Business
Source Energy Services Reports Q3 2022 Results
(TheNewswire) Calgary, Alberta – TheNewswire - November 8, 20...
About this update from Source Energy Services Ltd.
[{"type":"text","content":"Source Energy Services Reports Q3 2022 Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Calgary, Alberta –\n \n \n TheNewswire\n \n \n -\n \n \n November 8, 2022\n–\n \n \n (\n \n \n TSX:SHLE\n \n \n )\n \n \n Source Energy Services Ltd.\n \n \n (“Source” or the “Company”) is pleased to announce\nits financial results for the\n \n \n three and nine\nmonths ended September 30, 2022\n \n \n .\n \n \n \n \n THIRD QUARTER 2022 HIGHLIGHTS\n \n \n \n \n Key highlights for the\n \n \n three\nmonths ended September 30, 2022\n \n \n , included the\nfollowing:\n \n \n \n \n \n \n realized sand sales volumes of\n \n \n 753,233\n \n \n MT and sand revenue of\n \n \n $97.2 million\n \n \n , a\n \n \n 22%\n \n \n increase from the\n \n \n third quarter\n \n \n of 2021;\n \n \n \n \n \n \n \n \n achieved a\n \n \n 28%\n \n \n increase in average realized sand price, excluding revenue\nfrom mine gate sales volumes;\n \n \n \n \n \n \n \n \n distributed\n \n \n 691,242\n \n \n MT of proppants and chemicals through Source’s Western\nCanadian Sedimentary Basin (“WCSB”) terminal network;\n \n \n \n \n \n \n \n \n achieved a record for the highest number of days on\nsite for the Sahara fleet in Canada;\n \n \n \n \n \n \n \n \n recorded utilization of\n \n \n 87%\n \n \n for the quarter and added two new\nSahara customers;\n \n \n \n \n \n \n \n \n reported\n \n \n $30.5\nmillion\n \n \n of available liquidity on its asset\nbacked loan (“ABL”) facility at the end of the quarter, reflecting\na reduction of total net debt outstanding of $17.2 million;\n \n \n \n \n \n \n \n \n realized gross margin of\n \n \n $16.4\nmillion\n \n \n and Adjusted Gross Margin\n \n \n (1)\n \n \n of\n \n \n $21.1 million\n \n \n ;\n \n \n \n \n \n \n \n \n reported net income of\n \n \n $5.9\nmillion\n \n \n ;\n \n \n \n \n \n \n \n \n realized Adjusted EBITDA\n \n \n (1)\n \n \n of\n \n \n $16.3 million\n \n \n , excluding\nthe $9.7 million realized gain on the settlement of outstanding future\nforward exchange contracts during the quarter, a\n \n \n 44%\n \n \n increase from the\n \n \n third quarter\n \n \n of 2021; and\n \n \n \n \n \n \n \n \n subsequent to quarter end, closed a transaction for a\nnew $75.4 million (US$55....