Business
Mullen Group Ltd. Reports Record Third Quarter Financial Results
OKOTOKS, AB , Oct. 23, 2013 /CNW/ - (TSX:MTL)  Mullen Group Ltd. (" Mullen Group " ...
About this update from Mullen Group Ltd.
[{"type":"text","content":"\n\n\nOKOTOKS, AB, Oct. 23, 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 September 30, 2013, with comparisons to the same period\n last year.\n\n\nFor the three month period ended September 30, 2013, Mullen Group\n generated consolidated revenue of $374.0 million, operating income of\n $85.8 million and earnings per share of $0.56, which are all record\n results when compared to any previous third quarter.  Mullen Group\n generated net cash from operating activities of $54.3 million, which\n was used, among other things, to acquire net property, plant and\n equipment of $30.0 million, pay dividends of $27.1 million and pay\n interest obligations of $3.5  million.\n\n\nMullen Group's consolidated revenue of $374.0 million was an increase of\n $38.6 million, or 11.5  percent, from the $335.4 million generated in\n 2012.  The majority of this increase in revenue was directly\n attributable to the Oilfield Services segment that contributed revenue\n of $229.0 million, an increase of $26.1 million from 2012, due to an\n increase in demand for services tied to the build out of new pipeline\n capacity, other infrastructure related projects in western Canada and\n the hauling of heavy crude oil in the Lloydminster region as well as a\n moderate increase in services that support drilling activity in the\n western Canada sedimentary basin.  The Trucking/Logistics segment\n contributed revenue of $145.6 million, which was an increase of $11.9\n million over the prior year period, which was primarily due to the\n incremental revenue generated from the acquisition of Jay's Moving &\n Storage Ltd. (\"Jay's\").\n\n\nMullen Group's operating income increased by $15.4 million, or 21.9\n percent, to $85.8 million from the $70.4 million generated in 2012. \n Operating income in the Oilfield Services segment accounted for $13.8\n million of the increase, the Trucking/Logistics segment accounted for\n $0.5 million and Corporate costs declined by $1.1 million.\n\n\n\"Overall, we are very pleased with Mullen Group's performance for the\n three month period ended September 30.  As expected, Premay Pipeline\n Hauling L.P. reported strong results for the quarter as did Canadian\n Dewatering...