utilization in the current quarter was
more impacted by the general decline in drilling and completion
activity than our Drilling and Production Services segment.
Outside of the current quarter, there has been a general trend of
seasonality adjusted increases in gross margin driven by the
increasing size of our rental asset base.
CORPORATE SERVICES AND OTHER
IROC's non-operating segment, Corporate Services
and Other, captures general and administrative expenses associated
with supporting each of the reporting segments operations noted
above, plus costs associated with being a public company.
Also included in Corporate Services is interest expense for debt
servicing and income tax expense and other amounts not relating to
the two main operating segments.
Comparison of results from the three and nine
month periods ended September 30,
2012 to the same periods last year
REVENUE
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Three months ended |
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$ 000's |
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September 30,
2012 |
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September 30,
2011 |
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Change
$ |
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Change
% |
Revenue: |
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Drilling and Production
Services |
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21,091 |
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19,042 |
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2,049 |
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11% |
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Rental Services |
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3,915 |
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4,029 |
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(114) |
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(3%) |
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Inter-segment eliminations |
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(117) |
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(155) |
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38 |
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(25%) |
Total revenue |
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24,889 |
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22,916 |
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1,973 |
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9% |
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Nine months ended |
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$ 000's |
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September 30,
2012 |
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September 30,
2011 |
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Change
$ |
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Change
% |
Revenue: |
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Drilling and Production Services |
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61,869 |
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48,272 |
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13,597 |
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28% |
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Rental Services |
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12,693 |
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11,023 |
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1,670 |
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15% |
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Inter-segment eliminations |
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(525) |
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(279) |
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(246) |
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88% |
Total revenue |
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74,037 |
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59,016 |
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15,021 |
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25% |
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Revenue growth in the current year periods as
compared to the prior year periods in our Drilling and Production
Services segment is primarily due to an increase in the number of
service rigs with impact also coming from increased current year
pricing and changes in utilization from our service rigs.
For the three months ended September 30, 2012, service rig utilization was
62% based on an average of 46.8 service rigs as compared to 69%
based on 38 service rigs in the prior year quarter. For the
nine months ended September 30, 2012,
service rig utilization was 60% based on an average of 44.6 service
rigs as compared to 63% based on 36.7 service rigs in the prior
year period. For both the three month and nine month periods,
the increase in the number of service rigs and hourly pricing more
than compensated for impact of decreased utilization rates on
revenues.
Helix Coil Services began operations in
July 2011. Currently, Helix has
two truck mounted coiled tubing units and one trailer mounted
coiled tubing unit, each with 2" coil capabilities placing the
equipment in the intermediate size range. Additionally, Helix
owns related crane and support equipment. Revenues from our
three coiled tubing units were lower in the current year three
month period than in the prior year due to lower utilization and
lower pricing in the current year quarter. Revenues for our
coiled tubing units commenced in the third quarter of 2012, so all
coiled tubing unit revenues for the first six months of 2012 were
incremental as compared to the first six months of 2011. Coiled
tubing demand was lower due to the coiled tubing division's focus
being concentrated more on completion and fracturing
operations.
Our Rental Services division's utilization
levels are more closely tied to drilling and completion activity
than our Production Services segment and revenues from this segment
declined in the current year quarter as compared to the prior year
quarter due to the general decrease in new drilling and completion
activities during the current year quarter. Over the past two
years, Aero has more than doubled the amount of rental equipment in
its inventory with this increase being the primary contributor to
the higher revenues for the nine month period ended September 30, 2012 as compared to the same period
of 2011. Aero continues to grow a larger and more diverse
range of rental equipment.
Crude oil and natural gas prices are the main
drivers of activity for all of our businesses as our customers make
capital and operating expenditure decisions based on their revenue
streams generated by selling crude oil and natural gas. NYMEX
Crude oil prices in the current year to date period have averaged
$US 96.21/barrel as compared to
$US 95.48/barrel in the prior
year. Natural gas prices have been much weaker in the current
year, averaging $2.06 per GJ in the
nine months ended September 30, 2012
as compared to $3.55 per GJ in the
comparable period of 2011. The AECO monthly index for May 2012 settled at $1.5586, marking the lowest AECO index settlement
since February 1998, a period of 14
years and three months. Low natural gas prices have
significantly reduced natural gas focused activity by our customers
over the past few years.
