Business
High Arctic Announces 2009 Year End Results
High Arctic Announces 2009 Year End Results
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n\nRED DEER, AB, Mar. 12, 2010 (Canada NewsWire Group) -- /CNW/ -- High Arctic Energy Services Inc. (TSX: HWO) (\"High Arctic\" or the \"Corporation\") today announced its results for the year ended December 31, 2009.Commenting on the results, Bruce Thiessen, CEO, said, \"While industry conditions proved very challenging during 2009, I was satisfied with the overall financial results and the Corporation's ability to maintain market share in the core areas of Canada and Papua New Guinea. Looking forward in 2010, High Arctic has secured first call status with two of the largest producers in Canada and is well positioned to take advantage of emerging opportunities in Papua New Guinea.\"Michael Binnion, Chairman of the Board of Directors commented, \"The Corporation continued to make progress on reducing its debt and more work remains to be done. High Arctic would like to thank all of our stakeholders for their continued support.\"2009 Financial Highlights- The Corporation reduced its senior debt by $28.5 million to $65.4million in 2009 mainly as a result of selling its investment inOptimal Pressure Drilling Services for proceeds of $23.5 million. Afurther $14.7 million of the senior debt was repaid in January, 2010.- On a consolidated basis, the Corporation generated $132.5 million inrevenue during 2009; a decrease of 21% from 2008 revenue of $168.5million.- Canadian revenue decreased by 49% to $27.2 million in 2009 comparedto $53.2 million in 2008. The decrease in revenue is mainlyattributable to a 55% reduction in the number of well completions inwestern Canada during 2009 as compared to 2008.- Revenue from continuing international operations was $95.4 millionduring 2009 which was an increase of 4% over the 2008 revenue of$91.8 million. Substantially all of that revenue was generated inPapua New Guinea.- EBITDA was $23.1 million ($0.51 per share) for 2009; a decrease of$3.8 million from $26.9 million ($0.63 per share) for 2008.- The net loss for 2009 was $16.5 million ($0.36 per share) compared toa net loss of $39.6 million ($0.93 per share) during 2008. The lossfor 2009 included a $12.1 million charge for the impairment ofcertain equipment including assets held for sale, while the 2008 lossincluded an impairment charge of $21.7 million related to assetsreclassified to assets held for sale.Fourth Quarter Financial Highlights...