Northern Frontier Corp. Announces Its First Quarter 2015 Financial Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 05/20/15 -- Northern Frontier Corp. (TSX VENTURE: FFF) ("Northern Frontier" or the "Corporation") announces its first quarter 2015 financial results.
In the First Quarter of 2015, Northern Frontier focused on adjusting its operations commensurate with lower energy industry related activities. The Corporation reduced its workforce, cut capital spending, reallocated marketing efforts and structured its business to weather the low activity levels expected throughout the remainder of the year. Subsequent to the quarter, Northern Frontier amended its senior credit facilities and rationalized some older assets. "Although pleased with our updated credit facilities agreement, the results of our cost cutting efforts and the resulting margin obtained, we expect revenue levels will continue to be depressed and have volatile timing as the markets we compete in adjust and restructure," commented Chris Yellowega, President and CEO.
For the three months ended March 31, 2015, Northern Frontier:
Financial results
Financial position
Additional information
Northern Frontier's unaudited condensed interim consolidated financial statements for the three months ended March 31, 2015 and 2014 and management's discussion and analysis ("MD&A") for the three months ended March 31, 2015 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 Thursday, May 21, 2015, at 9:30 a.m. Calgary / 11:30 a.m. Toronto time. The call will feature remarks by Chris Yellowega, President and CEO and Monty Balderston, Executive Vice President and CFO regarding the financial results.
Conference dial-in instructions are as follows:
A replay of the call will be available 24 hours after the event until 11:59 p.m. EST on May 28, 2015. To access the archived conference call, please dial 905-694-9451 or 1-800-408-3053 and enter passcode 5964385.
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" 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 ended March 31, 2015 is 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, Working Capital and Funded Debt. This information should be read in conjunction with the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2015 and 2014 and the Corporation's MD&A for the three months ended March 31, 2015 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
Northern Frontier Corp.
400, 435 - 4th Avenue SW
Calgary, AB T2P 3A8
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Unternehmensinformation / Kurzprofil:
Datum: 20.05.2015 - 20:30 Uhr
Sprache: Deutsch
News-ID 394824
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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