Operating Costs and Gross Margin
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Three months ended |
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$ 000's |
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September 30,
2012 |
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September 30,
2011 |
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Change
$ |
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Change
% |
Operating costs: |
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Drilling and Production
Services |
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13,792 |
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11,099 |
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2,693 |
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24% |
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Rental Services |
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1,814 |
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1,496 |
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318 |
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21% |
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Inter-segment eliminations |
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(117) |
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(155) |
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38 |
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(25%) |
Total operating costs |
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15,489 |
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12,440 |
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3,049 |
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25% |
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Gross
margin:(1) |
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Drilling and Production Services |
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7,299 |
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7,943 |
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(644) |
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(8%) |
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Rental Services |
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2,101 |
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2,533 |
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(432) |
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(17%) |
Total gross margin |
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9,400 |
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10,476 |
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(1,076) |
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(10%) |
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Gross margin
%(1): |
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Drilling and Production Services |
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35% |
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42% |
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(7%) |
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Rental Services |
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54% |
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63% |
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(9%) |
Total gross margin % |
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38% |
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46% |
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(8%) |
(1) See Non-GAAP Measures. |
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Nine months
ended |
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$ 000's |
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September 30,
2012 |
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September 30,
2011 |
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Change
$ |
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Change
% |
Operating costs: |
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Drilling and Production
Services |
|
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|
39,664 |
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|
29,977 |
|
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|
9,687 |
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32% |
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Rental Services |
|
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|
6,047 |
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|
4,871 |
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|
1,176 |
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24% |
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Inter-segment eliminations |
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|
(525) |
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(279) |
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(246) |
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88% |
Total operating costs |
|
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|
45,186 |
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|
34,569 |
|
|
|
10,617 |
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31% |
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Gross
margin:(1) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drilling and Production
Services |
|
|
|
22,205 |
|
|
18,295 |
|
|
|
3,910 |
|
|
|
21% |
|
Rental Services |
|
|
|
6,646 |
|
|
6,152 |
|
|
|
494 |
|
|
|
8% |
Total gross margin |
|
|
|
28,851 |
|
|
24,447 |
|
|
|
4,404 |
|
|
|
18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin
%(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drilling and Production
Services |
|
|
|
36% |
|
|
38% |
|
|
|
|
|
|
|
(2%) |
|
Rental Services |
|
|
|
52% |
|
|
56% |
|
|
|
|
|
|
|
(4%) |
Total gross margin % |
|
|
|
39% |
|
|
41% |
|
|
|
|
|
|
|
(2%) |
(1) See Non-GAAP Measures. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In the Drilling and Production Services segment,
most operating costs are variable in nature and increase or
decrease with activity levels such that much of the change in
operating costs in the year over year periods is due to the
increases in revenues in the current year periods as compared to
the prior year periods. The largest cost in this segment is
service rig crew salaries and wages with most service rig employees
being hourly in nature and paid only when they are working on
service rigs. In contrast to service rig crews, coiled tubing
crews are paid both a base salary plus an hourly wage when
working. This results in the cost structure for coiled tubing
operations being less variable than for our service rig
operations. The lower utilization for our coiled tubing units
in the current year, coupled with a larger number of coiled tubing
employees in the current year period negatively impacted operating
costs, gross margin, and gross margin percentages.
Gross margin is calculated as revenue minus
operating costs and provides a measure of cash flow available to
cover all of the other costs of the business. Gross margin
percentages are calculated as gross margin divided by revenue and
is used by management as a measure of relative profitability.
Gross margins have been impacted by reduced year over year
utilization rates for our service rigs, our coiled tubing units and
our rental equipment. In our Rental Services segment, a
significant percentage of operating costs are fixed in nature, such
that fluctuations in revenues have a relatively significant impact
on gross margins.
