Click here to close now.




















Welcome!

News Feed Item

Ridgeline Reports Second Quarter Fiscal Year 2013 Financial Results

65% Revenue Increase

CALGARY, Nov. 26, 2012 /PRNewswire/ - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE: RL7) an energy services and water treatment technology company, today announced the financial results for its second quarter of fiscal year 2013 ending September 30, 2012.

Tony Ker, CEO of Ridgeline Energy Services Inc. "We are pleased to announce a 65% increase in second quarter revenues for 2013 ($5.3 million) compared to second quarter 2012 ($3.4 million). Compared with the first quarter revenues of 2013 ($3.4 million) the second quarter revenue is up 56% ($5.3 million). Furthermore, the first quarter 2013 loss of $2.98 million has been reduced by $1.43 million to $1.55 million for the second quarter 2013. This compares with a loss of $0.03 per share in the first quarter 2013 to a $0.01 per share loss in the second quarter 2013.

Moreover, included in the net loss of $1.55 million for the second quarter of fiscal year 2013 are non-cash charges of approximately $0.93 million pertaining to the amortization of intangible assets and property, plant, and equipment, and $0.24 million pertaining to non-cash stock based compensation expense. These non-cash expenses total $1.17 million. Cash used in operations before the effect of working capital changes is $0.38 million

I am very proud to report that all of our operating divisions are now cash flow positive, and our water division has doubled revenues, quarter over quarter.

The Company has continued to invest in water treatment facilities, manufacturing capacity, and installation capability. We are now at a stage where all the components necessary to grow the company are in place. Our business continues its rapid growth by focusing daily on execution. Our annual revenue run rate of our waste water treatment facilities continues to grow and is now approaching a $10 million run rate. Our Santa Fe Springs property continues its aggressive growth and we look for growth in our oil and gas segment, with long term contracts now in place."

"Excitement is building in our oil and gas segment due to the signing of a five year contract by our long time major oil and gas customer in Texas. Our contract calls for minimums of 2,500 barrels per day, and our Leonard Shale location will greatly exceed that minimum. We also look to launch systems in the Red Hills Texas area and in Western Pennsylvania in the coming year. Our continued research is showing that the oil and gas industry as a whole is slowly tipping in favor of broad based water recycling. While slowly developing, our long term view is for higher demand and higher prices for Ridgeline water systems, and water management, which includes significant storage opportunities."

Ridgeline Environment is on track for over $11.0 million dollars of revenue in 2013 and improved profitability. Ridgeline GreenFill will have added another treatment site at Youngstown in Alberta and is expected to grow steadily. The GreenFill wet waste water treatment capability pioneered at Red Cliff will add significant growth to GreenFill revenues for each of the now 5 GreenFill sites.

Balance Sheet

The Company's balance sheet was highlighted by an increase in its cash balance to $7.8 million, compared to $4.6 million at the beginning of the year. Total equity also increased to $41.6 million from $34.6 million at the beginning of the year.

Outlook

Ridgeline expects the third quarter of fiscal year 2013 revenues to be in the range of $6 million to $6.5 million, an increase of 10% to 20% from the third quarter of the previous fiscal year.  Continued increases in revenues are also expected in the fourth quarter. The growth in revenues is expected to be largely driven by the Company's water treatment segment, specifically operations at its Santa Fe Springs, California waste water treatment facility.

Conference Call

The Company will be conducting a conference call at 8:30 a.m. ET on Tuesday, November 27, 2012. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789, or listen via a live Internet webcast on the Company's website at www.ridgelinecanada.com.  A teleconference replay of the conference call will be available by dialing (877) 344-7529 or (412) 317-0088, confirmation code 10021452, through November 30, 2012. A webcast replay of the conference call will be accessible on the Company's website at www.ridgelinecanada.com for 90 days.

About Ridgeline Energy Services Inc.

Ridgeline Energy Services Inc. is an energy services and water treatment technology company. The Company is applying proprietary technology to treat water generated from industrial and commercial waste water markets. These markets include a wide variety of clients across a broad spectrum of industries including oil and gas. Through its environmental consulting and remediation divisions, Ridgeline Environment has built a reputation as an established provider of environmental services to the Western Canadian oil and gas industry. Ridgeline GreenFill provides soil remediation and wet waste disposal services to the oil and gas industry.  The Company trades on the TSX Venture Exchange under the symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt Stock Exchange as "RL7".

Additional information is available on the Company's website at: www.ridgelinecanada.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Tony Ker"

Tony Ker, CEO

"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 news release. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking information.  Readers are cautioned not to place undue reliance on forward-looking information, as no assurances can be given as to future results, levels of activity or achievements."

