Aeroquest International Limited Announces Financial Results for the Three Months and Fiscal Year Ended September 30, 2011
- Revenue of $8.2 Million, Down From $8.7 Million in Q4-2010 - EBITDA of $0.3 Million, Up From Negative EBITDA of $0.5 Million in Q4-2010 - Contract Backlog at Year-End of $9.4 Million - Net Loss of $10.6 Million in the Quarter, or $0.28 Per Share After Reflecting Write-Down of Goodwill and Intangibles.
(firmenpresse) - MISSISSAUGA, ONTARIO -- (Marketwire) -- 12/20/11 -- Attention business/financial editors and reporters:
Aeroquest International Limited (TSX: AQL) ("Aeroquest" or the "Company") today reported financial results for its fourth quarter ("Q4-F2011") and fiscal year ("FY 2011") ended September 30, 2011. The Q4-F2011 results reflect growth in revenue for the helicopter business but a drop in fixed wing services in the airborne geophysical survey segment, when compared to the fourth quarter of last year ("Q4-F2010").
"Results for Q4-F2011 continue the pace of change begun in the third quarter," said Bob Motz, President & CEO of Aeroquest. "We have focused our operations on organic growth and continue to streamline our overall cost structure wherever we can. While revenue is down from Q4-F2010, our cost control efforts over the last year have positively impacted our EBITDA."
Consolidated revenue for Q4-F2011 was $8.2 million, a decrease of $0.5 million or 6% from Q4-F2010. Revenue from Geophysics helicopter operations contributed $3.6 million in the quarter, an increase of $0.7 million or 24% from Q4-F2010. Revenue from Geophysics fixed wing operations was $3.9 million, a decrease of $1.5 million or 28% from Q4-F2010. Revenue from our Aerial Geomatics group was $0.6 million and revenue from our Instruments & Sensors group (formerly our contract R&D segment) was $0.0 in the Q4-F2011 after elimination of intercompany revenues.
Profit margins in the airborne geophysical survey businesses still lag behind historical levels at 22% but on par with 22% reported in Q4-F2010. Helicopter gross profit improved to 32% of revenue in Q4-F2011 compared with 25% in Q4-F2010. However, fixed wing gross profit in Q4-F2011 was 12% compared to 21% of revenue in Q4-F2010. Fixed-wing margins suffered due to scheduled and unscheduled maintenance, weather issues and permitting delays.
Overall Company gross profit in Q4-F2011 was $1.7 million, or 21% of revenue compared to $2.2 million or 25% of revenue in Q4-F2010.
Selling, general and administrative expenses decreased by $0.9 million or 37% from $2.3 million in Q4-F2010 to $1.4 million in Q4-2011. Much of this decline is due to a concerted effort on the part of management to reduce costs in Q4-F2011 - including reducing corporate expenses, writing off redundant capital assets and closing our Vancouver sales office and Toronto head office.
EBITDA(1) in Q4-F2011 was $0.3 million compared with negative EBITDA of $0.5 million in Q4-F2010. EBITDA continues to improve not only when compared to last year but also to the third quarter of FY2011 when EBITDA was negative $0.8 million.
During the quarter, management undertook an assessment of the carrying value of our goodwill and intangible assets related to the acquisition of our UTS Geophysics (now Aeroquest Airborne Australia) and Geophex subsidiaries in 2007. The result of that assessment was a non-cash impairment charge of $9.5 million that was recognized in Q4-2011.
Net loss in Q4-F2011 was $10.6 million, or $0.28 per share, compared to a net loss of $2.3 million or $0.06 per share in Q4-F2010.
Cash flow from operating activities was negative $1.2 million in Q4-F2011. Cash flow from operating activities before working capital generated $0.4 million and net changes in non-cash working capital consumed $1.6 million of cash in the quarter.
Capital expenditures totaled $0.3 million in Q4-F2011 compared with $0.4 million in Q4-F2010.
Subsequent event - Sale of Aeroquest Optimal Inc.
As the Company previously reported, its Aerial Geomatics subsidiary Aeroquest Optimal headquartered in Huntsville, Alabama, was sold on December 1, 2011 to a third party for proceeds of US$1.2 million. The Company intends to use the proceeds to support the ongoing R&D activities in its legacy businesses (particularly upgrading the technology of our helicopter based survey systems). As required by Canadian generally accepted accounting principles, the results of operations for Aeroquest Optimal Inc. have been removed from ongoing operations and segregated as discontinued operations. Accordingly, the operating results in the Q4-F2011 and FY 2011 statements, as well as the comparative statements, exclude the results of Aeroquest Optimal.
Outlook - Q1-F2012
Notwithstanding the recent increase in exploration activity and the resulting increase in contract volumes and revenues therefrom, the Company still believes that there is significant uncertainty with respect to the economy, particularly regarding the economic impact of uncertainty related to the European Union. This uncertainty may well impact the rate at which exploration spending will continue to recover. Contract backlog at year-end totaled $9.4 million and is comprised of $6.9 million in airborne geophysical survey backlog ($1.6 million in helicopter and $5.3 million in fixed wing), $1.8 million in geomatics backlog (excluding Aeroquest Optimal) and $0.7 million in other backlog.
About Aeroquest International
Aeroquest seeks to apply the best available technology in its world-wide search for economic concentrations of mineral and petroleum resources and in the precision-mapping of the earth's surface and objects upon it. Aeroquest offers airborne geophysics surveys through Aeroquest Airborne, aerial geomatics surveys through Aeroquest Mapcon, and the custom design and construction of geophysical sensors and instruments through Geophex.
With over 130 employees and contractors, and a fleet of over two dozen helicopter and fixed wing survey systems worldwide, Aeroquest is surveying on every continent in the world where exploration activity is underway, and over its history has logged over 10 million line kilometers of fixed wing surveys and over 1 million line kilometers of helicopter surveys - enough to circle the globe over 300 times. More information about Aeroquest International can be found at .
For Investors
This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what the Company currently foresees. Discussion of the various factors that may affect future results is contained in the Company's recent filings, available on SEDAR.
Contacts:
Aeroquest International Limited
Bob Motz
President & Chief Executive Officer
905-672-9129
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Datum: 20.12.2011 - 23:38 Uhr
Sprache: Deutsch
News-ID 98964
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MISSISSAUGA, ONTARIO
Kategorie:
Oil & Gas
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