Winalta Announces Record 2011 Year End Results
30 Marzo 2012 - 8:29PM
PR Newswire (Canada)
CALGARY, April 3, 2012 /CNW/ - Winalta Inc. ("Winalta" or the
"Company") is pleased to announce record 2011 year end results with
net earnings from continuing operations of $7.2 million or $0.18
per share fully diluted compared to a net loss from continuing
operations of $6.4 million or $0.18 per share fully diluted for the
12 months ended October 2010. Revenue of $21.6 million and EBITDA
of $10.8 million compared favourably to revenue of $13.0 million
and negative EBITDA of $4.2 million for the comparative 12 month
period( )2010. Year End Highlights -- Net earnings of $7.2 million
or $0.18 per share fully diluted -- Revenue of $21.6 million, up
66% over 2010 -- EBITDA margin of 50% compared to a negative EBITDA
margin in 2010 -- Utilization of Winalta's rental fleet averaged
71% in 2011 up 42% from 2010 Selected Financial Information
YearsEnded December31, 2011 andOctober31, 2010 All numbers in 12
months ended 12 months ended $1,000s unless Dec 2011 Oct 2010 per
share Revenue 21,611 13,022 EBITDA from 10,835 continuing (4,213)
operations EBITDA from continuing 0.27 (0.12) operations per share,
fully diluted Earnings (loss) 7,237 from continuing (6,388)
operations Earnings (loss) from 0.18 (0.18) continuing operations
per share, fully diluted Net loss from discontinued - (11,132)
operations Net Earnings 7,237 (loss) (17,520) Net Earnings 0.18
(0.49) (loss) per share, fully diluted Revenue 2011 revenue of
$21.6 million showed an $8.6 million increase over $13.0 million
for the 12 months ending October 2010. Due to the change in the
Company's year end to December 31(st), the comparative information
has been adjusted to reflect the same twelve month period ending
December 31, 2010. Adjusting 2010 results to 12 months ended
December to assist in a year over year comparison, 2011 year end
revenue of $21.6 million showed an increase of $8.4 million over
$13.2 million of revenue in 2010. This 64% increase in
revenue year over year is attributable to year over year percentage
increases in fleet size, utilization, third party revenue and day
rates. RevenueDrivers 2011 versus 2010 % Y/Y increase 2011 2010
Fleet size at year end (# of units, boxes) 8% 288 266 Utilization
(365 day year) 42% 71% 50% Day rates for the period showed a year
over year improvement of 18%. Fleet Expansion Adjusting 2010
results to 12 months ended December to assist in a year over year
comparison, the Company increased its rental fleet by 22 units or
8% in 2011. Eleven Wellsite units and an additional eleven
Dedicated Geo Lab units were built by third party manufacturers
during the year at a total cost of $2.9 million. The average age of
Winalta's rental fleet as at December 31, 2011 is 4.4 years. It is
the Company's position that maintaining an average fleet age below
5 years positions Winalta as a premium provider of oilfield
accommodations in the industry. FleetGrowth 2011 versus 2010 % Y/Y
increase 2011 2010 Wellsites 5% 214 203 Drill Camps (5 and 6 units)
0% 11 11 Dedicated Geo Labs 100% 12 0 Utilization Adjusting 2010
results to 12 months ended December to assist in a year over year
comparison, utilization for the period across the Company's entire
fleet of rental units was 71%, a 42% improvement over 50%
utilization obtained during adjusted 2010. Strong utilization in
2011 is attributable to Winalta's growing reputation as a premier
Wellsites, Drill Camps and Dedicated Geo Lab provider, the
Company's strong marketing presence, attention to service and the
Company's rental fleet age. Utilization 2011 versus2010 % Y/Y
increase 2011 2010 Wellsites 40% 74% 53% Drill Camps (5 and 6
units) 93% 58% 30% Dedicated Geo Labs 100% 74% 0% General and
Administrative 2011 general and administrative expenses of $4.2
million were up $1.2 from $3.0 million for the 12 months ending
October 2010. Adjusting 2010 results to 12 months ended December to
assist in a year over year comparison, general and administrative
expenses were $4.2 million, up $740,000 from the comparable period
but decreased as a percentage of revenue from 26% in 2010 to 20% in
2011. General and administrative expenses decreased in the last six
months of 2011 compared to the first six months, from $2.6 million
to $1.6 million. Winalta continues to manage its corporate expenses
to ensure corporate structure efficiencies are realized.
Depreciation and Amortization Depreciation of $4.8 million in 2011
showed a $0.1 million decrease from $4.9 for the 12 months ending
October 2010. Adjusting 2010 results to 12 months ended December to
assist in a year over year comparison, depreciation and
amortization was $4.8 million for the period as compared to $4.9
million for the comparative period. The decrease in depreciation
and amortization expense was a combination of the sale of the
Carrier fleet of trucks in the second quarter of 2011 and the
disposal of excess computer equipment which was offset by the
acquisition of $2.9 million of rental equipment in 2011. Interest
Expense 2011 interest expense of $2.1 million showed a $1.5
increase from $0.6 million for the 12 months ending October 2010.
Adjusting 2010 results to a 12 months ended December to assist in a
year over year comparison, interest expense for the period was $2.1
million as compared to $1.1 million adjusted 2010. The
additional interest expense came from interest and fees associated
with Winalta's IFRS conversion, high interest debt (paid out April
2011) and new financing application fees. Income Tax Recovery In
2011, $3.3 million of income tax recovery was recognized. The
Company's pool of operating losses established in 2009 and 2010
approximated $31 million as of December 31, 2011, equating to a
total of approximately $7.8 million in potential tax recovery. With
the recognition of $3.3 million in income tax recovery in 2011, a
future potential tax recovery of $4.5 million remains to be
recognized in relation to operating losses carried forward. Outlook
Winalta continues to see strong fleet utilization and strengthening
rental rates as activity in the oil industry remains strong and the
Company's customers are heavily weighted in oil exploration. The
Company believes there is enough of a shortage in supply of quality
Wellsite and related rentals in the industry to maintain 2011
utilization rates for Winalta's equipment. Winalta will
continue to expand its fleet of Wellsite and Dedicated Geo Labs in
order to not only meet today's demand but also to maintain its
position in the industry as a provider of premier rental
accommodation units. Winalta Inc., operating under the trade name,
Winalta Oilfield Rentals, is an oilfield service provider that
specializes in portable industrial rental accommodations, remote
offices and Dedicated Geo Labs; servicing the Western Canadian oil
and gas Industry. Neither the 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. Forward-looking
information Certain information set forth in this press release,
including management's assessment of the potential for increased
cash flows, accelerated growth of the Company's rental fleet and
demand for the Company's rental units and potential income tax
recoveries may constitute forward-looking statements. By their
nature, forward-looking statements involve material assumptions and
are subject to numerous risks and uncertainties, including with
respect to market and economic conditions and their impact on the
Company's business, some of which, are beyond our control. Readers
are cautioned not to place undue reliance on the forward-looking
statements as the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and actual results,
performance or outcomes could materially differ from those
expressed or implied in such forward-looking statements and
accordingly, no assurance can be given that any of the events
anticipated by forward looking statements will transpire or occur,
or if any of them do so, what benefit Winalta will derive
therefrom. The Company does not assume the obligation to revise or
update this forward-looking information after the date of this
release or to revise such information to reflect the occurrence of
future unanticipated events, except as may be required under
applicable securities laws. Winalta Inc. CONTACT: David Hopley,
CFOPhone: (780) 960-6900Austin Fraser, Senior Vice PresidentPhone:
(403) 826-5701winalta@winaltainc.com
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