CALGARY, May 25, 2012 /CNW/ - Winalta Inc. (TSX-V: WTA) ("Winalta" or the "Company") is pleased to announce record results for the three months ended March 31, 2012 with net earnings from continuing operations of $3.3 million or
.08 per share fully diluted compared to a net earnings from continuing operations of $1.6 million or
.04 per share fully diluted for the three months ended March 31, 2011.
Revenue of $9.0 million and EBITDA of $4.9 million compared favourably to revenue of $7.2 million and EBITDA of $3.7 million for the comparative 3 month period 2011.
Selected Financial Information
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| | | | Three Months Ended |
(
00,s except per share amounts) | | | March 31, 2012 | | | March 31, 2011 |
| Revenue | | | 8,986 | | | 7,210 |
| Net Earnings | | | 3,325 | | | 1,566 |
| Earnings per share and diluted earnings per share | | | 0.08 | | | 0.04 |
| EBITDA | | | 4,901 | | | 3,728 |
| EBITDA per share | | | 0.12 | | | 0.09 |
| Total assets | | | 44,529 | | | 40,910 |
| Total liabilities | | | 18,898 | | | 18,635 |
| Dividends | | | - | | | - |
Revenue
Winalta revenue increased by $1.8 million, an increase of 25% for the 3 months ended March 31, 2012 (the "Period") compared to the three months ended March 31, 2011 (the "Comparative Period"). This 25% increase in revenue year over year is attributable to increases in fleet size, third party revenue and day rates.
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| Revenue Drivers Q1 2012 versus Q1 2011 | | | | | | | | | | |
| | | | % Increase | | | Q1 2012 | | | Q1 2011 | |
| | |
| Fleet size (# of units) | | | 9% | | | 297 | | | 266 | |
| Utilization (during quarter) | | | -7% | | | 85% | | | 91% | |
Day rates for the period showed a year over year improvement of 12%.
Fleet Expansion
During the Period the Company has increased its fleet size by 5 Wellsite units and 4 Dedicated Geo-Lab units. Since the Comparative Period Winalta has increased by 16 Wellsite units and 15 Dedicated Geo-Lab units. The Company continues to expand its fleet organically with cash from operations.
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| Fleet Growth Q1 2012 versus Q1 2011 | | | | | | | | | | |
| | | | % Increase | | | Q1 2012 | | | Q1 2011 | |
| | |
| Wellsites | | | 7% | | | 219 | | | 204 | |
| Drill Camps (5 and 6 units) | | | 0% | | | 11 | | | 11 | |
| Dedicated Geo Labs | | | 1500% | | | 16 | | | 1 | |
Utilization
Utilization of Wellsite units for the Period was 85% as compared to 91% for the Comparative Period. Utilization of Camp units for the Period was 90% as compared to 91% for the Comparative Period. Utilization of Dedicated Geo-Labs for the Period was 87% as compared to 79% for the Comparative Period, which shows continued demand for these specialty units.
Decreased utilization for the Period over the Comparable Period can be attributed to early spring weather in March which negatively affected demand.
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| Utilization Q1 2012 versus Q1 2011 | | | | | | | | | | |
| | | | % Increase | | | Q1 2012 | | | Q1 2011 | |