Divestco Inc. ("Divestco" or the "Company")(TSX VENTURE:DVT)
announces its operating results for the three and nine months ended
September 30, 2011.
Accounting Policy Changes
On January 1, 2011, Divestco adopted International Financial
Reporting Standards ("IFRS") for purposes of financial reporting,
using a transition date of January 1, 2010. Accordingly, the
Company's condensed consolidated interim financial statements for
the three and nine months ended September 30, 2011 and the
comparative information for the three months and nine months ended
September 30, 2010, have been prepared in accordance with
International Accounting Standard 34, "Interim Financial
Reporting", as issued by the International Accounting Standards
Board ("IASB"). Previously, the Company prepared its interim and
annual consolidated financial statements in accordance with
Canadian generally accepted accounting principles ("previous
GAAP"). The adoption of IFRS has not had an impact on the Company's
operations and strategic decisions.
Results for the Three Months Ended September 30, 2011
Divestco realized net income for the third quarter of 2011 of
$255,000 ($nil per share - basic and diluted) compared to a net
loss of $49.7 million ($1.18 per share - basic and diluted) for the
same period in 2010. Excluding an accounting loss of $40.9 million
related to the sale of the Company's seismic data assets in Q3
2010, the increase was mainly due to a reduction in operating
expenses of $9.5 million (55%).
During Q3 2011, Divestco generated revenue of $9.6 million
compared to $8.5 million in Q3 2010, an increase of $1.1 million
(12%). EBITDA was $1.7 million in Q3 2011, a $10.5 million increase
from a loss of $8.8 million for the same period in 2010. The
Company generated funds from operations of $1.6 million ($0.03 per
share - basic and diluted) for the third quarter of 2011, compared
to negative funds from operations of $6.3 million ($0.15 per share
- basic and diluted) for the same period in 2010, an increase of
7.9 million.
Results for the Nine Months Ended September 30, 2011
Divestco realized a net loss for the first nine months of 2011
of $3.8 million ($0.06 per share - basic and diluted) compared to a
net loss of $58.5 million ($1.39 per share - basic and diluted) for
the same period in 2010. Excluding an accounting loss of $40.9
million related to the sale of the Company's seismic data assets in
Q3 2010, the improvement from 2010 was primarily due to the
following:
- Decrease in general and administrative expenses of $3.5
million (23%) mainly due to a large bad debt expense incurred in
2010 and not repeated in 2011
- Sublease loss provision of $2.1 million incurred in 2010
- Reduction in salaries by $1.7 million (11%)
- Reduction in finance costs of $1.8 million (78%), primarily
resulting from lower interest on long-term debt
- Decrease in depreciation and amortization by $18.8 million
(76%)
During the first nine months of 2011, Divestco generated revenue
of $29 million, a decrease of $2.2 million (7%) from $31.2 million
for the same period in 2010. EBITDA was $2.8 million, a $5.6
million increase from a loss of $2.8 million for the same period in
2010. The Company generated funds from operations of $2.8 million
($0.05 per share - basic and diluted) for the nine months ended
September 30, 2011, compared a negative $1.9 million ($0.05 per
share - basic and diluted) for the same period in 2010, an increase
of 4.7 million.
Late in 2010, Divestco commenced rebuilding its seismic data
library by initiating a 71 square kilometer 3D seismic survey which
was completed in early 2011. The Company also obtained the trading
rights to an existing 3D survey covering an adjacent area of 66
square kilometers in Q1 2011 through a data exchange. In Q2 2011,
the Company commenced a 3D survey in central Alberta which was
completed in October 2011 and covers an area of approximately 200
square kilometers. In Q3 2011, Divestco commenced a small 3D survey
and completed it in October 2011.
Mr. Stephen Popadynetz, CEO, President and CFO: "We are
continuing to positively restructure our Company and as a result,
we have incurred several one time expenses which will not impact
the Company going forward. Despite these charges, Divestco had a
profitable quarter and continues to improve on its cash flow. Our
results will continue to reflect the changes we have made and we
are anticipating improved results going forward. We are well on
track to sustained profitability and positive earnings and we look
forward to delivering better results as the year progresses for our
shareholders."
