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Total Energy Services Inc. Announces Q1 2014 Results and Capital Budget Increase

CALGARY, ALBERTA -- (Marketwired) -- 05/12/14 -- Total Energy Services Inc. ("Total Energy" or the "Company") (TSX:TOT) announces its consolidated financial results for the three months ending March 31, 2014.

Financial Highlights                                                        
($000's except per share data)                                              
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                                        Three Months Ended March 31         
                                                (unaudited)                 
                                         2014           2013       % Change 
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Revenue                             $ 115,113       $102,911             12%
Operating Earnings (1)                 25,660         23,478              9%
EBITDA (1)                             35,679         31,577             13%
Cashflow (1) (5)                       34,023         12,354            175%
Net Income                             21,028         17,391             21%
                                                                            
Per Share Data (Diluted) (2)                                                
EBITDA (1)                             $ 1.02         $ 0.92             11%
Cashflow (1) (5)                         0.98         $ 0.36            172%
Net Earnings                             0.63         $ 0.54             17%
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                                      Mar. 31        Dec. 31                
                                         2014           2013                
                                   (unaudited)      (audited)      % Change 
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Financial Position                                                          
Total Assets                        $ 550,334      $ 518,782              6%
Long-Term Debt, Convertible                                                 
 Debentures and Obligations                                                 
 Under Finance Leases                                                       
 (excluding current portion)           67,982         67,221              1%
Working Capital (3)                    92,571         69,651             33%
Net Debt (4)                              Nil            Nil            n/m 
Shareholders' Equity                  360,934        340,612              6%
                                                                            
Shares Outstanding (000's)                                                  
Basic                                  31,275         31,176            nil 
Diluted (2)                            34,811         34,838            nil 
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Notes 1 through 5 please refer to the Notes to the Financial Highlights set forth at the end of this release.

Total Energy's results for the three months ended March 31, 2014 reflect increased drilling activity in Western Canada and continued growth in the Company's Compression and Process Services division.

Total Energy's Contract Drilling Services division achieved 70% utilization during the first quarter of 2014, recording 1,015 operating days (spud to release), compared to 908 operating days, or 63% utilization, during the first quarter of 2013 with a fleet of 16 rigs during both periods. Revenue per operating day increased 4% for the first quarter of 2014 relative to the prior year comparable period due primarily to higher average pricing. The Rentals and Transportation Services division achieved a utilization rate on major rental equipment of 51% during the first quarter of 2014 as compared to a 50% utilization rate during the first quarter of 2013. This division exited the first quarter of 2014 with 9,900 pieces of rental equipment and 109 heavy trucks as compared to 9,900 rental pieces and 106 heavy trucks at March 31, 2013. The Compression and Process Services division generated revenues of $54.7 million for the three months ended March 31, 2014 compared to $45.1 million for the same period in 2013, an increase of 21%. This division exited the first quarter of 2014 with a $49.0 million backlog of fabrication sales orders as compared to $49.2 million at March 31, 2013. During the first quarter of 2014 approximately 10,500 horsepower of rental compression was sold upon the exercise of purchase options. As at March 31, 2014 there was 51,400 horsepower of compression equipment on rent as compared to 30,000 horsepower on rent at March 31, 2013. The gas compression rental fleet operated at an average utilization rate of 91% for the first quarter of 2014 as compared to 86% during the first quarter of 2013.

Cashflow was $34.0 million for the three months ended March 31, 2014, as compared to $12.4 million for the comparable period in 2013. This significant increase in cashflow was due primarily to the fact that $15.3 million of income taxes paid in the first quarter of 2013 related to 2012 taxable income.

During the first quarter, Total Energy declared a quarterly dividend of $0.06 per share to shareholders of record on March 27, 2014. This dividend was paid on April 30, 2014. 35,400 common shares were purchased under the Company's normal course issuer bid during the first three months of 2014 at an average price of $20.12 per share (including commissions).

Outlook

Relatively strong drilling activity in Western Canada during the first quarter was underpinned by continued strength of oil prices and substantially higher natural gas prices. Current expectations are that drilling activity levels will remain strong following spring break-up when road conditions improve and permit the transportation of heavy equipment. While completion activity started out somewhat sluggish in 2014, such activity picked up significantly in mid-February and continued through into April. Current indications are that summer completion activity will be higher than 2013, which is expected to positively impact the Company's Rentals and Transportation Services division which has suffered over the past several quarters due to unfavorable market conditions arising from lower well completion and service rig activity. The Company's Compression and Process Services division continues to see strong demand for its products and services.

Total Energy's financial condition remains solid with a long-term debt (including convertible debentures) to long-term debt plus equity ratio of 0.16 to 1.0, $92.6 million of positive working capital and no net debt as at March 31, 2014. Total Energy's $35 million operating facility is currently fully available and undrawn.

