LONESTAR REPORTS 2011 FIRST QUARTER FINANCIAL RESULTS
26 November 2010 - 12:00PM
PR Newswire (Canada)
SYLVAN LAKE, AB, Nov. 25 /CNW/ -- SYLVAN LAKE, AB, Nov. 25 /CNW/ -
Lonestar West Inc. (TSX(V):LSI) today announced its business
performance for the first quarter of fiscal 2011. Results: -
generated revenue of $1.6 million in the three months ended
September 30, 2010, this is a decrease in relation to the
comparative quarter in the prior year. - loss incurred in the
quarter of $27,900 which is a decrease in earnings in relation to
prior year quarter. - first quarter EBITDAC of $233,463 has
decreased in relation to prior year quarter however the current
quarter results are an increase in relation to the last two
consecutive quarters. President and CEO James Horvath commented,
"We did experience significant weather delays like much of the
oilfield sector this quarter and the revenues did not meet our
expectations. We have expanded our geographical areas of service
which should provide an increase in potential market, however this
expansion did come with a lag in revenues. Subsequent to the
quarter end we have seen a steady improvement in revenue and
customer satisfaction is extremely high." CONSOLIDATED RESULTS
Financial Results (000's except per share amounts)
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3 months ended
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September 30 September 30 2010 2009
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Revenue $1,602 $ 2,148
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Operating expenses 1,097 1,333
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Gross margin 505 816
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Net income (loss) (28) 272
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EBITDAC 233 530
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Earnings per share - basic (0.002) 0.021
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The complete MD&A and interim financial statements for the 2011
First Quarter are available on SEDAR at www.sedar.com. Business
Description Lonestar West Inc. (www.lonestarwest.com) currently
operates a fleet of HVAC and vacuum trucks throughout Western
Canada from its base in Sylvan Lake, Alberta. It is focussed on
profitably growing its HVAC services to become a major national
competitor in the market area. Lonestar's shares trade on the
TSX(Venture) Exchange under the symbol LSI. Certain information and
statements contained herein constitute forward-looking information,
including the anticipated costs associated with the purchase of
capital equipment, expectations concerning the nature and timing of
growth within the business operated by Lonestar, expectations
respecting the competitive position of such business, expectations
concerning the financing of future business activities and
statements as to future economic and operating conditions. Readers
should review the cautionary statement respecting forward-looking
information that appears in Lonestar's complete MD&A. %SEDAR:
00027328E James Horvath, President and CEO, (403) 887-2074; Bev
Roome, CA, Chief Financial Officer, (403) 887-2074
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