Business
/C O R R E C T I O N - Mullen Group Ltd./
OKOTOKS, AB, April 24, 2013 /CNW/ - (TSX: MTL)  Mullen Group Ltd. (" Mullen Group " and/...
About this update from Mullen Group Ltd.
[{"type":"text","content":"\n\n\n\n\n\nOKOTOKS, AB, April 24, 2013 /CNW/ - (TSX: MTL)  Mullen Group Ltd. (\"Mullen Group\" and/or the \"Corporation\") is pleased to report its financial and operating results for the\n period ended March 31, 2013, with comparisons to the same period last\n year.\n\n\nFor the three month period ended March 31, 2013, Mullen Group generated\n consolidated revenue of $385.5 million and operating income of $87.8\n million.  Mullen Group generated net cash from operating activities of\n $17.4 million that was used, together with cash from other sources, to\n pay dividends of $39.5 million, acquire net property, plant and\n equipment of $13.7 million and pay interest obligations of $3.7\n million.\n\n\nMullen Group's consolidated revenue of $385.5 million was a decrease of\n $40.5 million or 9.5 percent from the $426.0 million generated in\n 2012.  The decrease in consolidated revenue was largely attributable to\n a $39.0 million decline in revenue experienced by the Oilfield Services\n segment, of which $21.8 million related to the non-recurring revenue\n generated by the design, build and commissioning of the Thin Fine\n Tailings (\"TFT\") barge system project for a large oil sands operator which was\n completed in the second quarter of 2012, along with a marginal $1.5\n million decline in revenue recorded by the Trucking/Logistics segment. \n When factoring out the non-recurring TFT barge system project revenue,\n Mullen's core business revenue was down $18.7 million, or 4.6 percent.\n\n\nThe Oilfield Services segment contributed revenue of $257.6 million, a\n decrease of $39.0 million, or 13.1 percent, from the $296.6 million\n generated in the prior year period. As previously noted, the majority\n of the decrease in revenue occurred in Canadian Dewatering L.P., which\n generated $21.8 million less revenue as a result of the completion of\n the non-recurring TFT barge system project.  In addition, reduced\n demand for services by those Operating Entities involved in the\n transportation of fluids and well servicing, and the reduced demand for\n rig relocation services contributed to the decline in revenue. These\n decreases were partially offset by increased revenue recorded by those\n Operating Entities servicing the pipeline construction industry along\n with core drilling.  The Trucking/Logist...