EBITDAS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
|
|
|
|
|
|
|
$
000's except per share amounts |
|
|
|
September 30,
2012 |
|
|
September 30,
2011 |
|
|
|
Change
$ |
|
|
|
Change
% |
EBITDAS(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drilling and Production Services |
|
|
|
6,330 |
|
|
6,930 |
|
|
|
(600) |
|
|
|
(9%) |
|
Rental Services |
|
|
|
1,746 |
|
|
2,235 |
|
|
|
(489) |
|
|
|
(22%) |
|
Corporate and other |
|
|
|
(993) |
|
|
(933) |
|
|
|
(60) |
|
|
|
6% |
Total EBITDAS |
|
|
|
7,083 |
|
|
8,232 |
|
|
|
(1,149) |
|
|
|
(14%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAS per common
share(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
|
|
|
$ 0.141 |
|
|
$ 0.164 |
|
|
|
($ 0.023) |
|
|
|
(14%) |
|
- Diluted |
|
|
|
$ 0.137 |
|
|
$ 0.160 |
|
|
|
($ 0.023) |
|
|
|
(14%) |
(1) See Non-GAAP Measures. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended |
|
|
|
|
|
|
|
|
$
000's except per share amounts |
|
|
|
September 30,
2012 |
|
|
September 30,
2011 |
|
|
|
Change
$ |
|
|
|
Change
% |
EBITDAS(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drilling and Production
Services |
|
|
|
19,285 |
|
|
15,768 |
|
|
|
3,517 |
|
|
|
22% |
|
Rental Services |
|
|
|
5,642 |
|
|
5,318 |
|
|
|
324 |
|
|
|
6% |
|
Corporate and other |
|
|
|
(2,913) |
|
|
(2,815) |
|
|
|
(98) |
|
|
|
3% |
Total EBITDAS |
|
|
|
22,014 |
|
|
18,271 |
|
|
|
3,743 |
|
|
|
20% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAS per common
share(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
|
|
|
$ 0.438 |
|
|
$ 0.386 |
|
|
|
$ 0.052 |
|
|
|
13% |
|
- Diluted |
|
|
|
$ 0.427 |
|
|
$ 0.378 |
|
|
|
$ 0.049 |
|
|
|
13% |
(1) See Non-GAAP Measures. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before interest, income taxes,
depreciation, amortization, and stock based compensation
("EBITDAS"), is used by the Corporation as a measure of cash flow
and liquidity. Positive EBITDAS provides cash needed to grow
our business through the purchase of new equipment or business
acquisitions, reduce outstanding bank debt, repurchase common
shares, or pay dividends to our shareholders.
GENERAL AND ADMINISTRATIVE EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
|
|
$ 000's |
|
|
|
September 30,
2012 |
|
|
September 30,
2011 |
|
|
|
Change
$ |
|
|
|
Change
% |
General and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drilling and Production Services |
|
|
|
969 |
|
|
1,013 |
|
|
|
(44) |
|
|
|
(4%) |
|
Rental Services |
|
|
|
355 |
|
|
298 |
|
|
|
57 |
|
|
|
19% |
|
Corporate services and other |
|
|
|
993 |
|
|
933 |
|
|
|
60 |
|
|
|
6% |
Total general and
administrative |
|
|
|
2,317 |
|
|
2,244 |
|
|
|
73 |
|
|
|
3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
|
|
|
|
|
$ 000's |
|
|
|
September 30,
2012 |
|
|
September 30,
2011 |
|
|
|
Change
$ |
|
|
|
Change
% |
General and
administrative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drilling and Production Services |
|
|
|
2,920 |
|
|
2,527 |
|
|
|
393 |
|
|
|
16% |
|
Rental Services |
|
|
|
1,004 |
|
|
834 |
|
|
|
170 |
|
|
|
20% |
|
Corporate services and other |
|
|
|
2,913 |
|
|
2,815 |
|
|
|
98 |
|
|
|
3% |
Total general and
administrative |
|
|
|
6,837 |
|
|
6,176 |
|
|
|
661 |
|
|
|
11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increased year over year activity levels are the
primary driver for the increase in general and administrative
costs. Year over year percentage increases in revenue were
larger than the percentage increases in general and administrative
expenses. General and administrative expenses are a
combination of fixed and variable costs. A portion of the
change in general and administrative expenses is related to the
change in EBITDAS as some employees have a component of variable
compensation based on EBITDAS performance.
