Business
High Arctic Announces Quarterly Results
High Arctic Announces Quarterly Results
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n\nNov. 13, 2009 (Canada NewsWire Group) -- RED DEER, AB, Nov. 13 /CNW/ -- High Arctic Energy Services Inc. (TSX: HWO) (\"High Arctic\" or the \"Corporation\") today announced its results for the quarter ended September 30, 2009.Financial HighlightsNine months ended September 30, 2009 versus 2008- Revenue from continuing operations decreased by 8% to $95.9 millionin the nine months ended September 30, 2009, as compared to revenueof $104.2 million during the same period of 2008.- The Corporation recorded a net loss of $5.0 million ($0.11 per share)in the nine months ended September 30, 2009, which was a $9.7 millionimprovement over the 2008 net loss of $14.7 million ($0.35 pershare). Continuing operations had a net loss of $1.6 million ($0.04per share) during the nine months ended September 30, 2009 ascompared to a net loss of $5.4 million ($0.13 per share) in the sameperiod of 2008.- For the nine months ended September 30, 2009, the Corporation had anet increase in cash of $7.1 million as compared a use of cash of$3.4 million during the same period of 2008. Cash generated fromoperating activities (before considering working capital balances)improved for the combined continuing and discontinued operations.- EBITDA was $16.2 million ($0.36 per share) for the nine months endedSeptember 30, 2009; a decrease of 21% from EBITDA of $20.4 million($0.48 per share) for the same quarter of 2008. Continuing operationshad EBITDA of $16.2 million in the nine months ended September 30,2009 compared to EBITDA of $26.4 million during the same period of2008.- Continuing operations recorded operating earnings of $8.8 million; adecrease of $7.5 million from $16.3 million of operating earnings inthe nine months ending September 30, 2008.- Interest expense for the nine months was $8.5 million in 2009compared to $16.7 million in 2008.Three months ended September 30, 2009 versus 2008- During the quarter, the Corporation sold its 51% interest in theOptimal Pressure Drilling Services joint venture for proceeds of$23.5 million and reported a gain of $2.4 million.- Revenue from continuing operations decreased by 37% to $22.9 millionin the third quarter of 2009, as compared to revenue of $36.6 millionduring the same period of 2008. The substantial drop reflects thedecreased oilfield activity in both Canada and Papua New Guinea.- The Corporation recorde...