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ENTREC Announces 2014 Second Quarter Financial Results

- Second quarter revenue increased by 7% to $52.9 million from $49.3 million in 2013

ACHESON, ALBERTA -- (Marketwired) -- 08/11/14 -- ENTREC Corporation (TSX:ENT) ("ENTREC" or the "Company"), a leading provider of heavy lift and heavy haul services, today announced financial results for the three and six months ended June 30, 2014.


                                   Three Months Ended      Six Months Ended 
$ thousands, except per share      June 30    June 30    June 30    June 30 
 amounts and margin percent           2014       2013       2014       2013 
                                                                            
Revenue                             52,924     49,307    114,919    101,010 
                                                                            
Gross profit                        16,472     17,545     32,885     35,497 
Gross margin                          31.1%      35.6%      28.6%      35.1%
                                                                            
Adjusted EBITDA(1)                  11,177     12,738     21,875     26,166 
  Margin(1)                           21.1%      25.8%      19.0%      25.9%
  Per share(1)                        0.10       0.12       0.19       0.26 
                                                                            
Adjusted net income(1)               1,500      4,461      2,689      9,946 
  Per share(1)                        0.01       0.04       0.02       0.10 
                                                                            
Net income                             983      4,427      2,418      9,827 
  Per share - basic                   0.01       0.04       0.02       0.10 
  Per share - diluted                 0.01       0.04       0.02       0.08 
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Note 1: See "Non-IFRS Financial Measures" section of the Company's          
Management Discussion & Analysis for the three and six months ended June 30,
2014.                                                                       

Second quarter revenue increased by 7% to $52.9 million, from $49.3 million in the comparative three months ended June 30, 2013. This growth reflects the positive impact of business acquisitions completed over the past year, partially offset by a $5.9 million year-over-year decline from the combined pro forma revenue ENTREC and each of its acquired businesses achieved independently in the three months ended June 30, 2013.

ENTREC continued to experience lower levels of equipment utilization during the second quarter of 2014, primarily related to a lag in construction projects in the Alberta oil sands region as well as in other industries served. This impact was partially mitigated by strong demand in northeast B.C. and northwest Alberta where ENTREC is supporting LNG-driven natural gas projects. Also mitigating the revenue decline was continued revenue growth in ENTREC's oil sands maintenance, repair and operation (MRO) contract work, an area the Company has actively targeted for growth.

Second quarter adjusted EBITDA was $11.2 million, compared to $12.7 million in Q2 2013, reflecting higher revenue, but a lower adjusted EBITDA margin of 21.1%, compared to 25.8% in Q2 2013. The year-over-year change in adjusted EBITDA margin reflects lower equipment utilization levels, changes in revenue mix, competitive pricing pressure in the heavy haul transportation sector due to the current lag in oil sands construction projects and higher fuel costs. Compared to the previous quarter ended March 31, 2014, ENTREC's adjusted EBITDA margin improved to 21.1% from 17.3%. Changes in revenue mix combined with cost reduction efforts and lower fuel costs contributed to this improvement.

For the three months ended June 30, 2014, ENTREC reported adjusted net income of $1.5 million, compared to $4.5 million in the same period last year. The year-over-year change reflects the lower adjusted EBITDA margin, together with increased finance costs and depreciation expense. Second quarter net income, reported in accordance with IFRS, declined to $1.0 million or $0.01 per share from $4.4 million or $0.04 per share last year.

"As we look ahead to the second half of 2014 and into early 2015, we are optimistic," commented John M. Stevens, ENTREC's President and CEO. "We expect utilization levels for our crawler and rough terrain cranes will increase over the next six months as project work begins to ramp up. Our growing crane fleet has also helped us establish a stronger presence in the market for long-term MRO contract work in the Alberta oil sands region. MRO work now represents approximately 20% of our total revenue."

Higher utilization levels for ENTREC's cranes could also continue throughout 2015 due to the long-term nature of many oil sands projects and the continuous long-term need for work under MRO contracts. The Company also anticipates continued robust activity levels in northeast B.C. and northwest Alberta through the remainder of 2014 as it supports numerous LNG-related natural gas projects. Additionally, demand and activity levels are expected to remain high in northwest B.C. where ENTREC is well positioned to support the region's growing industrial activity, including the future construction of LNG facilities. During the second quarter, ENTREC expanded its operations into Prince Rupert., B.C., complementing its existing operations in Terrace and Kitimat, B.C.

Although currently a small part of ENTREC's overall business (approximately 6% of total revenue), the Bakken region of North Dakota is generating significant demand for crane and heavy haul services. ENTREC has begun growing the capacity of its existing crane fleet in the area and has recently moved under-utilized transportation equipment from Canada to support growing demand. The Company is also cross selling its heavy haul transportation services to crane customers in the region.