NET INCOME AND EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
|
|
$ 000's except share and per
share amounts |
|
|
|
September 30,
2012 |
|
|
September 30,
2011 |
|
|
|
Change $
or number |
|
|
|
Change
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing
operations |
|
|
|
3,016 |
|
|
4,330 |
|
|
|
(1,314) |
|
|
|
(30%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations |
|
|
|
- |
|
|
(968) |
|
|
|
968 |
|
|
|
(100%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income and comprehensive
income |
|
|
|
3,016 |
|
|
3,362 |
|
|
|
(346) |
|
|
|
(10%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from
continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
|
|
|
$0.06 |
|
|
$0.09 |
|
|
|
($0.03) |
|
|
|
(33%) |
- Diluted |
|
|
|
$0.06 |
|
|
$0.08 |
|
|
|
($0.02) |
|
|
|
(25%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
|
|
|
50,358,624 |
|
|
50,187,484 |
|
|
|
171,140 |
|
|
|
-% |
- Diluted |
|
|
|
51,571,791 |
|
|
51,292,379 |
|
|
|
279,412 |
|
|
|
1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
|
|
|
|
|
$ 000's except share and per
share amounts |
|
|
|
September 30,
2012 |
|
|
September 30,
2011 |
|
|
|
Change $
or number |
|
|
|
Change
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing
operations |
|
|
|
9,911 |
|
|
8,601 |
|
|
|
1,310 |
|
|
|
15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations |
|
|
|
- |
|
|
(1,184) |
|
|
|
1,184 |
|
|
|
(100%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income and comprehensive
income |
|
|
|
9,911 |
|
|
7,417 |
|
|
|
2,494 |
|
|
|
34% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from
continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
|
|
|
$0.20 |
|
|
$0.18 |
|
|
|
$0.02 |
|
|
|
10% |
- Diluted |
|
|
|
$0.19 |
|
|
$0.18 |
|
|
|
$0.01 |
|
|
|
7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
|
|
|
50,283,891 |
|
|
47,323,554 |
|
|
|
2,960,337 |
|
|
|
6% |
- Diluted |
|
|
|
51,499,647 |
|
|
48,338,268 |
|
|
|
3,161,379 |
|
|
|
7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On April 11, 2011,
the Corporation completed a short form prospectus offering of
7,200,361 common shares. This share issue is the primary reason for
the increased the average number of shares outstanding during the
nine months ended September 30, 2012
as compared to the nine months ended September 30, 2011.
The diluted number of common shares is directly
impacted by the trading price of the Corporation's common
shares. Increased trading prices will also increase the
number of diluted shares calculated for options issued under the
Corporation's stock option plan.
Capital Expenditures and 2013 Capital Build
Program
IROC's capital expenditures for the periods
indicated were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended |
|
|
Three months ended |
$ 000's |
|
|
|
September 30,
2012 |
|
|
September 30,
2012 |
|
|
|
June 30,
2012 |
|
|
|
March 31,
2012 |
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drilling and production
services |
|
|
|
19,663 |
|
|
7,033 |
|
|
|
5,792 |
|
|
|
6,838 |
|
Rental services |
|
|
|
8,237 |
|
|
3,392 |
|
|
|
2,908 |
|
|
|
1,937 |
|
Corporate |
|
|
|
106 |
|
|
2 |
|
|
|
65 |
|
|
|
39 |
|
Discontinued operations |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
Total capital expenditures |
|
|
|
28,006 |
|
|
10,427 |
|
|
|
8,765 |
|
|
|
8,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months
ended |
|
|
Three months
ended |
$ 000's |
|
|
|
September 30,
2011 |
|
|
September 30,
2011 |
|
|
|
June 30,
2011 |
|
|
|
March 31,
2012 |
Capital expenditures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drilling and production
services |
|
|
|
13,029 |
|
|
4,677 |
|
|
|
4,783 |
|
|
|
3,569 |
|
Rental services |
|
|
|
4,009 |
|
|
1,624 |
|
|
|
860 |
|
|
|
1,525 |
|
Corporate |
|
|
|
153 |
|
|
115 |
|
|
|
17 |
|
|
|
21 |
|
Discontinued operations |
|
|
|
362 |
|
|
2 |
|
|
|
329 |
|
|
|
31 |
Total capital expenditures |
|
|
|
17,553 |
|
|
6,418 |
|
|
|
5,989 |
|
|
|
5,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Corporation's strategy to organically grow
its capital asset base, has resulted in IROC having capital assets,
as a whole, in new or like new condition. Our service rigs
represent the largest percentage of the Corporation's overall net
book value of fixed assets and they are among the newest fleet of
service rigs in the industry.
The Corporation budgeted $24.6 million for capital expenditures during
2012 as part of its 2012 capital build program consisting of the
following:
- $16.1-million -- for construction
of eight new service rigs in the Eagle Well Servicing division
(does not include $4.8 million from
assets which were purchased in the fourth quarter of 2011);
- $8 million -- for expansion of
rental inventory assets in the Aero Rental division;
- $0.5-million -- for maintenance
and infrastructure expenditures.