Total Energy's 2014 capital expenditure budget is currently $54.0 million, including $22.8 million of carry forward from 2013, of which $21.1 million has been expended to March 31, 2014. Included in capital expenditures are $1.2 million of capital leases related to light duty vehicles. Total Energy has increased its 2014 capital budget by $14.0 million to $68.0 million. Included in this increase is $9.5 million for the addition of approximately 185 pieces of rental equipment and $4.5 million for the construction of infrastructure to support the continued growth of the Compression and Process Services division's field services business in central and northwestern Alberta. Total Energy continues to evaluate numerous investment opportunities and the Company's balance sheet strength provides significant capacity and flexibility to pursue further growth opportunities that meet the Company's investment expectations.

Conference Call

At 2:30 p.m. MST today, Total Energy will conduct a conference call and webcast to discuss its first quarter financial results. Daniel Halyk, President & Chief Executive Officer, will host the conference call. The call is open to Shareholders and all other interested persons. A live webcast of the conference call will be accessible on Total's website at www.totalenergy.ca by selecting "Webcasts". Persons wishing to join the conference call live may do so by calling (800) 766-6630 or (416) 340-8530. Those who are unable to listen to the call live may listen to a recording of it on Total Energy's website. A recording of the conference call will also be available until May 19, 2014 by dialing (800) 408-3053 (passcode 2307440).

Annual Meeting of Shareholders

Shareholders and other interested persons are invited to attend the annual meeting of Shareholders which will commence at 10:00 a.m. (Calgary time) on Thursday May 22, 2014 at the Calgary Petroleum Club, 319 - 5th Avenue S.W., Calgary, Alberta.

Selected Financial Information

Selected financial information relating to the three month period ended March 31, 2014 and 2013 is attached to this news release. This information should be read in conjunction with the condensed unaudited interim consolidated financial statements of Total Energy and the attached notes to the consolidated financial statements and management's discussion and analysis to be issued in due course and reproduced in the Company's first quarter report.

Condensed Interim Consolidated Statements of Financial Position             
(in thousands of Canadian dollars)                                          
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                                                   March 31,   December 31, 
                                                        2014           2013 
----------------------------------------------------------------------------
                                                  (unaudited)      (audited)
Assets                                                                      
Current assets:                                                             
  Cash and cash equivalents                          $ 4,398        $ 3,210 
  Accounts receivable                                102,596         78,130 
  Inventory                                           39,597         38,858 
  Income taxes receivable                              3,231          2,402 
  Prepaid expenses and deposits                        4,573          5,921 
----------------------------------------------------------------------------
                                                     154,395        128,521 
                                                                            
Property, plant and equipment                        384,038        382,347 
Other assets                                           7,848          3,861 
Goodwill                                               4,053          4,053 
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                                                   $ 550,334      $ 518,782 
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Liabilities & Shareholders' Equity                                          
Current liabilities:                                                        
  Accounts payable and accrued liabilities          $ 51,961       $ 46,224 
  Deferred revenue                                     5,603          8,710 
  Dividends payable                                    1,877          1,559 
  Current portion of obligations under finance                              
   leases                                              2,383          2,377 
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                                                      61,824         58,870 
                                                                            
Obligations under finance leases                       3,078          2,775 
                                                                            
Convertible debentures                                64,904         64,446 
                                                                            
Deferred tax liability                                59,594         52,079 
                                                                            
Shareholders' equity:                                                       
  Share capital                                       84,485         83,243 
  Contributed surplus                                  6,978          6,677 
  Equity portion of convertible debenture              4,601          4,601 
  Retained earnings                                  264,870        246,091 
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                                                     360,934        340,612 
                                                                            
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                                                   $ 550,334      $ 518,782 
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Condensed Interim Consolidated Statements of Comprehensive Income           
(in thousands of Canadian dollars except per share amounts)                 
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                                                    Three months ended      
                                                         March 31           
                                                        2014           2013 
----------------------------------------------------------------------------
                                                  (unaudited)    (unaudited)
                                                                            
Revenue                                            $ 115,113      $ 102,911 
                                                                            
  Cost of services                                    72,693         62,755 
  Selling, general and administration                  8,448          8,377 
  Share-based compensation                               690          1,133 
  Depreciation                                         7,622          7,168 
----------------------------------------------------------------------------
Results from operating activities                     25,660         23,478 
                                                                            
  Gain on sale of property, plant and                                       
   equipment                                           2,397            931 
  Finance income                                       1,159            142 
  Finance costs                                       (1,502)        (1,429)
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Net income before income taxes                        27,714         23,122 
                                                                            
