Business
Trican Reports Third Quarter Results for 2021
Calgary, Alberta--(Newsfile Corp. - October 26, 2021) - Trican Well Service Ltd. (TSX: TCW) ("...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"Trican Reports Third Quarter Results for 2021Calgary, Alberta--(Newsfile Corp. - October 26, 2021) - Trican Well Service Ltd. (TSX: TCW) (\"Trican\" or the \"Company\") is pleased to announce its third quarter results for 2021. 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 nine months ended September 30, 2021, as well as the Annual Information Form (\"AIF\") for the year ended December 31, 2020. All of these documents are available on SEDAR at www.sedar.com.HIGHLIGHTSConsolidated revenue from continuing operations was $164.5 million in Q3 2021, a 122% increase compared to Q3 2020.Adjusted EBITDA for the three months ended September 30, 2021, was $32.1 million, compared to nil for the three months ended September 30, 2020. Adjusted EBITDA for the three months ended September 30, 2021, was positively affected by higher activity levels as a result of stronger commodity pricing and continued focus on maintaining a lower cost structure.Net profit from continuing operations for Q3 2021 was $9.1 million (Q3 2020 - net loss from continuing operations of $23.8 million).Financial position and liquidity:Positive working capital of $104.0 million (December 31, 2020 - $67.5 million). Cash and cash equivalents of $37.6 million (December 31, 2020 - $22.6 million).At September 30, 2021 the Company had no bank debt outstanding (December 31, 2020 - nil).The Company's strong balance sheet and liquidity provides significant financial flexibility to improve its competitive position and invest in profitable growth opportunities to deliver shareholder value. At September 30, 2021, the outstanding share balance was 248,810,070 (December 31, 2020 - 255,735,611), which reflects the repurchase and cancellation of 8,106,800 shares for the nine months ended September 30, 2021 at a weighted average price per share of $2.49 pursuant to the Company's TSX approved normal course issuer bid (\"NCIB\") program. In Q3 2021, the Company announced that it would be building a second low emissions fracturing fleet in Canada following a successful trial in Q1 2021. The expansion of the next generation fleet involves upgrading existing pumping equipment with CAT Tier 4 Dynamic Gas Blending (\"DGB\") eng...