ENTREC expects utilization levels for its platform trailers will remain below normal levels in the second half of 2014. The Company is optimistic that demand will increase in 2015, however, increased industry capacity from new and existing competitors will likely continue to place pricing pressure on these services. As a result, margins on heavy haul transportation services will likely remain below the levels achieved in prior years.

"Our overall competitive position and long-term outlook remain positive," added Mr. Stevens. "We are geographically positioned where we want to be, with a complete range of crane and heavy haul transportation services in the markets that we believe will drive significant growth in our business going forward. These markets include the Alberta oil sands, northern British Columbia and northwest Alberta's LNG infrastructure and supply industries, and the oil and gas industry in North Dakota's Bakken region."

Based on current expectations for future business activity, ENTREC reiterates its guidance that revenue for the year ending December 31, 2014 could range between $230 and $250 million. The Company also continues to estimate its overall adjusted EBITDA margin for the full fiscal 2014 year could range between 20% and 22%.

Normal Course Issuer Bid (NCIB)

During the six months ended June 30, 2014, ENTREC repurchased for cancellation 4,450,600 common shares for a total of cost of $6.2 million under its NCIB. On a year-to-date basis to August 11, 2014, ENTREC repurchased for cancellation a total of 5,575,800 common shares at a total cost of $7.8 million (average purchase price - $1.40 per share).

2014 Capital Expenditure Program

ENTREC's 2014 growth capital expenditures are focused on growing its crane fleet. The Company believes continued investment in this area will provide the scale to further increase its access to the recurring MRO support work in the Alberta oil sands region, conventional and unconventional oil and natural gas exploration and production in western Canada and North Dakota, and expected significant industrial construction work occurring in the oil sands and in northwest B.C.

In August 2014, ENTREC increased its 2014 capital expenditure program to $52 million from a previously announced program of $46 million. The $6 million increase primarily relates to additional crane units required to support awarded construction and MRO projects in the Alberta oil sands region.

ENTREC's 2014 capital expenditure program now consists of the following components:


$ thousands                                                                 
----------------------------------------------------------------------------
                                                                            
Growth capital expenditures - cranes                                  34,000
Growth capital expenditures - heavy haul transportation                5,000
Other growth capital expenditures                                      2,000
Maintenance capital expenditures                                      11,000
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Total                                                                 52,000
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During the six months ended June 30, 2014, ENTREC made capital expenditures of $30.5 million, consisting of $25.6 million in growth capital expenditures and $4.9 million in maintenance capital expenditures. ENTREC intends to fund the remainder of its 2014 capital expenditure program from its asset-based credit facility, finance leases and cash from operating activities.

Acquisition of Superior Oilfield Hauling (2005) Ltd. ("Superior")

On April 15, 2014, ENTREC acquired the business and assets of Superior, an oilfield transportation services supplier in the Cold Lake, Alberta oil sands region. Acquired for $5.1 million in cash, the transaction included Superior's fleet of nine winch tractors, two bed trucks, one picker truck and 24 conventional trailer units. The acquisition expands ENTREC's customer relationships and increases its service capabilities in this important region. The Superior business was integrated into ENTREC's existing operations in Bonnyville, Alberta.

Acquisition of Ranger Distributors Ltd. ("Ranger")

Effective July 3, 2014, ENTREC acquired the business and assets of Ranger Distributors Ltd. ("Ranger"). Based in Acheson, Alberta, Ranger provided industrial camp hauling and heavy haul transport services to the oil and natural gas and construction industries throughout western Canada. Ranger's fleet consisted of eight winch tractors, one bed truck and 35 conventional trailers units. The aggregate consideration paid for Ranger was $3.5 million in cash. This acquisition provided ENTREC with a strong recurring customer base and additional scale to continue to grow its industrial camp hauling capabilities. The Ranger business was integrated into ENTREC's existing operations in Acheson, Alberta.

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).

Second Quarter Conference Call

ENTREC will host a conference call and webcast to discuss its 2014 second quarter financial results tomorrow, August 12, 2014 at 9:00 am Mountain Time (11:00 am Eastern). The call can be accessed by dialing toll-free: 1-800-769-8320 or 416-340-8530 (GTA and International).

The conference call will also be available via webcast within the Investors section of ENTREC's website at: 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 Toronto Stock Exchange under the trading symbol "ENT".


