Northern Frontier Corp. Announces Its Second Quarter 2015 Financial Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 08/13/15 -- Northern Frontier Corp. (TSX VENTURE: FFF) ("Northern Frontier" or the "Corporation") announces its second quarter 2015 financial results.
For the three and six months ended June 30, 2015, Northern Frontier:
Financial Results
Financial position
Outlook
As outlined in the first quarter of 2015, the overall significant downward pressure on oil prices and uncertainty regarding oil pricing recovery timelines has resulted in industry caution regarding future expenditure profiles. Forward visibility on industry activity remains very limited. The Corporation continues to experience a material deferral in its customers' civil construction and tank hydro testing programs that the Corporation is involved with. Management has taken steps to adjust its cost structure commensurate with the expected reduced operating activity levels and has had some success with marketing its services in markets outside of its historical traditional region. As a result, it is expected that Northern Frontier's Civil operating segment financial performance for the second half of fiscal 2015 will be materially lower than that of the second half of fiscal 2014. Meanwhile, the Corporation's Logistics operating segment financial performance for the second half of fiscal 2015 is expected to also be lower than the second half of 2014 as certain projects that were scheduled to commence in the coming months are now being deferred to fiscal 2016.
Subsequent to the end of the second quarter, the Corporation completed its third platform acquisition under the banner of Northern Frontier Facilities LP. This acquisition provides installation and dismantling of remote workforce lodging and modular offices services in western Canada and will operate as the Corporation's Facilities operating segment. Management believes that there is significant opportunity for this business and expects it to make a positive contribution to the Corporation's financial performance in the second half of fiscal 2015.
Subsequent Event
As previously announced (July 15, 2015 and July 31, 2015) the Corporation has completed its acquisition of the construction services operation from Black Diamond Group Limited effective July 31, 2015.
The Facilities operating segment installs and dismantles remote workforce lodging and modular offices and carries out related tasks in western Canada and is expected to add in the range of $2.0 million to $5.0 million annually to the Corporation's EBITDA.
Additional information
Northern Frontier's unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2015 and 2014 and management's discussion and analysis ("MD&A") for the three and six months ended June 30, 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 Friday August 14, 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:
Toronto: 416.340.2216
North America: 1.866.225.2055
A replay of the call will be available 24 hours after the event until 11:59 p.m. EST on August 21, 2015. To access the archived conference call, please dial 905-694-9451 or 1-800-408-3053 and enter passcode 4705287.
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, bulk water transfer logistic services and installs and dismantles remote workforce lodging and modular offices 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 and six months ended June 30, 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 and six months ended June 30, 2015 and 2014 and the Corporation's MD&A for the three and six months ended June 30, 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
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 13.08.2015 - 21:03 Uhr
Sprache: Deutsch
News-ID 413653
Anzahl Zeichen: 5517
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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