Western Energy Services Corp. Announces 2007 Results

About this update from Western Energy Services Corp.

[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/\n\n\nCALGARY, April 30 /CNW/ - Western Energy Services Corp. ("Western" or the\n"Company") is pleased to announce its 2007 results. Highlights for the year\ninclude:\n\n\n- Revenues improved 8% in 2007 versus 2006. The Companies core business\n has grown, offsetting revenue reductions from the sale of the well\n testing assets and the downsizing of the coiled tubing business.\n\n- General and administrative ("G&A") expenses are down 30%.\n\n- Loss from continuing operations before amortization, interest and\n income taxes ("EBITDA") for the 2007 year improved 66% over 2006.\n\n- The purchase of the operating assets of the Grenville Energy\n Partnership ("Grenville").\n\n- The disposition of non-core assets including a mining property,\n certain coiled tubing units and the well testing assets.\n\nManagement's focus for the 2008 will be to continue to grow revenues and\nincrease profitability and to continue rationalizing non-core assets.\n\nSelected Financial Information\n\nYear ended December 31 2007 ($) 2006 ($) 2005 ($)\n\n --------------------------------------\nRevenue 15,201,283 14,118,622 8,046,139\nLoss from continuing operations,\n before amortization, interest\n and income taxes 175,307 513,679 1,911,411\nCash outflow from continuing\n operations 1,113,645 921,005 2,059,014\nLoss from continuing operations 5,520,830 3,222,375 3,487,461\n - per share 0.05 0.03 0.05\nNet loss 4,525,850 4,667,951 3,487,461\n - per share 0.04 0.05 0.05\nTotal assets 26,902,201 19,015,931 11,299,158\nLong term financial liabilities 1,593,660 1,973,786 392,060\nShareholder's equity 9,505,842 7,754,008 6,481,021\n\n\nAnnual revenues totalled $15,201,283 during 2007 contrasted with\n$14,118,622 in 2006. The 2007 revenues reflect an increase in revenues from\nthe business of production optimization though stimulation services, which\ngrowth offset annual declines in revenues from well testing and Canadian\nshallow coiled tubing services of over $1.9 million and almost $1.6 million\nrespectively.\n\n\nFourth quarter results showed revenues of $3,029,342 for the three months\nended December 31, 2007 versus $3,680,106 for the three months ended\nDecember 31, 2006, indicative of industry conditions. EBITDA was a loss of\n$1,306,838 for the ...

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