Non-GAAP Measures
The Company's interim condensed consolidated financial
statements have been prepared in accordance with IFRS. Certain
measures in this document do not have any standardized meaning as
prescribed by IFRS and are considered non-GAAP measures.
Divestco uses EBITDA and operating income as key measures to
evaluate the performance of segments, divisions and the Company,
with the closest GAAP measure being net income. EBITDA and
operating income are measures commonly reported and widely used by
investors as indicators of the Company's operating performance and
ability to incur and service debt, and as a valuation metric. The
Company believes EBITDA and operating income assist investors in
comparing the Company's performance on a consistent basis without
regard to financing decisions, and depreciation and amortization,
which are non-cash in nature and can vary significantly depending
upon accounting methods or non-operating factors such as historical
cost.
EBITDA and operating income are not calculations based on IFRS
and should not be considered alternatives to net income in
measuring the Company's performance; nor should they be used as
exclusive measures of cash flow, because they do not consider the
impact of working capital growth, capital expenditures, debt
principal reductions and other sources and uses of cash, which are
disclosed in the consolidated statement of cash flows. Investors
should carefully consider the specific items included in Divestco's
computation of EBITDA and operating income. While EBITDA and
operating income have been disclosed herein to permit a more
complete comparative analysis of the Company's operating
performance and debt servicing ability relative to other companies,
investors should be cautioned that EBITDA and operating income as
reported by Divestco may not be comparable in all instances to
EBITDA and operating income as reported by other companies.
EBITDA is calculated as follows:
Three Months Ended Nine Months Ended
September 30 September 30
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(Thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Net Income (Loss) $ 255 $(49,685) $ (3,842) $(58,457)
Income Tax Expense (Benefit) (4) (9,611) 61 (12,920)
Other Loss (Income) (29) 41,500 (27) 41,406
----------------------------------------------------------------------------
Operating Income (Loss) $ 222 $(17,796) $ (3,808) $(29,971)
Finance costs 303 1,233 507 2,325
Depreciation and Amortization 1,167 7,753 6,081 24,847
----------------------------------------------------------------------------
EBITDA 1,692 (8,810) 2,780 (2,799)
----------------------------------------------------------------------------
Divestco reports funds from operations because it is a key
measure used by management to evaluate its performance and to
assess the ability of the Company to finance operating activities
and capital expenditures. Funds from operations excludes certain
working capital changes and other sources and uses of cash, which
are disclosed in the consolidated statement of cash flows.
Funds from operations is not a calculation based on IFRS and
should not be considered an alternative to the consolidated
statement of cash flows. Funds from operations is a measure that
can be used to gauge Divestco's capacity to generate discretionary
cash flow. Investors should be cautioned that funds from operations
as reported by Divestco may not be comparable in all instances to
funds from operations as reported by other companies. While the
closest GAAP measure is cash flows from operating activities, funds
from operations is considered relevant because it provides an
indication of how much cash generated by operations is available
before proceeds from divested assets and changes in certain working
capital items.
Funds from operations is calculated as follows:
Nine Months Ended
September 30
----------------------------------------------------------------------------
(Thousands) 2011 2010
----------------------------------------------------------------------------
Cash Flows from Operating Activities $ 5,090 $ 11,625
Changes in Non-Cash Working Capital Balances Related
to Operating Activities (2,292) (14,759)
Changes in Long-term Prepaid Expense - (238)
Interest Paid 391 1,698
Income Taxes Refunded (352) (260)
----------------------------------------------------------------------------
Funds from (used in) Operations $ 2,837 $ (1,934)
----------------------------------------------------------------------------
Financial Highlights
(Thousands, except per share
amounts) Three Months Ended September 30
----------------------------------------------------------------------------
2011 2010 $ Change % Change
----------------------------------------------------------------------------
Revenue $ 9,565 $ 8,516 $ 1,049 12%
Operating Expenses 7,873 17,326 (9,453) -55%
