Business
High Arctic Reports a 27% Increase in Adjusted EBITDA
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About this update from High Arctic Energy Services Inc
[{"type":"text","content":"\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, Aug. 14, 2013 /CNW/ - High Arctic Energy Services Inc.\n (TSX: HWO) (\"High Arctic\" or the \"Corporation\") today announced its\n operating and financial results for the quarter ended June 30, 2013.\n\n\nFirst Half Highlights\n\n\nDuring the first half of 2013 the Corporation saw the following\n achievements:\n\n\nCompleted the negotiations for the extensions of contracts that cover\n the drilling operations for Rigs 103 and 104 in Papua New Guinea\n (\"PNG\") and the drilling support services related to the supply of\n personnel and rental equipment to support the related drilling.  The\n extensions are effective July 1, 2013 for a three year term to June 30,\n 2016.\n\n\nDeployed a new 104 man heli-portable camp in PNG in January, 2013, under\n the terms of a three year contract.\n\n\nIncreased revenue by 8% to $77.7 million for the first half of 2013 as\n compared to the six months ended June 30, 2012 (11% increase to $32.9\n million for the three months ended June 30, 2013 as compared to the\n same period in 2012).\n\n\nAdjusted EBITDA was $6.6 million for the three months ended June 30,\n 2013 as compared to $5.2 million for the same period in 2012 and stayed\n consistent for the first half of 2013 at $19.2 million (2012 - $19.5\n million).\n\n\nIncreased the monthly dividend to $0.0125 per share in March, 2013, a\n 25% increase from the previous monthly dividend amount.\n\n\nCommenting on the results, Bruce Thiessen, High Arctic's Chief Executive\n Officer, stated:\n\n\n\"In spite of a prolonged spring break-up in Canada which resulted in\n lower activity levels compared to the prior year, the Corporation was\n able to increase both year-over year consolidated revenue and EBITDA in\n the second quarter due to the strong performance of our PNG\n operations.  Despite the challenges inherent in working in PNG, our\n business there continues to grow and we see long term opportunities\n continuing to develop in the country. \"\n\n\nConsolidated revenue for the first six months increased 8% to $77.7\n million compared to $71.8 million for the first half of 2012.  The\n growth in revenue for the p...