Badger first quarter results
Badger Daylighting Inc BAD
Shares issued 20,180,943 2000-04-11 close $2.5
Tuesday Apr 11 2000
Mr. Brian Anderson reports
Badger Daylighting has released its financial results for the quarter ended Feb. 29, 2000.
FINANCIAL HIGHLIGHTS
Three months ended Feb. 29
(thousands of dollars)
2000 1999
Revenues $ 20,561 $ 21,782
Direct costs 14,146 17,049
Selling, general
and administration 2,666 1,844
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EBITDA 3,749 2,889
Amortization 1,624 2,406
Interest 626 416
Gain on sale of
capital assets (18) -
-------- --------
Income before
income taxes 1,517 67
Income taxes
Current 269 (36)
Deferred 243 236
-------- --------
Net income (loss) $ 1,005 $ (133)
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Net income (loss)
per share 5 cents (1 cent)
Badger returned to profitability in the first quarter 2000. Net income was $1-million, compared with a loss of $133,000 for the same period in the previous year. Revenues decreased by $1.2-million, compared with 1999. The return to profitability was driven by increased margins in the pipeline construction division. Cash flow from operations increased over last year from $2.5-million in 1999 to $2.9-million in 2000.
Working capital was $829,766 at Feb. 29, 2000, compared with $901,753 at year-end, Nov. 30, 1999.
Long-term debt at the end of Q1, 2000, was $19.3-million as compared with $21.4-million at year-end 1999.
The company's reportable operating segments are distinct business units that offer different products and services within the petroleum and utility industries. (The company developed each unit through the acquisition of various businesses.) The company has five reportable operating segments: corporate, daylighting services, pipeline construction, manufacturing and other.
The corporate segment provides management and administration services to all of the operating segments.
The daylighting services segment designs and manages hydrovacuum trucks which reduce the inherent dangers and difficulties involved with exposing underground pipelines and utilities.
The pipeline construction segment installs small inch oil and gas pipelines and facilities.
The manufacturing segment produces and markets a wide variety of light and heavy industrial equipment for the oil and gas, utilities, and construction industries.
Included in the company's other reportable segment are activities related to shoring, supplying parts, repair and maintenance services, software development, and data management for the oil and gas industry.
Daylighting
A total of eight units were added during the first quarter. The focus of the daylighting division continues to be expansion into the United States. At the end of the first quarter, 50 per cent of the daylighting divisions units were operating in non-petroleum related industries (13 in Ontario and 52 in the United States). Utilization rates in every region increased month over month through the first quarter.
Pipeline construction
The pipeline construction season didn't get started until mid-January. In spite of this late start, the team at Delta was not only busy but also profitable. While year-over-year revenues declined, both EBITDA and NIBT increased substantially.
Manufacturing
Increased activity levels in the manufacturing division are attributable to increased activities in the oil and gas industry.
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