Lonestar West Inc. Reports Record Results
26 October 2011 - 1:00PM
PR Newswire (Canada)
LONESTAR REPORTS 2011 YEAR-END AND FOURTH QUARTER FINANCIAL RESULTS
SYLVAN LAKE, AB, Oct. 25, 2011 /CNW/ - Lonestar West Inc. today
announced its business performance for the fiscal year end June 30,
2011 and the fourth quarter of fiscal 2011. The Company has
generated revenues of $11.1 million for the twelve months ended
June 30, 2011, an increase of 76% over the prior year equivalent
period. The EBITDAC for the twelve months ended June 30, 2011 of
$1,741,145 has increased 256% in comparison to the $488,493 during
the prior year equivalent period. The Company generated a net
income of $630,000 in comparison to a net loss of ($613,000) in the
prior year equivalent period. The Company has generated revenues of
$2.7 million in the three months ended June 30, 2011, an increase
of 243% over the prior year equivalent period. The EBITDAC for the
three months ended June 30, 2011 increased to $191,000 from a loss
of ($139,000) in the prior year equivalent period. The net loss of
($127,000) compares to a net loss of ($426,000) in the prior year
equivalent period. President and CEO James Horvath commented, "We
have had a tremendous past year, seeing increases in both revenue
and EBITDAC. The utilization rates of our VAC and HVAC fleets have
increased substantially over the past year. In addition, our
lease-operator revenue grew from $448,000 to $4.3 million, an
increase of 860%, over the past year. During fiscal 2011, we placed
a strong emphasis on building our management team, and I believe
that our strong results reflect the enhancement of our team. At
Lonestar we believe that our commitment to customer service, our
superior safety record and our dedicated employees will enable us
to continue to grow into a major national HVAC competitor."
Financial Results (000's except per share data) 3 monthperiodsended
12 monthperiodsended June June 30 June June 30 30 2010 30 2010 2011
2011 Revenue $ 2,671 $ 778 $ 11,146 $ 6,334 Net earnings (127)
(426) 630 (613) (loss) Per share, (0.01) (0.030) 0.05 (0.050) basic
EBITDAC 191 (139) 1,741 488 (i) (i) EBITDAC means earnings before
interest, taxes, depreciation, amortization and stock based
compensation and is equal to earnings before income taxes plus
interest on long-term debt plus amortization plus stock based
compensation. EBITDAC is not a recognized measure under Canadian
generally accepted accounting principles ("GAAP"). Management
believes that in addition to net earnings, EBITDAC is a useful
supplemental measure as it provides an indication of the results
generated by the Company's primary business activities prior to
consideration of how those activities are financed, amortized or
how the results are taxed in various. Readers should be cautioned,
however, that EBITDAC should not be construed as an alternative to
net earnings determined in accordance with GAAP or as an indicator
of Lonestar's performance. Lonestar's method of calculating EBITDAC
may differ from other organizations and may not be comparable to
measures used by other organizations. For complete details on the
audited consolidated year-end financial statements and MD&A for
the June 30, 2011 year-end, please refer to 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. 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. Lonestar West Inc.
CONTACT: James Horvath, President and CEO (403) 887-2074Bev Roome,
CA, Chief Financial Officer (403) 887-2074
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