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ENTREC Announces 2013 Fourth Quarter and Year-End Financial Results

- 2013 revenue increased by 61% to $212.9 million

SPRUCE GROVE, ALBERTA -- (Marketwired) -- 03/10/14 -- ENTREC Corporation ("ENTREC" or the "Company") (TSX VENTURE: ENT), a leading provider of heavy lift and heavy haul services, today announced financial results for the fourth quarter and year ended December 31, 2013.


                                  Three Months Ended        Year Ended
$ thousands, except per share      Dec. 31    Dec. 31    Dec. 31    Dec. 31
 amounts and margin percent           2013       2012       2013       2012

Revenue                             52,821     44,026    212,911    132,491

Gross profit                        16,068     14,164     72,513     45,100
Gross margin                          30.4%      32.2%      34.1%      34.0%

Adjusted EBITDA(1)                  11,364     10,829     53,610     33,471
  Margin(1)                           21.5%      24.6%      25.2%      25.3%
  Per share(1)                        0.10       0.13       0.49       0.49

Adjusted net income(1)               2,254      3,566     18,420     13,025
  Per share(1)                        0.02       0.04       0.17       0.19

Net income                             342      3,428     15,813     12,112
  Per share - basic                   0.00       0.04       0.15       0.18
  Per share - diluted                 0.00       0.04       0.14       0.17
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Note 1: See "Non-IFRS Financial Measures" section of the Company's Management Discussion & Analysis for the year ended December 31, 2013.

"In 2013, we continued to make strong progress in positioning ourselves for the future," said John M. Stevens, ENTREC's President and CEO. "Through the acquisition of GT's and a robust $59 million capital expenditure program, we expanded our operations in key geographical areas and added significant scale to our fleet. We believe we are now well-positioned to capture a major share of the overall work in our growing markets throughout western Canada and in the Bakken region of North Dakota."

"This includes Alberta's oil sands, where construction activity is expected to remain strong, and maintenance, repair and operation (MRO) work is expected to grow over the next several years. In addition, our operations are well-positioned to take advantage of liquefied natural gas (LNG) development in northeast B.C., where much of the natural gas is expected to be sourced, and in northwest B.C. where the LNG facilities and the connecting pipelines are expected to be constructed in future years. We consider these two industries to be our critical growth drivers over the next decade."

2013 Financial Results

Overall, the Company's financial results in 2013 were mixed. ENTREC started the year strong, but was hampered in the second half through lower utilization of its equipment fleet, which impacted revenue. A combination of certain projects winding down and the deferred start of other large projects until later in 2014 caused the decline.

Revenue increased by 61% year-over-year to $212.9 million in 2013 from $132.5 million in 2012, reflecting the positive impact of business acquisitions completed over the past year. On a pro forma basis, revenue in the year ended December 31, 2013 was slightly lower than the $219.9 million ENTREC and each of its acquired businesses achieved on a combined basis in the year ended December 31, 2012.

Over the past year ENTREC has created the foundation for substantial organic revenue growth from the expansion of its equipment fleet, though its capital expenditure programs. The anticipated growth was, however, offset for the short term by lower equipment utilization, especially in the second half of 2013. Compared to the previous year, revenue from the conventional oil and natural gas industry was weaker in 2013. In addition, ENTREC also experienced a temporary slowdown in demand for its services in the Alberta oil sands market in the second half of 2013. This temporary period of lower activity in regional crane and heavy haul transportation projects extended into the first two months of 2014.

Adjusted EBITDA increased to $53.6 million during the year ended December 31, 2013 from $33.5 million in 2012. As a percentage of revenue, the 2013 adjusted EBITDA margin of 25.2% was consistent with the adjusted EBITDA margin of 25.3% achieved in 2012. The Company's continued expansion in crane services in 2013 contributed to higher EBITDA margins in the year. The increases were, however, completely offset by lower equipment utilization in crane services and heavy haul transportation than in 2012.

