Bonnett's earns 90 cents per share in 2011
2012-03-15 07:55 ET - News Release
Shares issued 14,398,545
BT Close 2012-03-14 C$ 3.90
Mr. Murray Toews reports
BONNETT'S ENERGY CORP. REPORTS Q4 2011 FINANCIAL RESULTS
Bonnett's Energy Corp. has released its fourth quarter 2011 financial results.
The Corporation recorded fourth quarter revenue of $33.1 million, a 37% increase over the comparable period of the prior year. For the year ended December 31, 2011, revenue from operations increased $22.6 million, or 30% over 2010.
EBITDAC, or earnings before interest, taxes, depreciation and amortization and certain other items, for the three months ended December 31, 2011 was $9.5 million, $3.6 million more than the comparable period of 2010. For the year ended December 31, 2011, EBITDAC increased 54% over 2010 to $24.1 million.
Murray Toews, Chief Executive Officer of Bonnett's Energy Corp. commented, "2011 was a tremendously successful year for Bonnett's. We experienced substantial increases in revenue, market share and cash flows. We partnered with a new financial institution and obtained new, more flexible credit facilities while at the same time significantly lowering our borrowing costs. Our diversified approach to services continues to achieve positive results for Bonnett's and our shareholders and we are looking forward to an equally successful 2012. I would like to thank our employees for their hard work and contribution for making our success possible, and to our customers for giving us the opportunity to provide them with our best in class service."
Three months ended December 31, Year ended December 31,(
00's except per share amounts) 2011 2010 2011 2010 Revenue from operations 33,144 $ 24,058 $ 98,472 $ 75,891EBITDAC from operations (1) 9,511 5,929 24,130 15,741Funds flow from operations (2) 9,511 5,929 24,130 15,741Funds flow from operations per share ? basic 0.66 0.41 1.68 1.10 ? diluted 0.64 0.41 1.63 1.09 Profit before income tax 7,098 3,503 15,180 5,625Profit and comprehensive income 9,398 7,173 12,972 9,295Earnings per share ? basic 0.65 0.50 0.90 0.65 ? diluted 0.63 0.49 0.87 0.64
We seek Safe Harbor.