Northern Frontier Corp. Announces its Fourth Quarter and Fiscal 2014 Financial Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/19/15 -- Northern Frontier Corp. (TSX VENTURE: FFF) ("Northern Frontier" or the "Corporation") announces its fourth quarter and fiscal 2014 financial results.
For the fourth quarter of 2014, Northern Frontier experienced average activity levels across both business lines. Monty Balderston, Executive Vice President and CFO commented, "Overall we generated $18.4 million in revenue and $4.4 million in Adjusted EBITDA during the quarter."
Also of note, the Corporation announced at the end of December 2014, that a significant client was considerably reducing its planned 2015 civil expenditures and therefore, management immediately reacted by adjusting its cost structure to be commensurate with the lower level of activity expected in fiscal 2015. These measures included reductions in personnel, capital expenditures, elective maintenance and SG&A. Mr. Yellowega stated, "With the excess equipment capacity this decision created, we are aggressively marketing our civil abilities in geographical markets outside of our core Conklin, Alberta operating region to strengthen and diversify our customer base." He added, "our operational management has significant experience leading businesses through commodity driven downturns such as the one we currently face and we are diligently structuring the business to not only weather the current situation, but to be able to take advantage of opportunities when activity levels improve."
For fiscal 2014 management completed a number of steps in its strategy to build an integrated industrial energy services business. During 2014 Northern Frontier:
Pro forma financial information
Northern Frontier acquired all of the issued and outstanding shares of Central Water on August 28, 2014 and the NEC Group on September 27, 2013. Actual financial results of the Corporation only reflect the activities of Central Water subsequent to August 28, 2014 and the NEC Group subsequent to September 27, 2013.
Assuming Northern Frontier acquired Central Water and the NEC Group on January 1, 2013, the pro forma consolidated financial results would have been as follows:
Select financial information
The following results only reflect the activities of the acquired businesses mentioned above subsequent to their respective acquisition dates.
Financial results
Financial Position
In addition to the commentary already provided on the financial results, included in the fourth quarter 2014 net loss of $22.7 million (fiscal 2014 - $27.4 million) was $26.9 million in impairment losses on long-lived assets. The impairments reflect management's lower near-term expectations of discounted future cash flows based on risk-adjusted visibility on future industry activity as at December 31, 2014.
Additional information
Northern Frontier's audited consolidated financial statements for the 12 months ended December 31, 2014 and 13 months ended December 31, 2013 and management's discussion and analysis ("MD&A") for year ended December 31, 2014 have been filed with the Canadian securities regulatory authorities and may be accessed under the Corporation's profile on SEDAR at .
Conference call
Management will hold a conference call on Friday, March 20, 2015, at 9:30 a.m. Calgary / 11:30 a.m. Toronto time. The call will feature remarks by Monty Balderston, Executive Vice President and CFO regarding the financial results.
Conference dial-in instructions are as follows:
Toronto: 416.340.2218
North America: 1.866.223.7781
A replay of the call will be available 24 hours after the event until 11:59 p.m. EST on March 27, 2015. To access the archived conference call, please dial 905.694.9451 or 1.800.408.3053 and enter passcode 2834642.
About Northern Frontier Corp.
Northern Frontier's strategic objective is to create a large industrial and environmental services business through a buy and build growth strategy. Currently, the Corporation provides civil construction and excavation services to the industrial industry, primarily in the in situ Oilsands region south of Fort McMurray, Alberta and bulk water and fluids transfer logistic services in western Canada.
The Corporation's common shares and common share purchase warrants are listed on the TSX Venture Exchange under the trading symbol "FFF", "FFF.WT" and "FFF.WT.A", respectively.
Reader Advisory
Forward-Looking Statements
This news release includes certain statements that constitute forward-looking statements under applicable securities legislation. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. These forward-looking statements include, among other things, statements in respect of:
These statements are only predictions and are based upon current expectations, estimates, projections and assumptions, which the Corporation believes are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. In making such forward-looking statements, assumptions have been made regarding, among other things, industry activity, the state of financial markets, business conditions, continued availability of capital and financing, future oil and natural gas prices and the ability of the Corporation to obtain necessary regulatory approvals. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. Investors are cautioned that forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Corporation has no obligation to update any forward-looking statements set out in this news release, except as required by applicable law.
Non-GAAP Measures
Selected financial information for the three and 12 month periods ended December 31, 2014 and the three and 13 month periods ended December 31, 2013 are set out above and includes the following measures that are not recognized under International Financial Reporting Standards ("IFRS") and are non-generally accepted accounting principles ("non-GAAP") measures: EBITDA, Adjusted EBITDA, Working Capital and Funded Debt. This information should be read in conjunction with the consolidated financial statements for the 12 months ended December 31, 2014 and 13 months ended December 31, 2013 and the Corporation's MD&A for the year ended December 31, 2014 available under the Corporation's profile on SEDAR at . Further information regarding these non-GAAP measures is contained in the Corporation's MD&A.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Northern Frontier Corp.
Chris Yellowega
President and Chief Executive Officer
587.350.7232
Northern Frontier Corp.
Monty Balderston
Executive Vice President and Chief Financial Officer
587.350.7231
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Datum: 19.03.2015 - 21:01 Uhr
Sprache: Deutsch
News-ID 379901
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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