Welcome!

News Feed Item

Wavefront Announces Fiscal First Quarter 2013 Results

EDMONTON, ALBERTA -- (Marketwire) -- 01/29/13 -- Wavefront Technology Solutions Inc. (Wavefront or the Corporation) (TSX VENTURE:WEE) (OTCQX:WFTSF) a developer of leading-edge technology for fluid injection optimization for improved performance and profitability in the oil and gas and environmental sectors announces its financial results for the first quarter ending November 30, 2012.

Wavefront is a technology company with a reputation among its clients for quality, innovation and creativity. Focused on global markets, Wavefront utilizes its patented technology to provide measureable solutions when exploration and production companies (or "E&P" companies) are faced with the challenges of optimizing oil production, well intervention and performance drilling.

Wavefront's strategic value proposition is underpinned with 20 granted and 29 patents pending based on differentiated fluid flow technology. Marketed under the brand names, "Powerwave" and "Primawave", the injection methodologies improve distribution of liquids in the ground.

Wavefront's business plan for enhancing shareholder value includes:


i.  Licensing of its proprietary technologies and products, underpinned by a
    high margin recurring revenue model. 

ii. Leveraging of its proprietary technologies and products through
    strategic service company alliances, both in the energy and
    environmental sectors. 

With the Company's new marketing initiative entitled "From Bit to Last Drop", our product portfolio now encompasses an and leverages an E&P clients through their entire life cycle post exploration operations.

The financial highlights for the three months ended November 30, 2012 include:


--  Total revenues amounted to $1,529,585, a 37.6% increase or $418,030 over
    the comparative period that reported total revenues of $1,111,555. 

--  Revenues for Powerwave and Primawave approximated $1,172,076 or 78.3% of
    revenues; whereas in the comparative reporting period, Powerwave and
    Primawave approximated $833,224 or 79.7%. 

--  Revenue attributed only to Powerwave product lines were $1,119,070, an
    increase of $352,670 or 46.0% over revenues in the comparative period of
    $766,400. The Powerwave product line revenues can then be broken into
    short-term projects involving well stimulations and performance
    drilling, and long-term, mature field revitalization projects using
    Wavefront's technology to maximize ultimate oil recovery in water or CO2
    flooding applications.  

i.  For the three months ended November 30, 2012, the total revenues
    attributed to long-term, mature field revitalization Powerwave projects
    totalled $759,736. The Corporation also anticipates that as it has
    focused more resources on the more active international markets that
    Powerwave applications in mature field revitalization may grow faster in
    those regions. 

ii. For the three months ended November 30, 2012, the total revenues
    attributed to Powerwave well stimulation totalled $359,334, an increase
    of $317,867 or 766.6%, compared to $41,467 in the comparative period.
    There was a decrease in United States Powerwave stimulation revenues
    that is believed to be tied to client budgets for stimulation work being
    exhausted for the fiscal year; however, there was an offsetting increase
    of Powerwave stimulation revenues in Canada. The Company anticipates
    that the stimulation revenues in the United States may grow in
    subsequent reporting periods as budget restitutions are eased in the new
    calendar year.  

--  For the three months ended November 30, 2012, the gross profit margin(1)
    for Powerwave was relatively stable at 83.4% compared to 84.9% for the
    comparative period. For the three months ended November 30, 2012, the
    gross profit margin for Primawave was also relatively stable at 90.6%
    compared to 93.5% for the comparative period. The high gross profit
    margin is attributable to the Corporation's ability to leverage its
    technology while diversifying its product portfolio to oil well
    stimulations. It is believed that Powerwave performance drilling systems
    may achieve similar gross profit margins. 

--  The basic and diluted net loss for the first quarter ended November 30,
    2012 was $1,005,061 ($0.012 per share), compared to $991,160 ($0.012 per
    share) in 2011. 

--  Total current assets decreased by $1,441,601 to $16,229,066 from the
    prior year end. Of the net decrease, $1,745,032 relates to decreases in
    cash, which is comprised of $568,178 in funds used in operations,
    $598,656 in changes in working capital and $578,198 in investments in
    Powerwave tools and related intangible assets. 

The above financial highlights should be read in conjunction with the audited consolidated financial statements and management discussion and analysis of results for Wavefront for the first quarter ended November 30, 2012, which were filed on SEDAR on January 29, 2013.

Since the official November 2012 roll-out of the Corporation's line of performance drilling tools Wavefront has continued to pilot test the tools in Canada and the United States as part of drilling the horizontal section of wells. With our marketing partners we have now moved into phase II piloting testing and are scheduled to run two, "thru-tubing" applications on coil tubing this week in Pennsylvania. This will be the first such tests of Wavefront's performance drilling tools employed to increase the rate of penetration of the bit (or mill) while drilling out frac plugs and balls in horizontal well completions.

"We are pleased to see continued positive results and increased customer interest in Wavefront's performance drilling tools and have increased the number of tools available for use in Canada and the United States to 20", said Wavefront President and CEO Brett Davidson. "Wavefront remains on track with initiatives to refocus its marketing strategy and anticipates sales to grow across all focus areas."

ON BEHALF OF THE BOARD OF DIRECTORS

WAVEFRONT TECHNOLOGY SOLUTIONS INC.

D. Brad Paterson, CFO & Director

About Wavefront:

"From Bit to Last Drop" Wavefront endeavors to be recognized as a global leader of fluid injection technologies that maximize reservoir recovery, drilling efficiency, and groundwater restoration. Wavefront publicly trades on the TSX Venture Exchange under the symbol WEE and on the OTCQX under the symbol WFTSF. The Company's website is www.onthewavefront.com.

Cautionary Disclaimer - Forward Looking Statement

Certain statements contained herein regarding Wavefront and its operations constitute "forward-looking statements" within the meaning of Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations or future performance, are "forward-looking statements". In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "believe", "continue" or the negative of these terms or other comparable terminology. We caution that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such factors include fluctuations in the acceptance rates of Wavefront's Powerwave and Primawave Processes, demand for products and services, fluctuations in the market for oil and gas related products and services, the ability of Wavefront to attract and maintain key personnel, technology changes, global political and economic conditions, and other factors that were described in further detail in Wavefront's continuous disclosure filings, available on SEDAR at www.sedar.com. Wavefront expressly disclaims any obligation to up-date any "forward-looking statements", other than as required by law.

(1) The Company uses both IFRS and non-generally accepted accounting principles ("GAAP") measure under International Reporting Standards ("IFRS") to make strategic decisions and set targets and believes that these non-GAAP measures under IFRS provide useful supplemental information to investors. "Gross profit margin" is a measure used by the Company that does not have a standard meaning prescribed by IFRS and may not be comparable under GAAP under IFRS or to similar measures used by other companies. Gross profit is calculated by deducting cost of sales which includes direct costs, such as direct materials, direct labour, travel related expenditures, sub-contractors, shipping, duties and taxes, from gross revenue. Gross profit margin is calculated by dividing the gross profit by gross revenue.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data professionals...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...