Business
TerraVest announces strong 2014 first quarter results and quarterly dividend
VEGREVILLE, AB , Feb. 5, 2014 /CNW/ - TerraVest Capital Inc. (TSX: TVK ) is pleased to an...
About this update from Terravest Industries, Inc.
[{"type":"text","content":"\n\n\nVEGREVILLE, AB, Feb. 5, 2014 /CNW/ - TerraVest Capital Inc. (TSX: TVK) is pleased to announce the financial results for the three months\n ended December 31, 2013 and declares quarterly dividend.\n\n\nDuring 2013, TerraVest Capital Inc. (\"TerraVest\") changed its fiscal\n year end from December 31 to September 30 and as such, the three-month\n period ended December 31, 2013 represents the first quarter of the\n fiscal year ending September 30, 2014.\n\n\nFINANCIAL INFORMATION\nAll amounts in this news release are stated in thousands of Canadian\n dollars, except per share data.\nFor the three months ended December 31, 2013 TerraVest reported:\n\n\n\n\n \n\n\n \n\n\n\n\nFINANCIAL PERFORMANCE\n\n\nThree months ended\n\n\n\n\n \n\n\n \n\n\nDecember 31, 2013\n\n\n \n\n\n \n\n\nDecember 31, 2012\n\n\n\n\nRevenue\n\n\n$\n\n\n20,668\n\n\n$\n\n\n \n\n\n17,297\n\n\n\n\nEBITDA (Note 1)\n\n\n \n\n\n4,326\n\n\n \n\n\n \n\n\n3,318\n\n\n\n\nIncome (loss) attributable to common shares for the period\n\n\n \n\n\n2,409\n\n\n \n\n\n \n\n\n(3,319)\n\n\n\n\nFree Cash Flow (Note 1)\n\n\n \n\n\n(4,113)\n\n\n \n\n\n \n\n\n1,370\n\n\n\n\nIncome per share, basic and diluted\n\n\n$\n\n\n0.19\n\n\n$\n\n\n \n\n\n(0.26)\n\n\n\n\nFINANCIAL POSITION\n\n\n \n\n\nDecember 31, 2013\n\n\n \n\n\n \n\n\nSeptember 30, 2013\n\n\n\n\nWorking capital  (Note 1)\n\n\n$\n\n\n9,961\n\n\n$\n\n\n \n\n\n9,162\n\n\n\n\nProperty, plant and equipment\n\n\n \n\n\n33,922\n\n\n \n\n\n \n\n\n32,965\n\n\n\n\nTotal assets\n\n\n \n\n\n77,531\n\n\n \n\n\n \n\n\n71,910\n\n\n\n\nNon-current portion of long-term debt\n\n\n \n\n\n2,674\n\n\n \n\n\n \n\n\n3,014\n\n\n\n\nShareholders' equity\n\n\n \n\n\n46,141\n\n\n \n\n\n \n\n\n44,954\n\n\n\n\nNote 1: Refer to Management Discussion and Analysis dated February 5,\n 2014 for definitions of these non-GAAP measures.\n\n\nTerraVest's first quarter of fiscal 2014 saw improvements in both\n revenues which were up 19% and EBITDA which was up 30% from the first\n quarter of 2013 as both the Fabrication and Service divisions benefited\n from stronger activity in the oil and natural gas industry. While\n revenue and EBITDA improved, Free Cash Flow declined as a result of\n signi...