  Current income tax (recovery) expense                 (829)         2,604 
  Deferred income tax expense                          7,515          3,127 
----------------------------------------------------------------------------
Total income tax expense                               6,686          5,731 
                                                                            
Net income and total comprehensive income for                               
 the period                                         $ 21,028       $ 17,391 
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Earnings per share                                                          
  Basic earnings per share                             $0.67         $ 0.57 
  Diluted earnings per share                           $0.63         $ 0.54 
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Condensed Interim Consolidated Statements of Cash Flows                     
(in thousands of Canadian dollars)                                          
----------------------------------------------------------------------------
                                                    Three months ended      
                                                         March 31           
                                                        2014           2013 
----------------------------------------------------------------------------
                                                  (unaudited)    (unaudited)
Cash provided by (used in):                                                 
                                                                            
Operations:                                                                 
  Net income for the period                         $ 21,028       $ 17,391 
  Add (deduct) items not affecting cash:                                    
    Depreciation                                       7,622          7,168 
    Share-based compensation                             690          1,133 
    Gain on sale of property, plant and                                     
     equipment                                        (2,397)          (931)
    Finance income, unrealised gain                   (1,108)          (142)
    Finance costs                                      1,502         1, 429 
    Current income tax (recovery) expense               (829)         2,604 
    Deferred income tax expense                        7,515          3,127 
  Income taxes paid                                        -        (19,425)
----------------------------------------------------------------------------
                                                      34,023         12,354 
  Changes in non-cash working capital items:                                
    Accounts receivable                              (24,466)       (33,209)
    Inventory                                           (739)         3,222 
    Prepaid expenses and deposits                      1,348         (1,704)
    Accounts payable and accrued liabilities           7,292          7,648 
    Deferred revenue                                  (3,107)        (1,868)
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                                                      14,351        (13,557)
Investments:                                                                
  Purchase of property, plant and equipment          (19,908)        (6,416)
  Acquisition of business                                  -        (16,954)
  Purchase of other assets                            (2,879)             - 
  Proceeds on disposal of property, plant and                               
   equipment                                          12,925          3,217 
  Changes in non-cash working capital items              718         (4,259)
----------------------------------------------------------------------------
                                                      (9,144)       (24,412)
Financing:                                                                  
  Repayment of obligations under finance                                    
   leases                                               (890)          (785)
  Dividends to shareholders                           (1,559)        (1,530)
  Issuance of common shares                            1,193          1,112 
  Repurchase of common shares                           (712)        (1,155)
  Interest paid                                       (2,051)        (2,016)
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                                                      (4,019)        (4,374)
                                                                            
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Change in cash and cash equivalents                    1,188        (42,343)
                                                                            
Cash and cash equivalents, beginning of period         3,210         50,052 
----------------------------------------------------------------------------
                                                                            
Cash and cash equivalents, end of period             $ 4,398        $ 7,709 
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Segmented Information

The Company operates in three main industry segments, which are substantially in one geographic segment. These segments are Contract Drilling Services, which includes the contracting of drilling equipment and the provision of labour required to operate the equipment, Rentals and Transportation Services, which includes the rental and transportation of equipment used in drilling, completion and production operations and Compression and Process Services, which includes the fabrication, sale, rental and servicing of natural gas compression and process equipment.

As at and for the three months ended March 31, 2014 (unaudited)

                  Contract     Rentals and  Compression                     
                  Drilling  Transportation  and Process                     
                  Services        Services     Services   Other(1)    Total 
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Revenue           $ 21,741        $ 38,628     $ 54,744       $ - $ 115,113 
                                                                            
Cost of services    11,570          18,118       43,005         -    72,693 
Selling, general                                                            
 and                                                                        
 administration      1,018           3,802        2,378     1,250     8,448 
Share-based                                                                 
 compensation            -               -            -       690       690 
Depreciation         1,866           3,824        1,932         -     7,622 
----------------------------------------------------------------------------
Results from                                                                
 operating                                                                  
 activities          7,287          12,884        7,429    (1,940)   25,660 
                                                                            
Gain on sale of                                                             
 property, plant                                                            
 and equipment          20              44        2,260        73     2,397 
Finance income           -               -            -     1,159     1,159 
Finance costs         (203)           (522)        (252)     (525)   (1,502)
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Net income (loss)                                                           
 before income                                                              
 taxes               7,104          12,406        9,437    (1,233)   27,714 
----------------------------------------------------------------------------
                                                                            
Goodwill                 -           2,514        1,539         -     4,053 
                                                                            
Total assets       116,158         251,252      170,590    12,334   550,334 
Total liabilities   25,088          55,878       39,035    69,399   189,400 
----------------------------------------------------------------------------
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Capital                                                                     
 expenditures      $ 8,319         $ 3,495      $ 7,238     $ 856  $ 19,908 
----------------------------------------------------------------------------
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As at and for the three months ended March 31, 2013 (unaudited)             
                                                                            