----------------------------------------------------------------------------
EBITDA 1,692 (8,810) 10,502 -119%
Finance Costs 303 1,233 (930) -75%
Depreciation and Amortization 1,167 7,753 (6,586) -85%
----------------------------------------------------------------------------
Operating Income (Loss) 222 (17,796) 18,018 -101%
Other Loss (Income) (29) 41,500 (41,529) -100%
Income Tax Expense (Benefit) (4) (9,611) 9,607 -100%
----------------------------------------------------------------------------
Net Income (Loss) $ 255 $(49,685) $ 49,940 -101%
Per Share - Basic and Diluted - (1.18) 1.18 -100%
----------------------------------------------------------------------------
Funds from (used in) Operations $ 1,639 $ (6,294) $ 7,933 -126%
Per Share - Basic and Diluted 0.03 (0.15) 0.18 -120%
----------------------------------------------------------------------------
Shares Outstanding 59,903 41,958 17,945 43%
Weighted Average Shares
Outstanding
Basic 59,785 41,971 17,814 42%
Diluted 59,785 41,971 17,814 42%
----------------------------------------------------------------------------
(Thousands, except per share
amounts) Nine Months Ended September 30
----------------------------------------------------------------------------
2011 2010 $ Change % Change
----------------------------------------------------------------------------
Revenue $29,017 $ 31,241 $ (2,224) -7%
Operating Expenses 26,237 34,040 (7,803) -23%
----------------------------------------------------------------------------
EBITDA 2,780 (2,799) 5,579 -199%
Finance Costs 507 2,325 (1,818) -78%
Depreciation and Amortization 6,081 24,847 (18,766) -76%
----------------------------------------------------------------------------
Operating Income (Loss) (3,808) (29,971) 26,163 -87%
Other Loss (Income) (27) 41,406 (41,433) -100%
Income Tax Expense (Benefit) 61 (12,920) 12,981 -100%
----------------------------------------------------------------------------
Net Income (Loss) $(3,842) $(58,457) $ 54,615 -93%
Per Share - Basic and Diluted (0.06) (1.39) 1.33 -96%
----------------------------------------------------------------------------
Funds from (used in) Operations $ 2,837 $ (1,934) $ 4,771 -247%
Per Share - Basic and Diluted 0.05 (0.05) 0.10 -200%
----------------------------------------------------------------------------
Shares Outstanding 59,903 41,958 17,945 43%
Weighted Average Shares
Outstanding
Basic 59,535 41,962 17,573 42%
Diluted 59,535 41,962 17,573 42%
----------------------------------------------------------------------------
Segment Review Summary
For the three months ended September 30, 2011 Thousands)
----------------------------------------------------------------------------
Software Seismic Corporate
and Data Services Data & Other Total
----------------------------------------------------------------------------
Revenue $ 2,309 $ 3,464 $ 3,792 $ - $ 9,565
EBITDA 966 122 2,942 (2,338) 1,692
Finance costs - (1) (1) 305 303
Depreciation and
Amortization 710 241 29 187 1,167
Operating Income (Loss) 256 (118) 2,914 (2,830) 222
----------------------------------------------------------------------------
For the three months ended September 30, 2010 (Thousands)
----------------------------------------------------------------------------
Corporate
Software Services Data & Other Total
----------------------------------------------------------------------------
Revenue $ 2,359 $ 4,319 $ 1,838 $ - $ 8,516
EBITDA 599 290 (2,416) (7,283) (8,810)
Finance costs - (1) - 1,234 1,233
Depreciation and
Amortization 648 341 6,604 160 7,753
Impairment of goodwill
and intangibles - - - - -
Operating Income (Loss) (49) (50) (9,020) (8,677) (17,796)
----------------------------------------------------------------------------
For the nine months ended September 30, 2011 (Thousands)
----------------------------------------------------------------------------
Corporate
Software Services Data & Other Total
----------------------------------------------------------------------------
Revenue $ 6,848 $13,070 $ 9,099 $ - $ 29,017
EBITDA 2,398 2,435 6,685 (8,738) 2,780
Finance costs - (2) (5) 514 507
Depreciation and
Amortization 2,747 805 1,001 1,528 6,081
Operating Income (Loss) (349) 1,632 5,689 (10,780) (3,808)
----------------------------------------------------------------------------
For the nine months ended September 30, 2010 (Thousands)
----------------------------------------------------------------------------
Corporate
Software Services Data & Other Total
----------------------------------------------------------------------------
Revenue $ 7,083 $14,148 $ 10,010 $ - $ 31,241
EBITDA 2,428 2,154 3,897 (11,278) (2,799)
Finance costs - - - 2,325 2,325
Depreciation and
Amortization 2,076 1,244 20,894 633 24,847
Operating Income (Loss) 352 910 (16,997) (14,236) (29,971)
----------------------------------------------------------------------------
Divestco Inc.