Adjusted net income increased to $18.4 million in 2013 from $13.0 million in 2012, reflecting the higher year-over-year revenue. Adjusted earnings per share were $0.17 per share in the year ended December 31, 2013, compared to $0.19 per share last year.

For the year ended December 31, 2013, net income grew to $15.8 million or $0.15 per share from $12.1 million or $0.18 per share in 2012. Net income includes the after-tax effect of acquisition-related intangible asset amortization, interest accretion on convertible debentures and gains on the revaluation of the embedded derivative component of convertible debentures; all of which are components excluded from the calculation of adjusted net income.

The higher adjusted net income and net income reported in 2013 were offset by an increase in the weighted average number of shares outstanding. This resulted in adjusted net income and net income on a per share basis being lower in 2013 than in 2012. Adjusted net income and net income in 2013 also included $1.4 million in non-recurring acquisition and integration costs, primarily related to ENTREC's acquisition of GT's (year ended December 31, 2012 - $1.3 million).

Outlook for 2014 and Beyond

"Our outlook for the future remains positive," said Mr. Stevens. "Despite the lower demand we have seen in some markets in recent months, quoting activity in our key markets continues to be strong for work commencing later in 2014 and beyond. In the short term, we expect continuing modest activity in the first half of 2014 as equipment utilization remains lower. We are, however, experiencing strong activity from our operations in northeast B.C. and northwest Alberta in early 2014, which are supporting LNG-related natural gas projects in those regions."

Oil sands demand for ENTREC's services is expected to gain momentum as the year progresses. The Company is currently working with oil sands customers on large crane and heavy haul transportation projects that will commence as 2014 unfolds. Certain of these projects will extend through 2017.

Consistent with its strategy, the Company is expanding the amount of long-term maintenance, repair and operation (MRO) contract work it performs in the Alberta oil sands region. ENTREC was recently awarded a five-year MRO contract with a new oil sands customer, which commenced in late 2013. The Company also continues to cross-sell its crane and heavy haul transportation services to existing and new oil sands customers.

"We believe in situ-related oil sands production will grow at a brisk pace over the next several years as new projects commence and existing facilities are expanded," added Mr. Stevens. "We believe we are well-positioned to support our customers through the construction and the MRO phases of these developments."

Northwest B.C. continues to be a busy area for ENTREC's business. The Company is working on various mining, hydro-electric, pipeline, and oil and natural gas projects in the region and is providing crane and transportation services to support a multi-billion-dollar revitalization of an aluminum smelter in Kitimat, B.C. The Company will continue to expand its service capabilities in this important region throughout 2014 in preparation of the planned development of LNG facilities in future years. These projects, along with ancillary infrastructure developments, are expected to require extensive crane and heavy haul transportation services.

With ENTREC's acquisition of GT's in 2013, it now has a leading market position in northeast B.C. and northwest Alberta. The Company believes this will be a busy area in 2014 as it supports oil and natural gas projects in the region, including customer investments in LNG-driven natural gas production and infrastructure. ENTREC also recently expanded its operations into Fort St. John, B.C. to better serve customers in the region.

Based on current expectations for future business activity, and assuming no business acquisitions are completed, ENTREC reiterates its previous guidance that revenue for the year ending December 31, 2014 could range between $250 and $270 million. This compares to pro forma revenue of $237 million that ENTREC and each of its acquired businesses achieved on a combined basis in the year ended December 31, 2013. The Company expects revenue to trend upward throughout 2014 as project work begins to ramp up and utilization levels increase. Any business acquisitions completed in fiscal 2014 could increase the revenue achieved and/or trigger revised revenue guidance.

The Company also continues to estimate that its overall adjusted EBITDA margin for fiscal 2014 could approximate 25%. Consistent with the anticipated trend in revenue, ENTREC believes its adjusted EBITDA margin will also begin 2014 lower and then increase as the year progresses and utilization improves.

2014 Capital Expenditure and Share Buy-back Programs

The Company has commenced its previously announced $46 million capital expenditure program for 2014. The program is focused on growing ENTREC's crane fleet to expand its service capabilities in this market and consists of $34 million in growth capital expenditures and $12 million in maintenance capital expenditures.

