Logan International Reports Fourth Quarter and FY 2012 Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 03/27/13 -- (All reported amounts are in US dollars unless otherwise noted)
Logan International Inc. (TSX: LII) ("Logan" or the "Company") today announced the financial results for its fourth quarter and 2012 fiscal year. Revenues in the fourth quarter were $45.4 million as compared to revenues of $37.3 in the fourth quarter of 2011. Net earnings from continuing operations were $4.8 million or $0.14 per diluted share, as compared to $1.6 million, or $0.05 per diluted share in last year's fourth quarter. This year's fourth quarter Modified EBITDA, as defined in the financial table below, increased to $10.1 million from $7.2 million in last year's fourth quarter.
In 2012, the Company's revenues increased to $171.1 million from $135.5 million, or by 26%, and earnings from continuing operations increased to $25.5 million, $0.75 per diluted share, from $8.9 million, $0.26 per diluted share. During the quarter ended September 30, 2012, the Company recognized a gain of $11 million, $0.33 per diluted share, from the change in the fair value of the contingent consideration relating to the acquisition of Xtend Energy Services Inc. ("Xtend"). In 2012, Modified EBITDA increased to $37.7 million from $29.7 million in 2011.
The Company completed the acquisition of Kline Oilfield Equipment, Inc. ("Kline") and Scope Production Development ("Scope") in the fourth quarter of 2011 and the acquisition of Xtend in March 2012. Therefore, the fourth quarter and year end results for 2011 include the Kline and Scope acquisitions from the respective acquisition dates. The fourth quarter and year end results for 2012 include the Xtend transaction from the date of its acquisition.
Gerald Hage, Chief Executive Officer, stated, "We are pleased with the Company's fourth quarter operating results. We saw continued strength in Logan Oil Tools fishing and stroking tools, Logan Completion Systems recorded our first sales into China and we benefitted from the contributions from both Scope and Xtend. We are especially pleased with the increase in Modified EBITDA because each one of our operating entities contributed to the increase. We are also pleased with the full year operating results as Modified EBITDA increased to $37.7 million from $29.7 million, or by 27%. The improvement in our 2012 operations was due to organic growth and to recently-completed acquisitions."
Fiscal year 2012 highlights include:
Note: The purchase of Xtend was completed on March 1, 2012, and, accordingly, the Company's twelve month period ended December 31, 2012 operating results included ten months of Xtend.
EBITDA and Modified EBITDA are provided as measures of the Company's operating performance without regard to financing decisions, share-based compensation payments, age and cost of equipment used and income tax impacts, all of which are factors that are not controlled at the operating management level. The contingent consideration expense consists of earnout payments made to former shareholders of Source Energy Tool Services, which were contingent on the former shareholders' continued employment with Logan International and the achievement of certain post -closing operating results. The contingent consideration gain is the change in fair value of expected earnout payments to the former owners of Xtend based on post -closing operating results. The acquisition accounting adjustments reverse the effect of the increase or step-up in cost basis of inventories acquired in a business combination. The transaction fees include the professional and other fees incurred in connection with the acquisitions in 2011 and 2012. The share-based compensation payments relate to non-cash share-based compensation expense related to the Company's stock option and restricted share unit plans, as well as stock appreciation rights.
(2) Includes bank and other borrowed debt and capital leases.
Forward-Looking Statements
This press release contains forward-looking statements. These statements relate to future events or future performance of Logan International. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward- looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect Logan International's current views with respect to certain events and are subject to certain risks, uncertainties and assumptions. Although Logan International believes that the expectations and assumptions on which the forward- looking statements are based are reasonable, undue reliance should not be placed on the forward- looking statements because we can give no assurance that they will prove to be correct. Many factors could cause Logan International's actual results, performance, or achievements to materially differ from those described in this press release. Readers are referred to Logan International's Annual Information Form filed on which identifies significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. Should one or more risks or uncertainties materialize or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements speak only as of the date of this press release. Logan International does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein in any jurisdiction.
For more information about Logan International Inc. please visit our website at
Contacts:
Logan International Inc.
Gerald Hage
Chief Executive Officer
403-930-6810 Calgary
832-386-2575 Houston
Logan International Inc.
Larry Keister
Chief Financial Officer
403-930-6810 Calgary
832-386-2534 Houston
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Datum: 27.03.2013 - 20:46 Uhr
Sprache: Deutsch
News-ID 243822
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CALGARY, ALBERTA
Kategorie:
Oil & Gas
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