As at September 30,
2012, the Corporation estimates it has spent $21.1 million of the $24.6
million originally budgeted in the 2012 capital build
program. Additionally, during 2012, the Corporation has spent
approximately $6.9 million on items
not included in the 2012 capital build program, including
approximately $2.4 million on
deposits for three service rigs to be delivered in 2013,
$3.1 million on additional service
rig related equipment and maintenance capital, $0.8 million for coiled tubing related equipment,
$0.2 million for incremental rentals
inventory assets and $0.4 million on
other miscellaneous capital including the costs of leasehold
improvements and furniture for our new Lloydminster shop and office.
Management continuously evaluates opportunities
to grow the business and adjusts or increases the capital program
if the opportunities and conditions warrant. At September 30, 2012, the Corporation anticipates
spending an additional $3 million for
identified rental asset inventory additions, $4.1 million for additional service rig equipment
and $0.2 million for other
miscellaneous capital by December 31,
2012. This will bring total capital spending incurred
during 2012 to approximately $35.3
million.
The total 2013 capital build program budget is
$25.2 million with approximately
$6 million of this expected to be
incurred before December 31, 2012 and
$19.2 million expected to be incurred
in the first seven months of 2013 as follows:
- $14.7 million - for construction
of six new service rigs in the Eagle Well Servicing division;
- $8 million - for expansion of
rental inventory assets in the Aero Rental division;
- $2 million for additional service
rig and coiled tubing equipment, including rig recertifications and
maintenance capital;
- $0.5 million - for infrastructure
and other capital expenditures.
Dividend Increase and Outstanding Share
Data
The following table summarizes outstanding share
data and potentially dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 27, 2012 |
Common shares |
|
|
|
|
|
|
|
|
|
|
50,393,292 |
Stock options |
|
|
|
|
|
|
|
|
|
|
1,735,701 |
Restricted share units |
|
|
|
|
|
|
|
|
|
|
471,838 |
|
|
|
|
|
|
|
|
|
|
|
|
The following table summarizes dividends
declared or paid since December 31,
2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
Declaration Date |
|
|
|
Record
Date |
|
|
|
Payment
Date |
|
|
|
Amount of
Dividend per Common Share |
December 20, 2011 |
|
|
|
January 9, 2012 |
|
|
|
January 13, 2012 |
|
|
|
$0.025 |
March 20, 2012 |
|
|
|
April 6, 2012 |
|
|
|
April 13, 2012 |
|
|
|
$0.025 |
May 23, 2012 |
|
|
|
July 6, 2012 |
|
|
|
July 13, 2012 |
|
|
|
$0.025 |
August 14,2012 |
|
|
|
October 5, 2012 |
|
|
|
October 12, 2012 |
|
|
|
$0.025 |
November 27, 2012 |
|
|
|
January 4, 2013 |
|
|
|
January 18, 2013 |
|
|
|
$0.030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Board of Directors has declared a quarterly
cash dividend of $0.030 per common
share. The dividend will be payable on January 18, 2013 to shareholders of record at the
close of business on January 4,
2013. This dividend is an eligible dividend for
Canadian income tax purposes.
Outlook
IROC had a good third quarter, posting a net
income over $3 million and EBITDAS
over $7 million. This marked
the 33rd consecutive quarter of positive EBITDAS,
underscoring the fundamental strength of our core businesses and
the ability of our assets to generate positive operating cash flow.
Our ability to address the needs of our customers as they continue
to expand their use of horizontal drilling and multistage
fracturing technologies remains the focus of each of our operating
divisions.
Prior to July, we expected activity levels in
2012 would be similar to those experienced in 2011. This
expectation was based on oil prices in the first quarter of 2012
being the highest since 2008 and the robust capital spending
programs of producers. However, NYMEX crude oil prices
declined for three consecutive months during the second quarter,
and Alberta oil price levels were
further impacted by wider differentials, further reducing the price
received by our customers for their crude oil. Natural gas
prices also declined in the second quarter, but since natural gas
activity had already become a minor part of our business these
declines have had a negligible impact on the demand for our
services. As a result of these commodity price declines, and
equity market volatility for oil and gas companies, we have seen
capital budget reductions at many oil and gas companies and we
expected demand for the last half of 2012 to fall short of the
levels experienced in the last half of 2011 for most services.