In addition, with ENTREC's positive outlook for the future, it believes one of the best investments it can make is in itself. In November 2013 ENTREC implemented a normal course issuer bid (NCIB) to purchase for cancellation, from time to time, its issued and outstanding common shares. Pursuant to the NCIB, ENTREC may purchase for cancellation up to a maximum of 8,561,671 common shares, being approximately 10% of the public float, during the NCIB's term. The NCIB commenced November 20, 2013 and will terminate on November 19, 2014 or such earlier time as it is completed or otherwise terminated at ENTREC's option. At current market prices, ENTREC plans to initiate purchases under the NCIB shortly.

ENTREC intends to fund its 2014 capital expenditure program and NCIB purchases from its new asset-based debt facility (the "ABL Facility"), finance leases and cash from operating activities. The Company also expects to have the flexibility to increase its capital expenditure program throughout 2014 should customer demand warrant. ENTREC does not believe it will need to raise additional equity to fund its 2014 capital expenditure program.

New ABL Facility

On March 6, 2014, ENTREC closed a new $240 million senior secured ABL Facility with a syndicate of lenders led by Wells Fargo Capital Finance Corporation Canada. The ABL Facility replaced the Company's previous senior debt facilities and will be used to fund future capital expenditures and business acquisitions and for general corporate purposes.

The ABL Facility has a five year term and requires payments of interest only. Amounts borrowed bear interest, at ENTREC's option, at bank prime or bankers' acceptance rates, plus a credit spread based on a sliding scale. ENTREC may prepay all or any part of the ABL Facility at any time.

"This facility is covenant light with a borrowing base that increases as our business grows making the ABL Facility a perfect fit with our business," said Jason Vandenberg, ENTREC's Chief Financial Officer. "The customized financing provided by Wells Fargo demonstrates the strong value in our equipment fleet and will provide us with significant financial flexibility to continue to execute our growth strategies."

A complete set of ENTREC's most recent financial statements and Management's Discussion and Analysis will be filed on SEDAR (www.sedar.com) and posted on the Company's website (www.entrec.com).

About ENTREC

ENTREC is a leading provider of heavy lift and heavy haul services with offerings encompassing crane services, heavy haul transportation, engineering, logistics and support. ENTREC provides these services to the oil and natural gas, construction, petrochemical, mining and power generation industries. ENTREC's common shares trade on the TSX Venture Exchange under the trading symbol "ENT".

Fourth Quarter and Year-end Conference Call

ENTREC will host a conference call and webcast to discuss its 2013 fourth quarter and year-end financial results tomorrow, March 11, 2014 at 9:00 am (MDT) (11:00 am Eastern). The call can be accessed by dialing toll-free: 1-866-225-0198 or 416-340-2219 (GTA and International).

A replay will be available approximately two hours after the completion of the call until March 18, 2014, by dialing 905-694-9451 / 1-800-408-3053, passcode: 8507621.

The conference call will also be available via webcast within the Investors section of ENTREC's website at: www.entrec.com.


Consolidated Statements of Financial Position       December 31 December 31
As at                                                      2013        2012
(thousands of Canadian dollars)                               $           $

