SERVICE SECTOR / Canadian Crude Separators reports 1st 3 months Results
Canadian Crude Separators Inc. today announced results for the three months
ended March 31, 1998.
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Three Months Ended March 31
$000 except where noted 1998 1997
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Revenue 14,267 8,495
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EBITDA 5,878 3,114
Per share ($) 0.47 0.35
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Net Income 2,565 1,344
Per share ($) 0.20 0.15
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Results for the three months ended March 31, 1998 reflect the substantial
growth of the Company over the last year. Revenue for the period amounted to
$14.3 million, a 68% increase over the same period in 1997. An expanded fleet
of service rigs, new facilities in the treating and waste division and higher
utilization of substantially all of the Company's assets contributed to this
increase.
The growth of the Company, combined with continuous efforts to refine
processes and equipment, have resulted in improved efficiencies. EBITDA
increased by $2.8 million or 88% over the first quarter of 1997. As a percent
of revenue, EBITDA increased to 41 % in the first quarter of 1998 from 37% in
1997. Net income increased by 89% in the first quarter of 1998 over the same
period in 1997 and as a percent of revenue increased to 18% from 16%.
Dave Werklund, CEO, said "as a result of our growing cash flow and earnings
and a strong balance sheet, we are in a position to continue to pursue growth
opportunities in our core businesses. The current depressed oil price
environment will have some, impact on our cash flow as producers reconsider
their alternatives particularly with respect to the development of heavy oil
projects. This will be cushioned somewhat by strong natural gas activity, to
which the service rig fleet has a large exposure, and continued high
conventional oil activity levels in areas served by our facilities in
northern Alberta."
For further information please contact;
Alec McDougall Bob German
President and Chief Operating Officer Vice President, Finance
Ph: (403) 233-7565 Ph: (403) 231-1103
Fax: (403) 261-5612 Fax: (403) 261-5612
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