Here's a plug for CCR which just announced great Q3 results this week:
CANADIAN CRUDE SEPARATORS INC. ANNOUNCES 1998 THIRD QUARTER EARNINGS BEFORE GAIN ON ASSETS INCREASES BY 261%, CONTINUED RECORD GROWTH
CALGARY, ALBERTA--
Canadian Crude Separators Inc. today announced results for the
nine months ended September 30, 1998.
$000 except
where noted Three Months Ended Nine Months Ended
September 30, September 30,
1998 1997 1998 1997
Revenue 10,395 7,574 33,065 21,626
EBITDA 3,419 1,973 10,902 6,131
Per share ($) .26 .22 .85 .68
Net Income before
gain on sale of
assets 1,419 393 4,259 1,927
Per share .11 .05 .33 .24
Net Income 1,419 1,344 4,259 2,878
Per share ($) .11 .17 .33 .32
Results for the first nine months of 1998 continue to reflect
the growth of the Company over the last year. Revenue for the
first nine months of 1998 was $33.1 million (a 53% increase
over 1997). Optimization of existing assets, an expanded fleet
of service rigs, the Unity cavern, and two new landfills
contributed to this increase.
The positive impact of efforts to improve the efficiency of
operations is reflected in the increase in EBITDA to $10.9
million compared to $6.1 million in 1997. As a percent of
revenue, EBITDA increased to 33% for the first three quarters
of 1998 from 28% in 1997. Net income before gain on sale of
assets increased by 121% or $2.3 million for the first nine
months of 1998 compared to the same period in 1997. Net income
increased by 48% or $1.4 million for the first nine months of
1998 compared to the same period in 1997.
Results for the third quarter show continued improvement over
the same period in 1997. Revenue and EBITDA were 37% and 74%
higher for the third quarter of 1998 than for the corresponding
period in 1997. Net income before gain on sale of assets
increased from $393,000 in the third quarter of 1997 to
$1,419,000 in the third quarter of 1998, for an increase of
261% for the 1998 results versus 1997.
Dave Werklund, President & CEO, said, "We have had a very
successful first nine months of 1998 and our operational
results have improved considerably in 1998 versus 1997. This is
due to the installation of new facilities, the optimization of
existing facilities, acquisitions, and continued high
conventional oil and natural gas activity levels which have
more than offset the lower activity levels in heavy oil. As
well, our successful completion of the acquisition of the
assets of Caprice Holdings Inc. and Agassiz Developments Ltd.
on October 15, 1998 has increased the number of our oilfield
waste processing, emulsion treating and disposal facilities
from 11 to 13. This will continue the growth and sustained
profitability of the Company and, due to our strong balance
sheet, earnings and cashflow, we will continue to pursue growth
opportunities in our core business."
For further information please contact:
Dave Werklund
Chairman, CEO & President
Ph: (403) 233-7565
Fax: (403) 261-5612
Murray Montgomery, C.A.
Vice President, Finance & CFO
Ph: (403) 231-1103
Fax: (403) 261-5612 |