ASSETS
Current assets
  Cash                                                      651       2,511
  Trade and other receivables                            45,146      41,789
  Inventory                                               2,552       1,968
  Prepaid expenses and deposits                           2,487       1,936
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                                                         50,836      48,204
Non-current assets
  Long-term deposits and other assets                     4,910         523
  Deposits on business acquisitions                           -       4,273
  Property, plant and equipment                         207,205     134,761
  Intangible assets                                      27,560      23,868
  Goodwill                                               69,276      53,575
  Deferred income taxes                                       -         165
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Total assets                                            359,787     265,369
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Trade and other payables                               18,335      16,781
  Income taxes payable                                    1,876       2,703
  Acquisition consideration payable                         587       2,320
  Current portion of long-term debt                      20,619      14,226
  Current portion of obligations under finance
   lease                                                  1,788       1,298
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                                                         43,205      37,328
Non-current liabilities
  Long-term debt                                         76,321      64,281
  Obligations under finance lease                         2,422       4,914
  Notes payable                                           7,294           -
  Convertible debentures                                 23,557      23,426
  Deferred income taxes                                  27,220      19,428
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Total liabilities                                       180,019     149,377
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Shareholders' equity
  Share capital                                         141,711      94,880
  Contributed surplus                                     9,155       8,429
  Retained earnings                                      28,532      12,719
  Accumulated other comprehensive income (loss)             370         (36)
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Total shareholders' equity                              179,768     115,992
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Total liabilities and shareholders' equity              359,787     265,369
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Consolidated Statements of
 Income                           Three Months Ended        Year Ended
                                  December   December   December   December
(thousands of Canadian dollars,    31 2013    31 2012    31 2013    31 2012
 except per share amounts)               $          $          $          $

Revenue                             52,821     44,026    212,911    132,491
Direct costs                        36,753     29,862    140,398     87,391
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Gross profit                        16,068     14,164     72,513     45,100
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Operating expenses
General and administrative
 expense                             4,816      3,747     20,331     12,897
Depreciation of property, plant
 and equipment                       5,486      3,424     18,705      9,061
Amortization of intangible
 assets                                966        725      3,479      1,825
Share-based compensation               331        584      1,567      1,395
Loss on disposal of property,
 plant and equipment and other
 assets                                 49         58          1        229
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                                    11,648      8,538     44,083     25,407
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Income before finance items and
 income taxes                        4,420      5,626     28,430     19,693
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Finance items
  Finance costs                      2,208      1,570      7,876      3,579
  Finance income                         -          -          -        (19)
  Loss (gain) on change in fair
   value of embedded derivative      1,314       (691)    (1,002)      (691)
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                                     3,522        879      6,874      2,869
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Income before income taxes             898      4,747     21,556     16,824
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Income taxes
  Current                              831       (120)     2,666      1,056
  Deferred                            (275)     1,439      3,077      3,656
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                                       556      1,319      5,743      4,712
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Net income                             342      3,428     15,813     12,112
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Earnings per share - basic            0.00       0.04       0.15       0.18
Earnings per share - diluted          0.00       0.04       0.14       0.17
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Non-IFRS Financial Measures

Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation, amortization, loss (gain) on disposal of property, plant and equipment, change in fair value of embedded derivative, share-based compensation, and non-recurring business acquisition and integration costs. In addition to net income, Adjusted EBITDA is a useful measure as it provides an indication of the financial results generated by ENTREC's principal business activities prior to consideration of how these activities are financed or how the results are taxed in various jurisdictions and before certain non-cash expenses. Adjusted EBITDA also illustrates what ENTREC's EBITDA is, excluding the effect of non-recurring business acquisition and integration costs. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue. Per share amounts are calculated as adjusted EBITDA divided by the basic weighted average number of shares outstanding during the period.

Adjusted net income is calculated excluding the after-tax amortization of acquisition-related intangible assets, notional interest accretion expense arising from convertible debentures, and the gain (loss) on change in fair value of the embedded derivative related to such convertible debentures. These exclusions represent non-cash charges the Company does not consider indicative of ongoing business performance. ENTREC also believes the elimination of amortization of acquisition-related intangible assets provides management and investors an improved view of its business results by providing a degree of comparability to internally developed intangible assets for which the related costs are expensed as incurred. Adjusted earnings per share are calculated as adjusted net income divided by the basic weighted average number of shares outstanding during the applicable period.

Please see ENTREC's Management Discussion & Analysis for the year ended December 31, 2013 for reconciliations of adjusted EBITDA and adjusted net income to net income, the most directly comparable financial measure calculated and presented in accordance with IFRS.

Forward-looking Statements

This press release contains forward-looking statements which reflect ENTREC's current beliefs and are based on information currently available to ENTREC. These statements require ENTREC to make assumptions it believes are reasonable and are subject to inherent risks and uncertainties. Actual results and developments may differ materially from the results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond ENTREC's control.

