Business
High Arctic Announces 2009 Second Quarter Results
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FA...
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\nTHE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\nCONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/\n\n\nRED DEER, AB, Aug. 10 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO)\n("High Arctic" or the "Corporation") today announced its results for the\nquarter ended June 30, 2009.\n\n\nCommenting on the results, Michael Binnion, Chairman of the Board, said,\n"Despite the slowdown in the industry, the Corporation continued to make\nimprovements in its financial performance during the first six months of 2009.\nThe 2009 EBITDA of $17.0 million is significantly improved from $11.8 million\nin 2008. The second half of 2009 is shaping up to be very challenging as the\ndownturn in the industry persists and we work to restructure the balance\nsheet."\n\n\nFinancial Highlights\n\n\nThree months ended June 30, 2009\n\n\n- Revenue from continuing operations increased by $3.0 million (11%) to\n $31.2 million in the second quarter of 2009, as compared to revenue\n of $28.2 million during the same period of 2008.\n\n- The Corporation recorded a net loss of $2.6 million ($0.06 per share)\n in the second quarter of 2009, which was a $6.7 million improvement\n over a second quarter 2008 loss of $9.3 million ($0.22 per share).\n\n- EBITDA was $6.4 million ($0.14 per share) for the three months ended\n June 30, 2009; an increase of $5.0 million from EBITDA of $1.4\n million ($0.03 per share) for the second quarter of 2008. Continuing\n operations EBITDA was $4.9 million in the second quarter of 2009\n compared to $3.6 million in the second quarter of 2008.\n\n- Operating earnings of $3.0 million for the quarter ending June 30,\n 2009 increasing $5.6 million from an operating loss of $2.6 million\n for the second quarter of 2008. Continuing operations recorded\n operating earnings of $2.4 million; an increase of $1.9 million from\n $0.5 million of operating earnings in the second quarter of 2008.\n\nSix months ended June 30, 2009\n\n- Revenue from continuing operations increased by $5.4 million (8%) to\n $73.0 million in the six months ended June 30, 2009, as compared to\n revenue of $67.6 million during the same period of 2008.\n\n- The Corporation recorded a net loss of $0.7 million ($0.02 per share)\n in the six months ...