CALGARY, May 8, 2012 /CNW/ - Bonnett's Energy Corp. (TSX: BT) (the "Corporation") has released its Q1 2012 financial results.
The Corporation recorded Q1 2012 revenue of $35.2 million, a 22%
increase over the comparable period of the prior year.
EBITDAC(1) for Q1 2012 was $11.4 million, increasing 34% over the comparable
period of 2011.
Murray Toews, Chief Executive Officer of Bonnett's Energy Corp.
commented, "2012 has continued the momentum of 2011. We have continued
to increase our revenue and customer base, as our financial results
show. Our team remains dedicated to providing customer focused, best in
class service, while maintaining the highest safety standards in our
industry. Our diversified approach to services continues to achieve
positive results for Bonnett's and our shareholders."
SELECTED FINANCIAL INFORMATION
(Unaudited)
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Three months ending March 31,
($000's except per share amounts)
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2012
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2011
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Revenue from operations
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$
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35,186
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$
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28,947
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EBITDAC from operations (1)
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11,422
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8,550
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Funds flow from operations (2)
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11,422
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8,550
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Funds flow from operations per share
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- basic
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0.79
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0.60
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- diluted
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0.77
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0.59
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Profit before income tax
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9,307
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5,823
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Profit and comprehensive income
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8,407
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5,823
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Earnings per share
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- basic
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0.58
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0.41
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- diluted
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0.56
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0.40
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Weighted average shares
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- basic
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14,401
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14,318
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- diluted
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14,858
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14,690
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Long term debt
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13,822
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27,853
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Working capital (3)
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16,427
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14,256
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(1)
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EBITDAC refers to earnings before interest, taxes, depreciation and
amortization, share based compensation and gains or losses on
dispositions of equipment. Management believes that in addition to
profit, EBITDAC is a useful supplemental measure as it provides an
indication of the results generated by the Corporation's principal
business activities prior to consideration of how those activities are
financed, how the financial results are taxed, how funds are invested
or how non-cash depreciation, amortization and share based compensation
charges affect financial results. EBITDAC is a measure that does not
have any standardized meaning prescribed under IFRS and, accordingly,
may not be comparable to similar measures used by other companies.
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(2)
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Funds flow or funds flow from operations and funds flow from operations
per share refers to cash flow from operations before changes in
non-cash working capital. The Corporation views cash flow from
operating activities before changes in non-cash working capital
balances, hereafter referred to as funds flow from operations, as a
measure of liquidity, and believes that funds flow is a metric used by
many investors to assess the financial performance of the
Corporation. Although changes in non-cash working capital balances will
impact cash available, these changes will be a source of cash in one
period and a use of cash in another depending on changes in the level
of activity in a particular period due to seasonality and other
factors. Absent a sustained period of growth in the Corporation's
business, changes in non-cash working capital will generally not be a
use of cash by the Corporation over a longer period of time, although
that may be the case from one quarter to the next. Any use of cash from
an increase in working capital in a particular period will be financed
by the Corporation's credit facilities and repaid when non-cash working
capital decreases and cash is generated. Funds flow or funds flow from
operations and funds flow from operations per share are measures that
do not have any standardized meaning prescribed under IFRS and,
accordingly, may not be comparable to similar measures used by other
companies.
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(3)
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Working capital is calculated as current assets less current
liabilities.
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Bonnett's Energy Corp. is a diversified corporation, providing wireline,
frac-flowback and testing, fishing, and swabbing services in the
Western Canadian Sedimentary Basin. Bonnett's Energy Corp. is a
publicly traded Canadian corporation listed on the Toronto Stock
Exchange under the symbol "BT".
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND
STATEMENTS
This press release contains forward-looking information within the
meaning of applicable Canadian securities law. This information is
subject to certain risks and uncertainties that could cause actual
results to differ materially from those included in the forward-looking
information. When used in this document, the words "plan",
"anticipate", "believe", "expect", "seek", "propose", "estimate",
"intend" and similar expressions, as well as future or conditional
verbs such as "may", "would", "could", and "will", as they relate to
the Corporation, are intended to identify forward-looking information.
Such information reflects the Corporation's current views with respect
to future events and are subject to certain risks, uncertainties and
assumptions, including, without limitation, those described in the
Corporation's MD&A for the period ended March 31, 2012, under the
heading "Risks and Uncertainties", "Performance Analysis", and
"Outlook". Forward-looking information concerning expected operating
and economic conditions are based upon past operating and economic
conditions. Forward-looking information concerning the availability of
funding for future operations, the Corporation's financing costs and
the Corporation's compliance with financing covenants are based upon
sources of funding which the Corporation has relied upon in the past
and expectations concerning future economic and operating conditions.
Forward-looking information concerning the relative future competitive
position of the Corporation is based upon expectations relating to
future economic and operating conditions, the current business
environment, present and anticipated programs and expansion plans of
other organizations operating in the energy service industry.
Forward-looking information concerning the nature and timing of growth
is based on past factors affecting the growth of the Corporation, past
sources of growth and expectations relating to future economic and
operating conditions. Forward-looking information in respect of the
costs anticipated to be associated with the acquisition and maintenance
of equipment are based upon past acquisition and maintenance costs for
such equipment and expectations relating to the future acquisition and
maintenance cost increases concerning such equipment. Although
management of the Corporation believes that the expectations reflected
in such forward-looking information are reasonable, there can be no
assurance that such expectations will prove to have been correct
because, should one or more of the enumerated risks or uncertainties
materialize, or should the assumptions underlying forward-looking
information prove incorrect, actual results may vary materially from
those described in the Corporation's MD&A for the period ended March
31, 2012, as intended, planned, anticipated, believed, estimated or
expected. Except where required by law, the Corporation does not
assume any obligation to update forward-looking information if
conditions or opinions should change. Readers should not place undue
reliance on forward-looking information. All of the forward-looking
information of the Corporation contained in this press release is
expressly qualified, in their entirety, by this cautionary statement.