Examples of such forward-looking statements in this MD&A include, but are not limited to: plans to execute a 2014 capital expenditure program of $46 million; expectation that ENTREC's equipment utilization will remain lower as activity levels in the first half of 2014 will continue to be modest; expectation that demand for the Company's services in the Alberta oil sands region will gain momentum as the year progresses; belief that in situ-related oil sands production will grow at a brisk pace over the next several years as new projects commence and existing facilities are expanded, and that ENTREC is well-positioned to support its customers through both the construction and MRO phases of these developments; intention that ENTREC will continue to expand its service capabilities in northwest B.C. throughout 2014, due to the anticipation that LNG facilities and related infrastructure will be developed; expectation that northwest Alberta and northeast B.C. will be a busy area for ENTREC in 2014 as it supports oil and natural gas projects in the region, including customer investments in LNG-driven natural gas production and infrastructure; estimate that revenue for the year ending December 31, 2014 could range between $250 million and $270 million; estimate that overall adjusted EBITDA margin for fiscal 2014 could approximate 25%; intention that the 2014 capital expenditure program and NCIB purchases will be funded from the Company's asset-based debt facility, finance leases and cash from operating activities; and belief that the Company will have the flexibility to increase its 2014 capital expenditure program throughout 2014 should customer demand warrant and that ENTREC will not need to raise additional equity to fund its 2014 capital expenditure program.

ENTREC's forward-looking statements involve a number of significant assumptions. Key assumptions utilized in developing forward-looking statements related to ENTREC's growth and revenue expectations include achieving its internal revenue, net income and cash flow forecasts for 2014 and beyond. Key assumptions involved in preparing ENTREC's internal forecasts include, but are not limited to, its expectations and estimates that: demand for crane and heavy haul transportation services in western Canada increase from current levels in 2014; ENTREC will be able to retain key personnel and attract additional high-quality personnel to support its planned revenue growth; construction projects and production activity in the Alberta oil sands region and in northern British Columbia continue at or above current levels; ENTREC is able to achieve anticipated revenues on current and future MRO contracts; the planned development of LNG facilities proceeds and certain customers choose to utilize ENTREC's services; there are no significant unplanned increases in ENTREC's cost structure, including those costs related to fuel and wages; market interest rates remain similar to current rates and that additional debt financing remains available to ENTREC on similar terms to its existing debt financing; there is no prolonged period of inclement weather that impedes or delays the need for crane and heavy haul transportation services; the competitive landscape in western Canada for crane and heavy haul transportation services does not materially change during the remainder of 2014; and there is no material adverse change in overall economic conditions.

Achieving these forecasts largely depends on a number of factors beyond ENTREC's control including several of the risks discussed further under "Business Risks" in ENTREC Management's Discussion & Analysis for the year ended December 31, 2013. The business risks that are most likely to affect ENTREC's ability to achieve its internal revenue, net income and cash flow forecasts for 2014 and beyond are the volatility of the oil and gas industry, its exposure to the Alberta oil sands, workforce availability, competition, weather and seasonality, availability of debt and equity financing, competition, and business integration risks. These risk factors are interdependent and the impact of any one risk or uncertainty on a particular forward-looking statement is not determinable.

ENTREC's intention to acquire shares pursuant to its NCIB is subject to potential fluctuations in the market price of its shares and the potential management may find another, more desirable use for its available funds.

ENTREC's ability to finance its capital expenditure program through its debt facilities depends on its ability to achieve debt financing terms acceptable to the lenders and ENTREC as well as meeting its internal cash flow forecasts.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, ENTREC. These forward-looking statements are made as of the date of this press release. Except as required by applicable securities legislation, ENTREC assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.

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.

Contacts:
ENTREC Corporation
John M. Stevens
President & CEO
(780) 960-5625

ENTREC Corporation
Jason Vandenberg
CFO
(780) 960-5630
www.entrec.com

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