Condensed Consolidated Interim Statement of Financial
Position
As at September 30, 2011 December 31, 2010
----------------------------------------------------------------------------
(Thousands - Unaudited)
----------------------------------------------------------------------------
Assets
Current Assets
Cash $ 1,089 $ 3,696
Funds held in trust 16 15
Accounts receivable 10,744 11,759
Prepaid expenses, supplies and
deposits 149 237
Income taxes receivable 50 287
----------------------------------------------------------------------------
12,048 15,994
Investment in affiliated company 150 100
Participation surveys in progress 5,863 1,253
Property and equipment 5,619 3,026
Intangible assets 14,589 14,611
----------------------------------------------------------------------------
$ 38,269 $ 34,984
----------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current Liabilities
Bank indebtedness $ 3,100 $ 2,050
Accounts payable and accrued
liabilities 7,193 8,248
Deferred revenue 2,628 2,710
Current loss on sublease loss
provision 972 1,729
Current portion of long-term debt
obligations 1,446 368
Current portion of tenant inducement 149 -
----------------------------------------------------------------------------
15,488 15,105
Deferred rent obligations 1,205 -
Long-term debt obligations 3,835 188
Sublease loss provision 1,334 1,621
Tenant Inducements 1,845 -
Other long-term liabilities 100 -
----------------------------------------------------------------------------
23,807 16,914
----------------------------------------------------------------------------
Shareholders' Equity
Equity instruments 75,433 75,253
Contributed surplus 5,644 5,590
Deficit (66,615) (62,773)
----------------------------------------------------------------------------
14,462 18,070
----------------------------------------------------------------------------
$ 38,269 $ 34,984
----------------------------------------------------------------------------
Divestco Inc.
Condensed Consolidated Interim Statement of Income (Loss) and
Comprehensive Income (Loss)
For the three months For the nine months
ended September 30 ended September 30
----------------------------------------------------------------------------
(Thousands, Except Per Share
Amounts - Unaudited) 2011 2010 2011 2010
----------------------------------------------------------------------------
Revenue $ 9,565 $ 8,516 $ 29,017 $ 31,241
----------------------------------------------------------------------------
Operating expenses
Salaries and benefits 4,231 6,276 14,497 16,224
General and administrative 3,588 8,513 11,686 15,159
Sublease loss - 2,107 - 2,107
Stock compensation expense 54 430 54 550
----------------------------------------------------------------------------
7,873 17,326 26,237 34,040
----------------------------------------------------------------------------
Finance costs 303 1,233 507 2,325
Depreciation and amortization 1,167 7,753 6,081 24,847
Other loss (income) (29) 41,500 (27) 41,406
----------------------------------------------------------------------------
Loss before income taxes 251 (59,296) (3,781) (71,377)
----------------------------------------------------------------------------
Income taxes
Current (recovery) (4) (33) 61 (112)
Deferred (reduction) - (9,578) - (12,808)
----------------------------------------------------------------------------
(4) (9,611) 61 (12,920)
----------------------------------------------------------------------------
Net income (loss) and
comprehensive income (loss) for
the period 255 (49,685) $ (3,842) $(58,457)
----------------------------------------------------------------------------
Net income (loss) per share
Basic and Diluted $ - $ (1.18) $ (0.06) $ (1.39)
Weighted average number of
shares
Basic and Diluted 59,785 41,971 59,535 41,962
Divestco Inc.
