Destiny Resource Services Corp.: Record Results For 2001
earnings of 19 cents... trading at 34 cents
CALGARY, ALBERTA--Destiny Resource Services Corp. announced today
its results for 2001, reporting income of $8,021,000 ($0.19 per
share) compared to a loss of $13,016,000 ($0.53 per share) in
2000.
"We are very pleased to report the financial success earned by the
many changes that took place in Destiny in 2001" said Bruce Libin,
Executive Chairman and Chief Executive Officer. "We committed to
being focused and to adding value for our customers. With those
objectives, together with Destiny's focus on quality, safety and
environmental standards, we have significantly enhanced our
businesses and produced results for our shareholders."
/T/
FINANCIAL HIGHLIGHTS
Year ended December 31 2001 2000 Change
(000s, except per share amounts) $ $ %
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Revenue 98,142 115,987 (15.4)
Income (loss) for the year 8,021 (13,016) 161.6
Per share - basic 0.19 (0.53) 135.8
Per share - diluted 0.17 (0.53) 132.1
Cash flow from operations(1) 14,100 (777) 1,914.7
Per share - basic 0.34 (0.03) 1,233.3
Per share - diluted 0.30 (0.03) 1,100.0
EBITDA(2) 16,963 (1,588) 1,168.2
Per share - basic 0.41 0.06 583.3
Per share - fully diluted 0.36 0.06 583.3
Capital expenditures 4,697 4,870 (3.6)
Working capital surplus (deficiency) 1,386 (10,072) 113.8
Total assets 46,436 58,075 (20.0)
Long-term debt and debenture(3) 15,494 19,562 (20.8)
Shareholders' equity 14,018 1,865 651.6
Weighted average shares outstanding (000s)
Basic 41,161 24,718 66.5
Fully diluted 46,814 24,833 88.5
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(1) Before net change in non-cash working capital.
(2) Earnings before interest, taxes, amortization and write-down of
capital assets
(3) Not including current portion
/T/
"We are very proud of the progress Destiny made this past year and
see Destiny as well positioned for 2002 and beyond" said Libin.
"While the general reduction in capital expenditures by
exploration and production companies in the fourth quarter of 2001
and the first quarter of 2002 is being felt by the entire service
industry, including Destiny, we believe 2002, as a whole, will
prove to be one of profit and significant further progress for
Destiny."
Destiny also announced that Mr. Libin, expressing his confidence
in the Company, will be taking his bonus for 2001 in shares of
Destiny. The bonus will be paid by the issuance of 833,333 shares
at $0.30 per share (being the closing price of Destiny shares on
the TSE the day before the award by the Compensation Committee of
the Board), with the issuance, the number of shares and the price
per share being subject to regulatory approval.
Destiny Resource Services provides fundamental services to energy
explorers and producers in three of the primary phases of oil and
gas exploration and production: Seismic Front-End Services is
comprised of seismic survey and mapping services, seismic line
clearing and shothole drilling. Surface Preparation Services
includes wellsite preparation, oilfield road and lease
construction and maintenance as well as wellsite reclamation.
Post-Drilling Services focuses on pipeline gathering systems and
facility construction, piping and structural fabrication and
managed oilfield maintenance contracting.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Destiny Resource Services Corp.
Bruce R. Libin, Q.C.
Executive Chairman and Chief Executive Officer
(403) 237-6437
(403) 233-8714 (FAX)
Email: blibin@destiny-resources.com
Website: www.destiny-resources.com |
