SERVICE SECTOR / Artisan Corp. reports 1997 Results
CALGARY, March 11 /CNW/ - ARTISAN CORPORATION (TSE: ADR) announces a
record fourth quarter in 1997. Compared to the same quarter in 1996, revenues
increased 54% to $41 million, net earnings increased by 89% to $4.7 million
(35 cents/share, basic), and cash flow rose 97% to $8.1 million (62
cents/share, basic).
For the year ending December 31, 1997, revenue increased 78% to $141
million, net earnings grew by 143% to $15.5 million ($1.24/share, basic), and
cash flow improved 116% to $24.5 million ($1.97/share, basic), compared to the
same period in 1996.
Artisan expects that the first quarter of 1998 will be strong due to high
activity levels in the oil and gas industry.
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SUMMARY OF UNAUDITED RESULTS FOR THE YEAR ENDED DECEMBER 31, 1997
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(in thousands of dollars except for per share amounts)
Fourth Quarter Twelve Months
1997 1996 % Change 1997 1996 % Change
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Revenue $41,017 $26,699 54% $141,188 $79,425 78%
Earnings $4,670 $2,471 89% $15,481 $6,364 143%
Earnings per Share
Basic $0.35 $0.21 $1.24 $0.54
Fully Diluted $0.33 $0.20 $1.16 $0.52
(x)Cash Flow $8,095 $4,119 97% $24,503 $11,342 116%
Cash Flow per Share
Basic $0.62 $0.35 $1.97 $0.96
Fully Diluted $0.57 $0.33 $1.82 $0.91
(x) Denotes cash flow from operation before changes in non-cash working
capital.
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On December 19, the second 1997 interim dividend of 5 cents per common
share was paid to Artisan shareholders of record on November 28, 1997.
In December 1997, Artisan acquired all of the assets of a privately owned
wireline company and two companies providing coiled tubing services primarily
on gas wells. These transactions added four wireline trucks and 11 coiled
tubing units to the Corporation's operating assets. The operational
management and staff of the vendors have joined the Artisan team and will
continue to operate the purchased assets. These acquisitions will provide new
business opportunities for the Corporation in 1998.
Artisan Corporation is an oil and gas service company operating in
Western Canada which provides drilling, well servicing with coiled tubing and
service rigs, wireline, production testing, well optimization services, and
manufactures production equipment.
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Consolidated Statement of Earnings
Three Months Ended Year Ended
(Unaudited in $000s, December 31 December 31
except per share amounts) 1997 1996 1997 1996
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Revenue $ 41,017 $ 26,699 $ 141,188 $ 79,425
Expenses
Operating 28,898 19,326 100,246 58,967
General and administrative 1,652 1,241 5,770 4,027
Depreciation and amortization 1,927 1,291 6,420 4,106
Other (108) (10) (312) (61)
Interest on long term debt 155 94 537 191
Short term interest (155) 75 (40) 119
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32,369 22,017 112,621 67,349
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Earnings before income taxes 8,648 4,682 28,567 12,076
Income taxes
Current 2,391 1,855 10,299 4,888
Deferred 1,587 356 2,787 824
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3,978 2,211 13,086 5,712
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Net Earnings $ 4,670 $ 2,471 $ 15,481 $ 6,364
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Earnings per share
Basic $ 0.35 $ 0.21 $ 1.24 $ 0.54
Fully diluted $ 0.33 $ 0.20 $ 1.16 $ 0.52
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Consolidated Balance Sheet
As at December 31
(Unaudited in $000s)
1997 1996
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Assets
Current assets $ 33,300 $ 22,399
Fixed assets 75,628 34,792
Goodwill 5,210 575
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$ 114,138 $ 57,766
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Liabilities and Shareholders' Equity
Current liabilities $ 28,065 $ 18,658
Long term debt 12,078 3,654
Deferred tax 5,856 3,550
Shareholders' equity 68,139 31,904
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$ 114,138 $ 57,766
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