Condensed Consolidated Interim Statement of Changes in
Equity
Number of Number of
Shares Share Warrants Equity
(Thousands - Unaudited) Issued Capital Issued Warrants Instruments
----------------------------------------------------------------------------
Balance at January 1,
2010 41,958 $70,518 - $ - $ 70,518
Net loss and
comprehensive loss for
the period
Distribution of Pulse
shares to Divestco
shareholders
Transactions with
owners, recorded in
equity contributions
by and distributions
to owners:
Issue of Class A
common shares 1,155 728 728
Reclassification on
exercise of stock
options 555 555
Reclassification on
repayment of
convertible
dedentures
Share-based payment
transactions
----------------------------------------------------------------------------
Balance at September
30, 2010 43,113 $71,801 - $ - $ 71,801
----------------------------------------------------------------------------
Balance at January 1,
2011 58,938 $73,445 15,825 $ 1,808 $ 75,253
Net loss and
comprehensive loss for
the period
Transactions with
owners, recorded in
equity contributions
by and distributions
to owners:
Issue of Class A
common shares 965 129 455 52 181
Share-based payment
transactions
Share issue costs (1) (1)
----------------------------------------------------------------------------
Balance at September
30, 2011 59,903 $73,573 16,280 $ 1,860 $ 75,433
----------------------------------------------------------------------------
Equity
portion of Retained
Contributed convertible Earnings
(Thousands - Unaudited) Surplus debentures (Deficit) Total Equity
----------------------------------------------------------------------------
Balance at January 1,
2010 $ 5,562 $ 56 $ 31,411 $ 107,547
Net loss and
comprehensive loss for
the period (58,457) (58,457)
Distribution of Pulse
shares to Divestco
shareholders (19,999) (19,999)
Transactions with
owners, recorded in
equity contributions
by and distributions
to owners:
Issue of Class A
common shares 728
Reclassification on
exercise of stock
options (555) -
Reclassification on
repayment of
convertible
dedentures 56 (56) -
Share-based payment
transactions 550 550
----------------------------------------------------------------------------
Balance at September
30, 2010 $ 5,613 $ - $ (47,045) $ 30,369
----------------------------------------------------------------------------
Balance at January 1,
2011 $ 5,590 $ - $ (62,773) $ 18,070
Net loss and
comprehensive loss for
the period (3,842) (3,842)
Transactions with
owners, recorded in
equity contributions
by and distributions
to owners:
Issue of Class A
common shares 181
Share-based payment
transactions 54 54
Share issue costs (1)
----------------------------------------------------------------------------
Balance at September
30, 2011 $ 5,644 $ - $ (66,615) $ 14,462
----------------------------------------------------------------------------
Divestco Inc.
Condensed Consolidated Statement of Cash Flows
For the nine months ended September 30 2011 2010
----------------------------------------------------------------------------
(Thousands - Unaudited)
----------------------------------------------------------------------------
Cash flows from operating activities
Net loss for the period $ (3,842) $(58,457)
Items not affecting cash:
Equity investment gain (21) (15)
Depreciation and amortization 6,081 24,847
Sublease loss (607) 2,107
Amortization of tenant inducements (113) -
Deferred rent obligations 638 -
Income taxes 61 (12,920)
Data exchanges - (1,775)
Loss on sale of data libraries - 41,496
Gain on sale of property and equipment - (90)
Unrealized foreign exchange loss (2) (3)
Non-cash employment benefits 81 -
Share based payments 54 551
Finance costs 507 2,325
----------------------------------------------------------------------------
2,837 (1,934)
Changes in non-cash working capital balances 2,292 14,759
Changes in long-term prepaid expense - 238
Interest paid (391) (1,698)
Income taxes refunded 352 260
----------------------------------------------------------------------------
5,090 11,625
----------------------------------------------------------------------------
Cash flows from (used in) financing activities
Bank indebtedness 1,050 -
Issue of common shares, net of related expenses 99 728
Repayment of long-term debt obligations (321) (28,691)
Repayment of debentures - (3,750)
Deferred financing costs (153) (50)
Proceeds received from long-term debt obligations
(net of committed revolver repayments) 5,000 1,735
----------------------------------------------------------------------------
5,675 (30,028)
----------------------------------------------------------------------------
Cash flows from (used in) investing activities
Additions to intangible assets (2,465) (2,196)
Decrease (increase) in participation surveys in
progress (4,610) 2,134
Purchase of property and equipment (5,562) (699)
Additions to tenant inducements 3,424 -
Payment made on sublease loss provision (488) -
Investments in affiliates (29) -
Proceeds on sale of data libraries - 54,436
Proceeds on sale of property and equipment - 93
Deferred development costs (1,883) (2,040)
Changes in non-cash working capital balances (1,759) (11,608)
----------------------------------------------------------------------------
(13,372) 40,120
----------------------------------------------------------------------------
Increase (decrease) in cash (2,607) 21,717
Cash, beginning of period 3,696 768
----------------------------------------------------------------------------
Cash, end of period $ 1,089 $ 22,485
----------------------------------------------------------------------------
Divestco is an exploration services company that provides a
comprehensive and integrated portfolio of data, software, and
services to the oil and gas industry. Through continued commitment
to align and bundle products and services to generate value for
customers, Divestco is creating an unparalleled set of integrated
solutions and unique benefits for the marketplace. Divestco's
breadth of data, software and services offers customers the ability
to access and analyze the information required to make business
decisions and to optimize their success in the upstream oil and gas
industry. Divestco is headquartered in Calgary, Alberta, Canada and
trades on the TSX Venture Exchange under the symbol "DVT".