RIDGELINE ENERGY SERVICES INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(IN CANADIAN DOLLARS)
       
  September 30,
2012
  March 31,
2012
Assets          
Current assets:          
  Cash $ 7,812,938    $ 4,565,281
  Trade and other receivables   3,299,314     2,835,225
  Accrued revenue   1,152,428     898,066
  Prepaid expenses and other current assets   1,332,858     575,350
           
  Total current assets   13,597,538     8,873,922
           
Restricted cash   158,360     78,360
Property, plant and equipment, net   9,146,041     8,038,728
Loan receivable   -     177,001
Intangible assets   19,143,897     18,723,430
Goodwill   1,832,202     1,832,202
Deferred tax asset   362,750     362,750
Other assets   2,005,746     52,319
           
Total assets $ 46,246,534   $ 38,138,712
           
Liabilities and Equity          
Current liabilities:          
  Trade and other payables $ 3,051,603   $ 2,353,806
  Income tax payable   732,834     676,391
  Current portion of note payable   179,567     126,323
  Current portion of obligations under finance lease   81,102     21,906
           
  Total current liabilities   4,045,106     3,178,426
           
Note payable, non-current   92,982     179,272
Obligations under finance lease, non-current   296,440     3,509
Deferred tax liability   130,106     130,106
Asset retirement obligations   43,466     41,674
           
  Total liabilities   4,608,100     3,532,987
           
Commitments          
           
Equity:          
  Share capital   62,011,335     50,323,292
  Warrants   1,514,697     1,794,102
  Contributed surplus   1,604,198     1,103,803
  Accumulated other comprehensive income   (161,122)     -
  Accumulated deficit   (23,330,674)     (18,615,472)
           
Total equity   41,638,434     34,605,725
           
Total liabilities and equity $ 46,246,534   $ 38,138,712

 

RIDGELINE ENERGY SERVICES INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN CANADIAN DOLLARS)
                 
    Three Months Ended
September 30, 
  Six Months Ended
September 30, 
    2012   2011   2012   2011
                         
Revenue   $ 5,331,171   $ 3,230,234   $ 8,734,040   $ 6,748,630
Cost of revenue:                        
  Direct expenses     2,851,166     2,089,239     5,802,310     4,065,992
  Amortization     186,883     95,129     371,964     95,129
Total cost of revenue     3,038,049     2,184,368     6,174,274     4,161,121
Gross profit     2,293,122     1,045,866     2,559,766     2,587,509
Operating expenses:                        
  General and administrative     2,809,998     1,396,894     5,127,429     2,043,749
  Share-based payment expense     241,828     138,485     519,187     247,818
  Amortization     745,295     38,461     1,388,120     68,210
Total operating expenses     3,797,121     1,573,840     7,034,736     2,359,777
Income (loss) from operations     (1,503,999)     (527,974)     (4,474,970)     227,732
Other income (expense):                        
  Finance costs     (19,804)     (11,646)     (37,995)     (23,546)
  Finance and other income     47,585     -     47,585     -
                         
Total other income (expense)     27,781     (11,646)     9,590     (23,546)
Income (loss) before tax     (1,476,218)     (539,620)     (4,465,380)     204,186
Income tax expense (recovery)     72,821     (56,124)     72,821     139,876
Net income (loss)   $ (1,549,039)   $ (483,496)   $ (4,538,201)   $ 64,310
                         
Attributable to:                        
  Ridgeline Energy Services Inc.   $ (1,549,039)   $ (278,557)   $ (4,538,201)   $ (750,231)
  Non-controlling interests     -     (204,939)     -     814,541
                         
  Total   $ (1,549,039)   $ (483,496)   $ (4,538,201)   $ 64,310
                         
Basic and diluted loss per share attributable to
      Ridgeline Energy Services Inc.
  $ (0.01)   $ -   $ (0.04)   $ (0.01)
                         
Weighted average number of
      common shares outstanding
    129,856,925     61,538,261     122,054,162     56,807,199

 

 

 

 

 

SOURCE Ridgeline Energy Services Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
"We specialize in testing. DevOps is all about continuous delivery and accelerating the delivery pipeline and there is no continuous delivery without testing," noted Marc Hornbeek, Sr. Solutions Architect at Spirent Communications, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at @DevOpsSummit, Haseeb Budhani, CEO and Co-founder of Soha, shared five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the friction an...
"Alert Logic is a managed security service provider that basically deploys technologies, but we support those technologies with the people and process behind it," stated Stephen Coty, Chief Security Evangelist at Alert Logic, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to tran...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...
"Our biggest growth area has been the security services, the managed services - the things that differentiate us in the market that there is no client that's too small and there's no client that's too big," explained Paul Mazzucco, Chief Security Officer at TierPoint, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Countless business models have spawned from the IaaS industry. Resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his General Session at 16th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, broke down what we've got to work with and discuss the benefits and pitfalls to discover how we can best use them to d...