Despite our expectations of lower year over year
industry activity levels in the second half of 2012, each of our
business segments are expected to be profitable and provide
positive operating cash flow and EBITDAS through the upcoming
winter.
Our service rig division is expected to continue
to be the largest contributor of revenues and profits in our
company. Eagle averaged 37.3 rigs during 2011, starting the
year with 36 rigs and ending with 41 rigs in the field. Eagle
averaged 44.6 service rigs during the first 9 months of 2012 with
48 rigs currently in service and another 2 service rigs on track to
be in service by the end of the year. We expect to average 45
rigs for calendar 2012 as compared to the 37.3 rigs in 2011, an
increase of 7.7 rigs or 21%. Even with lower industry
activity levels, we expect year over year growth in revenue, margin
and EBITDAS for this division for the last half and full year
2012.
Eagle's new equipment specifically addresses the
current needs of our customers or targeted areas of operation and
provides greater operating efficiency with minimal downtime. We
continue to build equipment that is lighter and more adaptable to
the various areas where we operate. This new and innovative
equipment continues to attract both work and competent personnel,
enabling Eagle to achieve high equipment utilization, a benefit to
our employees and customers alike.
Our rental business continues to operate well
and the demand for Aero's products and services continues to
increase as our customers exploit oil opportunities in both the
application of horizontal technology and the SAGD operating
segments of the oil and gas business in Western Canada. We continue to unlock
the operating leverage available to us in this division as we add
more equipment without significantly increasing infrastructure or
general and administrative costs, resulting in increasing revenues
and margins. As industry acceptance of our new equipment and
services remains strong, we have been able to continue to
profitably add assets in this division and expect to add
approximately $11 million of new
rental equipment during the full year ended December 31, 2012. We have already exceeded
our originally budgeted $8 million in
asset acquisitions for 2012 with an incremental $2.7 million of assets on order to fulfill
specific customer opportunities. Geographic expansion remains
a priority focus for this business.
The contribution from our coiled tubing assets,
which we have now operated for over a year, was positive for the
first nine months of 2012, but performance is lower than the
targets we had set for these assets and the utilization of these
assets has been impacted by the decline in hydraulic fracturing and
completion activity. We continue to expect some growth from
our coiled tubing operations as we add additional auxiliary
equipment and continue to work through the operational challenges
of starting a new service line. During the quarter we made certain
personnel changes which are expected to improve the performance of
this division, and we continue to be committed to building a
foundation from which we can lever future growth. The coiled
tubing operation remains complementary to our other services and we
expect it will provide a positive contribution to our bottom line
over the coming years.
Our ability to attract and retain personnel in a
very tight labour market is critical to all of our businesses. We
have been able to fully crew all of our service rigs and coiled
tubing units through the first nine months of 2012. With the
onset of winter and what is traditionally our period of greatest
activity, we will be actively focused on ensuring we have the
people necessary to crew our growing fleet of service rigs.
Our recent and planned growth continues to make IROC an attractive
employer and provides opportunities to our workforce for career
advancement. We continue to have a strong balance sheet, the newest
in equipment, and a talented group of employees that will allow us
to continue to grow and capitalize on opportunities as they present
themselves.
Conference Call and Webcast
IROC will conduct a conference call on Wednesday November 28, 2012 at 9:00 a.m. MST (11:00 a.m.
EST). Thomas Alford,
President and CEO, and Ryan
Michaluk, CFO, will both be presenting during the call.
To access the conference call, contact the conference call
operator at (888) 231-8191 (North
America) or (647) 427-7450 (Toronto and outside North America) approximately 10 minutes prior
to the call and request the "IROC Energy Services Corp. 2012 Third
Quarter Results Conference Call". The call will be open to
all analysts, investors and other interested parties.
The conference call will also be available via webcast by
visiting http://www.newswire.ca/en/webcast/detail/1069225/1162993
from a web browser.
About IROC Energy Services
Corporation
IROC Energy Services Corp. is an Alberta oilfield services company that,
through the IROC Energy Services Partnership, provides a diverse
range of products, services and equipment to the oil and gas
industry that are among the newest and most innovative in the
WCSB. IROC Energy Services Partnership operates under the
business names of Eagle Well Servicing, Aero Rental Services and
Helix Coil Services. IROC combines cutting-edge technology
with depth of experience to deliver a product and services offering
in the following core areas: well servicing & equipment, rental
services and coiled tubing services. For more information on IROC
Energy Services Corp., visit our website at www.iroccorp.com.
