Business
Trican Reports Second Quarter Results for 2022
Calgary, Alberta--(Newsfile Corp. - July 26, 2022) - Trican Well Service Ltd. (TSX: TCW) (" Tr...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"Trican Reports Second Quarter Results for 2022Calgary, Alberta--(Newsfile Corp. - July 26, 2022) - Trican Well Service Ltd. (TSX: TCW) (\"Trican\" or the \"Company\") is pleased to announce its second quarter results for 2022. The following news release should be read in conjunction with Management's Discussion and Analysis (\"MD&A\"), the unaudited interim consolidated financial statements and related notes of Trican for the three and six months ended June 30, 2022, as well as the Annual Information Form (\"AIF\") for the year ended December 31, 2021. All of these documents are available on SEDAR at www.sedar.com.HIGHLIGHTSRevenue was $152.6 million for the three months ended June 30, 2022, a 63% increase compared to the three months ended June 30, 2021 resulting from higher industry activity and pricing leading to increased revenue per job.Adjusted EBITDAS and adjusted EBITDA for the three months ended June 30, 2022 were $23.6 million and $19.2 million, compared to $16.2 million and $14.2 million, respectively, for the three months ended June 30, 2021. The improvement was the result of higher industry activity and a stronger pricing environment, partially offset by ongoing inflationary pressures in all major cost categories including fuel, proppant, parts and labour as the industry seeks to ramp up activity. In addition, the prior year comparative period benefited from the inclusion of $6.1 million related to the Canadian Government COVID-19 subsidy programs, Canadian Emergency Wage Subsidy (\"CEWS\"), Canadian Emergency Rent Subsidy (\"CERS\"), and together (\"CES\").Free cash flow for the three months ended June 30, 2022 was $14.6 million compared to $9.6 million for the three months ended June 30, 2021. Free cash flow was higher primarily as a result of stronger activity levels which drove increased adjusted EBITDAS and adjusted EBITDA compared to the prior year comparative period.Profit from continuing operations for the three months ended June 30, 2022 was $1.5 million compared to net loss from continuing operations of $8.4 million for the three months ended June 30, 2021.The Company's balance sheet remains in excellent shape with positive working capital, including cash, of $115.0 million at June 30, 2022 compared to $103.8 million at December 31, 2021 and no long-term debt. The Company continues to differentiate its...