Business
Western Energy Services Corp. Announces 2008 Results
/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ CALGARY,...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE\nUNITED STATES/\n\n\nCALGARY, April 30 /CNW/ - Western Energy Services Corp. ("Western" or the\n"Company") is pleased to announce its 2008 results. Highlights for the year\ninclude:\n\n\n- Annual revenues in 2008 were $12,731,894 down 16% from 2007\n reflecting the slow economic and industry conditions in 2008 and the\n Company's sale of non-core business assets. However revenues from\n the Company's core business of production optimization were up\n slightly year over year.\n\n- Income before loss on sale, amortization, interest and income taxes\n was $27,692 compared to $574,359. This measure would have improved\n in 2008 if not for the effect of foreign exchange fluctuations over\n the two years.\n\n- Operating margins were maintained despite falling revenues due to the\n industry and general economic slowdown.\n\n- The remaining note payable to the Grenville Energy Partnership was\n converted into equity. Combined with other debt repayments this\n conversion resulted in the elimination of $5.3 million of debt.\n\n- General and administrative ("G&A") expenses were down 12% during\n 2008.\n\n- The process of disposing of non-core assets and re-investing in the\n Company's fleet of production stimulation equipment was largely\n completed in 2008.\n\n\nManagement's focus for the 2009 will be to grow revenues, increase\nprofitability and ensure the continued improvement in business operations.\n\n\nSelected Financial Information\n\nYear ended December 31 2008 ($) 2007 ($) 2006 ($)\n ------------------------------------\nRevenue 12,731,894 15,201,283 14,118,622\n\nIncome (loss) from continuing\n operations, before loss on sale,\n amortization, interest and income\n taxes 27,692 574,359 (533,209)\n\nCash outflow from continuing\n operations 1,583,887 1,113,645 921,005\nLoss from continuing operations 5,989,875 5,520,830 3,222,375\n - per share(1) 0.43 0.54 0.38\nNet loss 5,989,875 4,525,850 4,667,951\n - per share(1) 0.43 0.44 0.55\nTotal assets 22,398,435 26,902,201 19,015,931\nLong term financial liabilities 1,306,822 1,593,660 1,973,786\nShareholder's equity 7,472,759 9,505,842 7,754,008\n\n(1) Per share amounts for all periods reflect the 1 for 12 consolidation\n of shares that occurred in September 2008\n\n\nFour...