Source Energy Services Reports Q2 2019 Results

About this update from Source Energy Services Ltd.

[{"type":"text","content":"Source Energy Services Reports Q2 2019 Results(via TheNewswire)\n \n \nCalgary, Alberta - TheNewswire - (August 1, 2019) (TSX:SHLE)\n\n\n \nSource Energy Services Ltd. (\"Source\") is pleased to announce its 2019 second quarter financial results.\n\n\n \nHIGHLIGHTS\n\n\n \nSource achieved the following results for the three months ended June 30, 2019:\n\n\n \n- realized sand sales volumes of 504,907 metric tonnes (\"MT\") and sand revenue of $64.7 million;\n\n\n \n- distributed total volumes through Source's WCSB terminal network of 522,281 MT, including third party sand and other products;\n\n\n \n- successfully renewed the outstanding credit facilities, now maturing December 8, 2021;\n\n\n \n- reduced operating costs, leading to an 18.7% increase in gross margin/MT and an 11.7% increase in adjusted gross margin/MT compared to the first quarter of 2019;\n\n\n \n- realized gross margin of $8.9 million and Adjusted Gross Margin(1) of $19.7 million; and\n\n\n \n- realized Adjusted EBITDA(1) of $12.6 million and net loss of $19.0 million or $(0.31) per share.\n\n\n \nNote: \n\n\n \n\n\n(1)Adjusted EBITDA and Adjusted Gross Margin (including on a per MT basis) are not defined under IFRS, see \"Non-IFRS Measures\" below. \n\n\n\n\n \nRESULTS OVERVIEW\n\n\n \nThree months ended June 30, Six months ended June 30,\n\n \n\n($000's, except MT and per unit amounts)\n\n\n\n\n2019\n\n\n\n\n2018(5)\n\n\n\n\n2019\n\n\n\n\n2018(5)\n\n\n\n\nSand volumes (MT)(1)\n\n\n\n\n504,907\n\n\n\n\n813,995\n\n\n\n\n1,203,254\n\n\n\n\n1,456,767\n\n\n\n\nSand revenue\n\n\n\n\n64,677\n\n\n\n\n110,281\n\n\n\n\n155,826\n\n\n\n\n197,165\n\n\n\n\nWellsite solutions\n\n\n\n\n10,494\n\n\n\n\n20,758\n\n\n\n\n25,974\n\n\n\n\n38,028\n\n\n\n\nTerminal services\n\n\n\n\n1,172\n\n\n\n\n1,174\n\n\n\n\n2,676\n\n\n\n\n2,396\n\n\n\n\nSales\n\n\n\n\n76,343\n\n\n\n\n132,213\n\n\n\n\n184,476\n\n\n\n\n237,589\n\n\n\n\nCost of sales\n\n\n\n\n56,681\n\n\n\n\n100,206\n\n\n\n\n140,475\n\n\n\n\n179,111\n\n\n\n\nCost of sales - depreciation and depletion\n\n\n\n\n10,772\n\n\n\n\n7,694\n\n\n\n\n24,756\n\n\n\n\n9,710\n\n\n\n\nCost of sales\n\n\n\n\n67,453\n\n\n\n\n107,900\n\n\n\n\n165,231\n\n\n\n\n188,821\n\n\n\n\nGross margin\n\n\n\n\n8,890\n\n\n\n\n24,313\n\n\n\n\n19,245\n\n\n\n\n48,768\n\n\n\n\nOperating expenses\n\n\n\n\n5,352\n\n\n\n\n3,494\n\n\n\n\n10,534\n\n\n\n\n7,091\n\n\n\n\nGe...

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