Cdn Oilfield earns $1.14-million (U.S.) in six months
2012-08-22 19:41 ET - News Release
Mr. Phil D'Angelo reports
COTS REPORTS JUNE 30, 2012 FINANCIAL RESULTS
Cdn Oilfield Technologies & Solutions Corp. has released the results of its second quarter ended June 30, 2012. All dollar amounts are in U.S. dollars, except where noted.
The company reported six-month sales to June 30, 2012, of $14,479,880, up from $3,119,896 for the same six-month period in 2011 (an increase of 365 per cent over 2011). Comprehensive income rose to $1,143,242 for the six months, reflecting an increase of $1,311,053 over the same period in 2011 where a loss of $168,811 was reported.
Funds flow from operations totalled $1,200,935 for the six months ended June, 2012, versus a deficit of $473,952 reflected for the same period in 2011 (a difference of $1,674,887). Copies of the June 30, 2012, condensed consolidated interim financial statements and management's discussion and analysis can be viewed on SEDAR.
Highlights for the six months ended June 30, 2012:
- The company showed positive sales growth in Mexico. Both pipe and infrastructure projects have contributed immensely to the growth in the Mexican market.
- The company completed the Terra 114 project and started three additional smaller projects. Two are completed as of June 30, 2012, and one is continuing.
- Flexible steel pipe sales for the six months totalled 16.7 kilometres and additional sales of 17.8 kilometres were delivered in July, with sales opportunities continuing to grow.
- The company completed the placement of $2,515,000 (Canadian) of debentures on April 20, 2012. The terms of the debentures include annual interest at 12 per cent plus one warrant for each dollar of debenture. In addition, a short-term loan for $700,000 (Canadian) at 12-per-cent interest per year was attained to assist in the expanded scope and size for project Terra 114 and other projects moving forward.
- Effective July 18, 2012, CBM Pumps and Service Inc. has been rebranded to Extreme Pump Solutions Inc. The rebranding is in line with the company's restructuring of its pump business in the United States. Over the past year, Extreme showed a drop in sales in the pump business, primarily attributable to reduced drilling activity by oil and gas companies in the Unites States, predicated by the commodity price of natural gas dropping. New management has implemented changes in focus, supply, inventory, product quality and control areas in operations, and is now expanding its sales and marketing opportunities.
- The company continues to assess opportunities for expanded business in the United States and Mexico.
|