Cautionary Statement Regarding Forward
Looking Information and Statements
Certain information contained in this news release, including
information related to the completion and timing of the
construction, delivery and deployment of IROC's new service rigs
and new coiled tubing units, the expected demand for our services,
the Corporation's planned capital expenditures and growth
opportunities, outlook for future oil and gas prices, cyclical
industry fundamentals, drilling, completion, work over and
abandonment activity levels, the Corporation's ability to fund
future obligations and capital expenditures, and information or
statements that contain words such as "could", "should", "can",
"anticipate", "expect", "believe", "will", "may", "likely",
"estimate", "predict", "potential", "continue", "maintain",
"retain", "grow", and similar expressions and statements relating
to matters that are not historical facts, constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. This information or these
statements are based on certain assumptions and analysis made by
the Corporation in light of its experience and its perception of
historical trends, current conditions and expected future
developments as well as other factors it believes are appropriate
in the circumstances. In particular, the Corporation's expectation
of uncertain demand and prices for oil and natural gas and the
resulting future industry activity, is premised on the
Corporation's understanding of customers' capital budgets and their
ability to access capital, the focus of its customers on deeper and
horizontal drilling opportunities in the current natural gas
pricing environment, and the continuing impact of the recent global
financial crisis and the current economic recovery all of which
affects the demand for oil and gas. Whether actual results,
performance or achievements will conform to the Corporation's
expectations and predictions is subject to a number of known and
unknown risks and uncertainties which could cause actual results to
differ materially from the Corporation's expectations. Such
risks and uncertainties include, but are not limited to:
fluctuations in the price and demand for oil and natural gas;
fluctuations in the level of oil and natural gas exploration and
development activities; the lack of availability of qualified
personnel or management; fluctuations in the demand for well
servicing; the effects of weather conditions on operations and
facilities; the existence of competitive operating risks inherent
in well servicing; general economic, market or business conditions;
changes in laws or regulations, including taxation, environmental
and currency regulations; the other risk factors set forth under
the heading "Risks" in the annual MD&A for the year ended
December 31, 2011 and other
unforeseen conditions which could impact on the use of services
supplied by the Corporation.
Consequently, all of the forward-looking
information and statements made in this news release are qualified
by this cautionary statement and there can be no assurance that the
actual results or developments anticipated by the Corporation will
be realized or, even if substantially realized, that they will have
the expected consequences to or effects on the Corporation or its
business or operations. Except as may be required by law, the
Corporation assumes no obligation to update publicly any such
forward-looking information and statements, whether as a result of
new information, future events, or otherwise.
This press release is not for dissemination in
United States or to any
United States news services.
The Common Shares of IROC have not and will not be registered on
the United States Securities Act of 1933, as amended (the
"United States Securities Act") or any state securities laws
and are not offered or sold in the United
States or to any US person except in certain transactions
exempt from the registration requirements of the United States
Securities Act and applicable state securities laws.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Non-GAAP Measures
The financial statements have been prepared in
accordance with IFRS. Certain supplementary information and
measures not recognized under IFRS are provided where Management
believes they assist the reader in understanding IROC's
results. These measures include:
- EBITDAS and EBITDAS per share - EBITDAS is defined as earnings
before interest, taxes, depreciation and amortization, stock-based
compensation expense, foreign exchange gains and losses, goodwill
impairment, note receivable impairment, and gains or losses on
disposal of property and equipment. EBITDAS and EBITDAS per
share are not recognized measures under GAAP or IFRS. The
Corporation believes that EBITDAS is provided as a measure of
operating performance without reference to financing decisions,
income tax impacts and non-cash expenses, which are not controlled
at the operating management level. Accordingly, the
Corporation believes EBITDAS is a useful measure for prospective
investors in evaluating the financial performance of the
Corporation, and specifically, the ability of the Corporation to
service the interest on its indebtedness. Investors should be
cautioned that EBITDAS should not be construed as an alternative to
net income determined in accordance with IFRS as an indicator of
the Corporation's performance. IROC's method of calculating
EBITDAS may differ from those of other companies, and accordingly,
EBITDAS may not be directly comparable to measures used by other
companies. EBITDAS % is calculated as EBITDAS divided by
revenue.
