Business
High Arctic Earns $3.2 million for the Quarter ended June 30, 2010
High Arctic Earns $3.2 million for the Quarter ended June 30, 2010
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n\n Aug. 13, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/\n\nRED DEER, AB, Aug. 13 /CNW/ - High Arctic Energy Services Inc. (TSX: HWO) ("High Arctic" or the "Corporation") today announced its results for the three and six months ended June 30, 2010.\nCommenting on the results, Bruce Thiessen, CEO, said, "I am pleased with our second quarter results. During the quarter we successfully concluded our restructuring transactions which provides the company with greater financial stability. Net earnings and EBITDA from continuing operations both improved despite having less revenue in the second quarter of this year as compared to last year. The improved performance tells me the changes we have introduced over the past eighteen months are having a positive impact. I am encouraged by the improvements in Canadian revenue and the opportunities we have identified for our equipment which is well positioned for use in unconventional gas plays".\n\nSelected Comparative Financial Information\n\nThe following is a summary of selected financial information of the Corporation:\n\n\n >\n\n\nOverview of Results for Three Months Ended June 30, 2010\n\nOn April 30, 2010 the Corporation completed a series of restructuring transactions to reduce debt levels and extend the senior credit facility. As part of the restructuring transactions, the Corporation issued a total of 169,280,257 common shares. The restructuring transactions resulted in a gain of $2.7 million being recorded. As part of the restructuring transactions, the Corporation converted its senior debt into a one year term loan facility with a maturity date of April 30, 2011. On closing, the principal amount of the term loan facility was $43.9 million.\nFrom an operating perspect...