As at and for the                                                           
 three months     Contract     Rentals and  Compression                     
 ended            Drilling  Transportation  and Process                     
March 31, 2013    Services        Services     Services   Other(1)    Total 
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Revenue           $ 18,630        $ 39,201     $ 45,080       $ - $ 102,911 
                                                                            
Cost of services    10,767          15,973       36,015         -    62,755 
Selling, general                                                            
 and                                                                        
 administration        914           3,897        2,106     1,460     8,377 
Share-based                                                                 
 compensation            -               -            -     1,133     1,133 
Depreciation         1,798           3,861        1,271       238     7,168 
----------------------------------------------------------------------------
Results from                                                                
 operating                                                                  
 activities          5,151          15,470        5,688    (2,831)   23,478 
                                                                            
Gain (loss) on                                                              
 sale of                                                                    
 property, plant                                                            
 and equipment         (32)            165          798         -       931 
Finance income           -               -           53        89       142 
Finance costs         (201)           (548)        (233)     (447)   (1,429)
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Net income (loss)                                                           
 before income                                                              
 taxes               4,918          15,087        6,306    (3,189)   23,122 
----------------------------------------------------------------------------
                                                                            
Goodwill                 -           2,514        1,539         -     4,053 
                                                                            
Total assets       104,741         243,837      129,117     4,355   482,050 
Total liabilities   18,919          48,213       25,583    66,322   159,037 
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Capital                                                                     
 expenditures (2)  $ 1,259         $ 3,477     $ 15,671       $ 9  $ 20,416 
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(1) Other includes the Company's corporate activities, accretion of         
    convertible debentures and obligations pursuant to long-term credit     
    facilities.                                                             
(2) Includes January 1, 2013 acquisition of a process equipment fabrication 
    business included in Compression and Process Services segment.          

Total Energy Services Inc. is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas compression and process equipment. The common shares of Total Energy are listed and trade on the TSX under the symbol TOT.

Notes to Financial Highlights

1.  Operating earnings means results from operating activities and is equal
    to net income before income taxes minus gain on sale of property, plant
    and equipment plus finance costs minus finance income. EBITDA means
    earnings before interest, taxes, depreciation and amortization and is
    equal to net income before income taxes plus finance costs plus
    depreciation less finance income. Cashflow means cash provided by
    operations before changes in non-cash working capital items. Operating
    earnings, EBITDA and cashflow are not recognized measures under IFRS.
    Management believes that in addition to net income, operating earnings,
    EBITDA and cashflow are useful supplemental measures as they provide an
    indication of the results generated by the Company's primary business
    activities prior to consideration of how those activities are financed,
    amortized or how the results are taxed in various jurisdictions as well
    as the cash generated by the Company's primary business activities
    without consideration of the timing of the monetization of non-cash
    working capital items. Readers should be cautioned, however, that
    operating earnings, EBITDA and cashflow should not be construed as an
    alternative to net income determined in accordance with IFRS as an
    indicator of Total Energy's performance. Total Energy's method of
    calculating operating earnings, EBITDA and cashflow may differ from
    other organizations and, accordingly, operating earnings, EBITDA and
    cashflow may not be comparable to measures used by other organizations. 

2.  Per share data (diluted) and the number of common shares outstanding on
    a diluted basis includes the impact of the approximate 3.1 million
    common shares issuable upon the entire conversion of the $69 million
    principal amount of convertible debentures issued by the Company in
    February 2011. 

3.  Working capital equals current assets minus current liabilities. 

4.  Net Debt equals long-term debt plus obligations under finance leases
    plus convertible debentures plus current liabilities minus current
    assets. 

5.  Cashflow for the three months ended March 31, 2013 is net of $15.3
    million of income taxes paid during the period that relates to 2012
    taxable income as a result of the Company not having been required to
    make income tax installment payments during 2012. 

Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of Total Energy to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such factors include fluctuations in the market for oil and natural gas and related products and services, political and economic conditions, the demand for products and services provided by Total Energy, Total Energy's ability to attract and retain key personnel and other factors. Reference should be made to Total Energy's most recently filed Annual Information Form and other public disclosures (available at www.sedar.com) for a discussion of such risks and uncertainties.

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

Contacts:
Total Energy Services Inc.
Daniel Halyk
President & Chief Executive Officer
(403) 216-3921

Total Energy Services Inc.
Mark Kearl
Vice-President Finance and Chief Financial Officer
(403) 216-3920
[email protected]
www.totalenergy.ca

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