Northern Frontier Corp. Announces its Third Quarter 2014 Financial Results

About this update from 55 North Mining Inc.

[{"type":"text","content":"\n\n\nCALGARY, Nov. 13, 2014 /CNW/ - Northern Frontier Corp. (TSXV: FFF) (\"Northern Frontier\" or the \"Corporation\") announces its third quarter 2014 financial results.\n\n\n\"We are pleased with our third quarter results. Increasing activity from\n our low experienced in the second quarter and the inclusion of Central\n Water & Equipment Services Ltd. (\"Central Water\") to our service offering has materially strengthened Northern\n Frontier. In the third quarter, we generated $21.4 million in revenue\n and $6.6 million in EBITDA from the combined businesses. The results\n demonstrate that the acquisition of Central Water as a core component\n of our Logistics division benefits our strategy well\", commented Chris\n Yellowega, President and Chief Executive Officer.\n\n\nFor the three months ended September 30, 2014 (\"Q3 2014\"), management completed a number of steps in its strategy to build an\n integrated industrial energy services business. During Q3 2014 Northern\n Frontier:\n\n\n\nrestructured its balance sheet through raising $21.3 million in gross\n equity proceeds and replacing its existing credit facilities with $77.6\n million of senior credit facilities of which $46.6 million was\n outstanding at September 30, 2014;\n\n\ncompleted the acquisition of Central Water for aggregate consideration\n of $33.4 million (including contingent consideration);\n\n\ngenerated $21.4 million in pro forma revenue; and\n\n\nrealized pro forma EBITDA of $6.6 million.\n\n\n\nPro forma financial information\n\n\nNorthern Frontier acquired all of the issued and outstanding shares of\n Central Water on August 28, 2014. Actual financial results of the\n Corporation only reflect the activities of Central Water subsequent to\n August 28, 2014. Assuming Northern Frontier acquired Central Water at\n the beginning of the fiscal period, the pro forma consolidated financial results would have been as follows:\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n(in 000's CAD, except as noted)\n\n\n3 months \nended\nSep 30, 2014\n\n\n9 months \nended\nSep 30, 2014\n\n\nTrailing 12 \nmonths ended\nSep 30, 2014\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue\n\n\n$  21,420\n\n\n$  55,045\n\n\n$  77,521\n\n\n\n\nGross Profit\n\n\n      8,404\n\n\n16,329\n\n\n24,019\n\n\n\n\n&#...

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