- Gross margin is defined as revenue less operating
expenses. Gross margin % is defined as gross margin divided
by revenue. The Company believes that gross margin and gross
margin % are useful measures which provide an indicator of the
Corporation's fundamental ability to make money on the products and
services it sells. The Corporation believes the relationship
between revenues and costs expressed by the gross margin % is a
useful measure when compared between different financial periods as
it demonstrates the trending relationship between revenues, costs
and margins. Gross margin and gross margin % are not
recognized measures of IFRS and do not have any standardized
meaning prescribed by IFRS. IROC's method of calculating
gross margin and gross margin % may differ from those of other
companies, and accordingly, may not be directly comparable to
measures used by other companies.
The following is a reconciliation of EBITDAS and
EBITDAS per share to net income from continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
months
ended |
|
|
Three months
ended |
$ 000's except number of shares
and per
share amounts |
|
|
|
September
30, 2012 |
|
|
September
30, 2012 |
|
|
June 30,
2012 |
|
|
March 31,
2012 |
|
|
December
31, 2011 |
Net income from continuing operations |
|
|
|
9,911 |
|
|
3,016 |
|
|
145 |
|
|
6,750 |
|
|
4,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
7,620 |
|
|
2,682 |
|
|
2,546 |
|
|
2,392 |
|
|
2,111 |
Loss (gain) on foreign exchange |
|
|
|
8 |
|
|
4 |
|
|
10 |
|
|
(6) |
|
|
(1) |
Stock based compensation expense |
|
|
|
524 |
|
|
211 |
|
|
168 |
|
|
145 |
|
|
167 |
Gain on disposal of equipment |
|
|
|
(74) |
|
|
(46) |
|
|
(8) |
|
|
(20) |
|
|
(8) |
Interest and financing costs |
|
|
|
543 |
|
|
194 |
|
|
168 |
|
|
181 |
|
|
163 |
Income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
|
- |
|
|
- |
|
|
(1,185) |
|
|
1,185 |
|
|
- |
Deferred |
|
|
|
3,482 |
|
|
1,022 |
|
|
1,320 |
|
|
1,140 |
|
|
1,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAS - continuing operations |
|
|
|
22,014 |
|
|
7,083 |
|
|
3,164 |
|
|
11,767 |
|
|
8,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAS per share - continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
$0.44 |
|
|
$0.14 |
|
|
$0.06 |
|
|
$0.23 |
|
|
$0.18 |
Diluted |
|
|
|
$0.43 |
|
|
$0.14 |
|
|
$0.06 |
|
|
$0.23 |
|
|
$0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
months
ended |
|
|
Three months
ended |
$ 000's except number of shares and
per
share amounts |
|
|
|
September
30, 2011 |
|
|
September
30, 2011 |
|
|
June 30,
2011 |
|
|
March 31,
2011 |
|
|
December
31, 2010 |
Net income (loss) from
continuing operations |
|
|
|
8,601 |
|
|
4,330 |
|
|
(331) |
|
|
4,602 |
|
|
2,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
5,285 |
|
|
1,920 |
|
|
1,715 |
|
|
1,650 |
|
|
1,857 |
Loss on foreign exchange |
|
|
|
31 |
|
|
23 |
|
|
8 |
|
|
- |
|
|
- |
Stock based compensation expense |
|
|
|
437 |
|
|
169 |
|
|
115 |
|
|
153 |
|
|
105 |
Loss (gain) on disposal of equipment |
|
|
|
(11) |
|
|
7 |
|
|
7 |
|
|
(25) |
|
|
(17) |
Interest and financing costs |
|
|
|
640 |
|
|
164 |
|
|
190 |
|
|
286 |
|
|
305 |
Income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Deferred |
|
|
|
3,288 |
|
|
1,619 |
|
|
(62) |
|
|
1,731 |
|
|
367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAS - continuing operations |
|
|
|
18,271 |
|
|
8,232 |
|
|
1,642 |
|
|
8,397 |
|
|
5,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDAS per share - continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
$0.39 |
|
|
$0.16 |
|
|
$0.03 |
|
|
$0.20 |
|
|
$0.12 |
Diluted |
|
|
|
$0.38 |
|
|
$0.16 |
|
|
$0.03 |
|
|
$0.19 |
|
|
$0.12 |
SOURCE IROC Energy Services Corp.