|By Marketwired .||
|May 20, 2014 07:26 PM EDT||
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.
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Feb. 10, 2016 12:00 AM EST Reads: 366
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 10, 2016 12:00 AM EST Reads: 187
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Feb. 9, 2016 11:45 PM EST Reads: 299
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 9, 2016 10:15 PM EST Reads: 226
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 9, 2016 06:00 PM EST Reads: 187
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
Feb. 9, 2016 06:00 PM EST Reads: 476
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 9, 2016 05:00 PM EST Reads: 153
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 9, 2016 04:00 PM EST Reads: 592
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Feb. 9, 2016 04:00 PM EST Reads: 197
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Feb. 9, 2016 03:45 PM EST Reads: 133
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 9, 2016 03:15 PM EST
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
Feb. 9, 2016 03:00 PM EST Reads: 235
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Feb. 9, 2016 03:00 PM EST Reads: 353
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 9, 2016 03:00 PM EST Reads: 169
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 9, 2016 02:45 PM EST Reads: 193