Business
High Arctic - Record First Quarter Adjusted EBITDA of $14.3 Million
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About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES.  ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\n CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/\n\n\nRED DEER, AB, May 14, 2012 /CNW/ - High Arctic Energy Services Inc.\n (TSX: HWO) (\"High Arctic\" or the \"Company\") today announced its\n operating and financial results for the first quarter of 2012.\n\n\nHigh Arctic achieved record levels of quarterly adjusted EBITDA and net\n earnings in the first quarter of 2012.  Adjusted EBITDA increased 36.2%\n to $14.3 million in the quarter compared to $10.5 million in the first\n quarter of last year.  Similarly, first quarter net earnings were\n higher by 46.6% at $10.7 million ($0.23 per share) compared to $7.3\n million ($0.17 per share) in the first quarter of 2011.\n\n\nCommenting on the results, Bruce Thiessen, High Arctic's Chief Executive\n Officer, stated:\n\n\n\"Our financial performance in the first quarter was strong across all\n business lines and both geographic regions.  Our growth in Canadian\n revenue was achieved against a backdrop of weak natural gas prices and\n reflects the strong demand for High Arctic's specialized well\n completion services and the benefit of improved pricing.  Our industry\n leading equipment continues to prove out its success on the long\n lateral horizontal wellbores that are a key part of the unconventional\n and shale gas plays. In PNG, our results demonstrated the strong\n returns we are able to generate on new invested capital.  The matting\n and equipment rental business in PNG remains an area of further\n expansion opportunity for High Arctic.  In Canada, we will continue to\n pursue opportunities to deploy underutilized equipment, expand existing\n service offerings and increase our exposure to oil activities.  I\n believe we are in a strong competitive position to not only weather any\n softening in Canadian activity, but potentially take advantage of a\n downturn to expand our business.\"\n\n\nFirst Quarter Highlights\n\n\nConsolidated revenue increased 17.5% to $42.2 million compared to $35.9\n million for the first three months last year.  Consolidated operating\n margin outpaced revenue growth with margins increasing 32.0% to $16.5\n million in the quarter compared to $12.5 millio...