Northern Frontier Corp. Announces Its Third Quarter 2015 Financial Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 11/12/15 -- Northern Frontier Corp. (TSX VENTURE: FFF) ("Northern Frontier" or the "Corporation") announces its third quarter 2015 financial results.
For the three and nine months ended September 30, 2015, Northern Frontier:
Pro Forma Financial Information
Northern Frontier acquired Central Water & Equipment Services Ltd. ("Central Water") on August 28, 2014, Black Diamond Group Limited's construction services operation on July 30, 2015 for which the Corporation branded as NFF LP and SL on September 1, 2015. Actual financial results of the Corporation only reflect the activities of these acquisitions subsequent to their effective dates.
Assuming Northern Frontier acquired Central Water, NFF LP, and SL on January 1, 2014, the pro forma consolidated financial results would have been as follows:
Outlook
As outlined in the second 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 traditional region via the acquisition of SL, Logistics sales activity in the British Columbia lower mainland and the SCFN Frontier partnership.
During the third quarter, the Corporation completed its third platform acquisition NFF LP and formed the Aventur Mechanical partnership that comprise the Facilities operating segment. Management believes that there is significant opportunity for this operating segment and expects it to make a positive contribution to the Corporation's financial performance.
Additional information
Northern Frontier's unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2015 and 2014 and management's discussion and analysis ("MD&A") for the three and nine months ended September 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 November 13, 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.
A replay of the call will be available 24 hours after the event until 11:59 p.m. EST on November 20, 2015. To access the archived conference call, please dial 905.694.9451 or 1.800.408.3053 and enter passcode 4043690.
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, excavation, fabrication and maintenance 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
Northern Frontier Corp.
400, 435 - 4th Avenue SW
Calgary, AB T2P 3A8
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Datum: 12.11.2015 - 22:29 Uhr
Sprache: Deutsch
News-ID 434317
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contact information:
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CALGARY, ALBERTA
Kategorie:
Oil & Gas
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