SERVICE SECTOR / Badger Daylighting reports 1997 Financial Results
RED DEER, Feb. 18 /CNS/ - Badger Daylighting Inc., (''Badger'', the
''Corporation'') is pleased to report its audited financial results for the
year ended November 30, 1997.
(Millions of Cdn dollars, unless noted)
1997 1996 Change
Revenues $ 26.1 $ 5.2 + 402%
EBITDA $ 5.5 $ 1.3 + 323%
Net Income $ 2.2 $ 0.6 + 267%
Capital Additions (excluding
acquisitions) $ 9.6 $ 2.8 + 243%
Working Capital $ (0.3) $ (4.8)
Long-term Debt (including
current portion) $ 4.1 $ 0.8
Total Assets $ 51.7 $ 14.8
Shareholders' Equity $ 25.5 $ 5.9
Weighted Average Numbers of Shares 12.8 5.9
(millions of shares)
E.P.S. (dollars per share) $ 0.17 $ 0.10 + 70%
Cash flow per share from operations $ 0.42 $ 0.20 + 60%
Net income for the year ended November 30, 1997 was $2.2 million as
compared to $0.6 million in 1996, an increase of 267%. Revenues for 1997 were
$26.1 million, an increase of more than 400% over 1996. 1997 earnings per
share increased by 70% over 1996 to $0.17.
Commenting on the results, Ken Rose, President and CEO of Badger
remarked, ''We are pleased to report, for the second consecutive year, record
revenues and earnings for Badger. During 1997, the operations of the Bomega
division were successfully integrated and the Corporation achieved several
growth milestones, including the acquisition of Hewlett Shoring Systems, Ltd.,
the acquisition of Delta Oilfield Construction (''Delta'') and the licensing
of Baseline Technologies, Inc.'s Pipeline Information Control System. Badger
is now well positioned to provide a fully integrated service to the pipeline
and utility sectors. We expect net income to increase substantially in 1998
as Delta operations are integrated and Badger expands into pipeline integrity
and repair services utilizing Baseline's software system. The consolidation
of Badger's operations into one facility late in 1997 will further improve
profit margins in 1998 by increasing efficiency and reducing overhead costs.''
Mr. Rose further commented, ''During 1997 we added 21 hydrovac units and
1 environmental unit to the fleet, bringing the total number of operating
units to 42 as at November 30, 1997. Utilization rates for our operating
units exceeded 74% for the year. All divisions are currently operating at
full capacity.
Badger Daylighting Inc. is a Red Deer, Alberta based vertically
integrated industrial technology company providing various services and
equipment to the oil and gas, pipeline and utilities industries. The
Corporation specializes in ''daylighting'' underground structures and
trenching using a patented hydrovacing process that is safer than typical
excavation systems. ''Daylighting'' is a term used in the industry to
describe the removal of the soil cover to allow for visual observation of an
underground structure. A hydrovac excavating system is one which
simultaneously uses water under high pressure to remove soil cover and a
vacuum system to suck up the debris. In addition to hydrovac services, Badger
provides a complementary suite of products and services to its customers
including small inch pipeline facilities and construction, pipeline anomaly
locating, line locating, shoring, environmental services and designing and,
manufacturing industrial equipment. |