Consolidated Statements of Financial Position                               
As at                                                   June 30  December 31
                                                           2014         2013
(thousands of Canadian dollars)                               $            $
                                                                            
ASSETS                                                                      
Current assets                                                              
  Cash                                                      698          651
  Trade and other receivables                            49,093       45,146
  Income taxes receivable                                 2,731            -
  Inventory                                               2,718        2,552
  Prepaid expenses and deposits                           3,111        2,487
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                                                         58,351       50,836
Non-current assets                                                          
  Long-term deposits and other assets                     9,827        4,910
  Property, plant and equipment                         228,916      207,205
  Intangible assets                                      25,732       27,560
  Goodwill                                               69,954       69,276
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Total assets                                            392,780      359,787
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LIABILITIES AND SHAREHOLDERS' EQUITY                                        
Current liabilities                                                         
  Trade and other payables                               22,712       18,335
  Income taxes payable                                        -        1,876
  Acquisition consideration payable                       1,785          587
  Current portion of long-term debt                         411       20,619
  Current portion of obligations under finance                              
   lease                                                  1,834        1,788
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                                                         26,742       43,205
Non-current liabilities                                                     
  Long-term debt                                        127,084       76,321
  Obligations under finance lease                         3,178        2,422
  Notes payable                                           7,294        7,294
  Convertible debentures                                 22,078       23,557
  Deferred income taxes                                  28,914       27,220
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Total liabilities                                       215,290      180,019
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Shareholders' equity                                                        
  Share capital                                         137,046      141,711
  Contributed surplus                                     9,112        9,155
  Retained earnings                                      30,950       28,532
  Accumulated other comprehensive income                    382          370
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Total shareholders' equity                              177,490      179,768
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Total liabilities and shareholders' equity              392,780      359,787
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Consolidated Statements of Income    Three Months Ended    Six Months Ended 
                                      June 30   June 30   June 30   June 30 
(thousands of Canadian dollars,          2014      2013      2014      2013 
 except per share amounts)                  $         $         $         $ 
                                                                            
Revenue                                52,924    49,307   114,919   101,010 
Direct costs                           36,452    31,762    82,034    65,513 
----------------------------------------------------------------------------
                                                                            
Gross profit                           16,472    17,545    32,885    35,497 
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Operating expenses                                                          
General and administrative expense      5,683     5,637    11,811    10,327 
Depreciation of property, plant and                                         
 equipment                              5,994     4,083    11,660     7,952 
Amortization of intangible assets         987       778     1,957     1,543 
Share-based compensation                  430       427       889       883 
Loss on disposal of property, plant                                         
 and equipment                            190       136        99       150 
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                                       13,284    11,061    26,416    20,855 
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Income before finance items and                                             
 income taxes                           3,188     6,484     6,469    14,642 
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Finance items                                                               
  Finance costs                         2,233     1,743     4,972     3,454 
  Gain on change in fair value of                                           
   embedded derivative                   (562)     (982)   (2,110)   (1,868)
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                                        1,671       761     2,862     1,586 
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Income before income taxes              1,517     5,723     3,607    13,056 
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Income taxes                                                                
  Current                                  39       524      (498)    1,797 
  Deferred                                495       772     1,687     1,432 
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                                          534     1,296     1,189     3,229 
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Net income                                983     4,427     2,418     9,827 
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Earnings per share - basic               0.01      0.04      0.02      0.10 
Earnings per share - diluted             0.01      0.04      0.02      0.08 
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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, integration, and other specifically noted non-recurring costs. During the second quarter ended June 30, 2014, the Company included its initial Toronto Stock Exchange listing fee of $0.2 million within 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 change in fair value of the embedded derivative related to the 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 three and six months ended June 30, 2014 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 press release relate to, but are not limited to: plans to execute a revised 2014 capital expenditure program of $52 million; belief utilization levels for ENTREC's crawler cranes and rough terrain cranes will increase over the next six months as project work begins to ramp up; expectation higher utilization levels for ENTREC's cranes could continue throughout 2015 due to the long-term nature of many oil sands projects and the continuous long-term need for work under MRO contracts; expectation that ENTREC will continue to achieve robust activity levels from its operations in northeast B.C. and northwest Alberta throughout the remainder of 2014; anticipation of accelerated growth in the Bakken region of North Dakota in the future; expectation that utilization levels for ENTREC's platform trailers will continue to be lower in the second half of 2014, but may increase in 2015 and that margins will likely remain below the levels achieved in prior years; estimate that revenue for the year ending December 31, 2014 could range between $230 million and $250 million; estimate that overall adjusted EBITDA margin for fiscal 2014 could range between 20% and 22%; belief that ENTREC's 2014 capital expenditure program will provide the Company additional scale to increase its access to the recurring MRO support work in the Alberta oil sands region as well as the significant construction work occurring in both the oil sands and in northwest B.C.; and plan to fund the remainder of ENTREC's 2014 capital expenditure program from its asset-based credit facility, finance leases and cash from operating activities.

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 throughout the latter part of 2014 and in 2015; 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 and expected project work begins to ramp up and utilization levels increase; certain of the planned development of LNG facilities proceed and certain customers choose to use 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 in 2015; 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 three and six months ended June 30, 2014. 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, weather and seasonality, availability of debt and equity financing, and competition. These risk factors are interdependent and the impact of any one risk or uncertainty on a particular forward-looking statement is not determinable.

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.

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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