This press release contains forward-looking information related
to the Company's capital expenditures, projected growth, view and
outlook towards future oil and gas prices and market conditions,
and demand for its products and services. Statements that contain
words such as "could', "should", "can", "anticipate", "expect",
"believe", "will", "may" and similar expressions and statements
relating to matters that are not historical facts constitute
"forward-looking information" within the meaning applicable by
Canadian securities legislation. Although management of the Company
believes that the expectations reflected in such forward-looking
information are reasonable, there can be no assurance that such
expectations will prove to have been correct because, should one or
more of the risks materialize, or should the assumptions underlying
forward-looking statements or forward-looking information prove
incorrect, actual results may vary materially from those described
in this press release as intended, planned, anticipated, believed,
estimated or expected. Except where required by law, the Company
does not assume any obligation to update these forward-looking
statements or forward-looking information if conditions or opinions
should change. Readers should not place undue reliance on
forward-looking statements or forward- looking information. All of
the forward-looking statements and forward-looking information of
the Company contained in this press release are expressly
qualified, in their entirety, by this cautionary statement.
In particular, this press release contains forward-looking
statements pertaining to the following: the Company's ability to
reduce debt, improve liquidity, correct its working capital
deficiency and maintain profitability in the current economy;
availability of external and internal funding for future
operations; relative future competitive position of the Company;
nature and timing of growth; future sales of the Company's seismic
data library; oil and natural gas production levels; planned
capital expenditure programs; supply and demand for oil and natural
gas; future demand for products/services; commodity prices;
fluctuations in interest rates; impact of Canadian federal and
provincial governmental regulation on the Company; expected levels
of operating costs, general administrative costs, costs of services
and other costs and expenses; future ability to execute
dispositions of assets or businesses; expectations regarding the
Company's ability to raise capital and to add to seismic data
through new seismic shoots and acquisition of existing seismic
data; treatment under tax laws.
These forward-looking statements are based upon assumptions
including: that future prices for crude oil and natural gas, future
interest rates and future availability of debt and equity financing
will be at levels and costs that allow the Company to manage,
operate and finance its business and develop its software products
and various oil and gas datasets including its seismic data
library, and meet its future obligations; that the regulatory
framework in respect of royalties, taxes and environmental matters
applicable to the Company and its customers will not become so
onerous on both the Company and its customers as to preclude the
Company and its customers from viably managing, operating and
financing its business and the development of its software and
data; and that the Company will continue to be able to identify,
attract and employ qualified staff and obtain the outside expertise
as well as specialized and other equipment it requires to manage,
operate and finance its business and develop its properties.
These forward-looking statements are subject to numerous risks
and uncertainties, certain of which are beyond the Company's
control, including: general economic, market and business
condition; volatility in market prices for crude oil and natural
gas; ability of Divestco's clients to explore for, develop and
produce oil and gas; availability of financing and capital;
fluctuations in interest rates; demand for the Company's product
and services; weather and climate conditions; competitive actions
by other companies; availability of skilled labour; failure to
obtain regulatory approvals in a timely manner; adverse conditions
in the debt and equity markets; and government actions including
changes in environment and other regulations.
The TSXV has not reviewed nor accepts responsibility for the
adequacy or accuracy of this news release.
Contacts: Divestco Inc. Mr. Stephen Popadynetz CEO, President
and CFO 587-952-8152 Divestco Inc. Mr. Danny Chiarastella Vice
President, Finance 587-952-8027www.divestco.com
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