Click here to close now.




















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
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Palerra, the cloud security automation company, announced enhanced support for Amazon AWS, allowing IT security and DevOps teams to automate activity and configuration monitoring, anomaly detection, and orchestrated remediation, thereby meeting compliance mandates within complex infrastructure deployments. "Monitoring and threat detection for AWS is a non-trivial task. While Amazon's flexible environment facilitates successful DevOps implementations, it adds another layer, which can become a ...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...