Welcome!

News Feed Item

Lonestar West Announces Q1 Results

SYLVAN LAKE, ALBERTA -- (Marketwired) -- 05/20/14 -- Lonestar West Inc. (TSX VENTURE:LSI) today announced the financial results for the quarter ended March 31, 2014.

Lonestar is pleased to announce it has achieved strong revenues and EBITDAC in the quarter ended March 31, 2014.

On November 12, 2013, Lonestar West Inc. ("Lonestar" or the "Company") announced that it changed its financial year-end from June 30, to December 31. This change in year-end allows the Company to provide continuous disclosure information on a comparable basis with its industry peer group. The March 31, 2014 results are the first quarter reported since the change in year end.

Highlights for the quarter ended March 31, 2014 include:


--  Revenues increased 31.2% to $11,518,959 from $8,776,667 in the previous
    year equivalent quarter. 
--  EBITDAC increased 36.5% to $2,124,961 from $1,556,431 in the previous
    year equivalent quarter. 
--  EBITDAC per basic share increased 11% to $0.10 from $0.09 in the
    previous year equivalent quarter. 
--  Income before taxes was $1,112,939 a $93,619 increase in comparison to
    the $1,019,320 income before taxes in the previous year equivalent
    quarter. 
--  Net income for the quarter was $834,704 a $72,486 increase in comparison
    to the $762,218 net earnings in the previous year equivalent quarter. 

A total of 38 units were added to the Company's fleet since March 31, 2013 for a total of 87 units at the end of the quarter. In addition, the geographical reach of the business has been expanded with the addition of four bases since March 31, 2013. The Company now operates 11 bases throughout Western Canada, California, Oklahoma, and Texas as of March 31, 2014. The increase in fleet size and base coverage was reflected with a 31.2% increase in gross revenues from the previous year equivalent quarter.

EBITDAC rose by 36.2% from the previous year equivalent quarter with a rise from $1,556,431 to $2,124,961. The increase in operating results can be credited to a strong quarter experienced by the Canadian division. EBITDAC for the Canadian division rose from $1,664,295 to $2,195,201. In addition, EBITDAC margin rose from 19.2% to 21.4% of revenues as increased operating efficiencies were realized.

Management is in the early stages of building its United States platform to sustain future growth. As a result the Company incurred costs associated with developing new bases and the hiring of key management personnel. This had a direct impact on the EBITDAC and earnings for the United States for the quarter ended March 31, 2014. Management anticipates the benefits relating to implementing its growth strategy in the United States will be experienced in future quarters.

"We had a strong first quarter and are pleased with our growth in revenues and EBITDAC. We are beginning to see the benefits of our fleet and base expansion and believe that we will see improved economics as critical mass is achieved in our United States operations. As of May 20, our United States revenues have already exceeded our first quarter United States revenues," commented James Horvath, CEO and President of Lonestar.

Subsequent to March 31, 2014 the Company has entered into a letter of intent to purchase an oilfield services company located in Western Canada. Total consideration in relation to the purchase would be $9,161,000 comprising of $2,000,000 in common share of Lonestar West Inc. and $7,191,000 combination of cash and a promissory note. Completion of the acquisition is conditional upon, among other things, the Company completing its remaining due diligence, execution of a definitive acquisition agreement, approval by its Board of Directors and all necessary regulatory approvals, including approval of the TSX Venture Exchange. In calendar 2013, the target company achieved EBITDAC of $2,610,000.

About Lonestar West

Based in Sylvan Lake, Alberta, Lonestar West Inc. operates a fleet of 89 HVAC and Vacuum trucks throughout Western Canada, California, Oklahoma, Texas and has recently expanded into Kansas. It is focused on profitably growing its HVAC services to become a major competitor in the North American market.

For more information please visit the Lonestar West website at www.lonestarwest.com.

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.

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
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, provideed economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session also included a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Infrastructure is widely available, but who’s managing inbound/outbound traffic? Data is created, stored, and managed online – who is protecting it and how? In his session at 19th Cloud Expo, Jaeson Yoo, SVP of Business Development at Penta Security Systems Inc., discussed how to keep any and all infrastructure clean, safe, and efficient by monitoring and filtering all malicious HTTP/HTTPS traffic at the OSI Layer 7. Stop attacks and web intruders before they can enter your network.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
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...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.