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Marketwired
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Total Energy Services Inc. Announces Q4 2016 Results

CALGARY, ALBERTA -- (Marketwired) -- 03/07/17 -- Total Energy Services Inc. ("Total Energy" or the "Company") (TSX: TOT) announces its consolidated financial results for the three months and the year ended December 31, 2016.

Financial Highlights
($000's except per share data)
----------------------------------------------------------------------------
                        Three Months Ended              Year Ended
                           December 31                  December 31
                           (unaudited)                   (audited)
                                             %                           %
                        2016      2015  Change       2016      2015 Change
----------------------------------------------------------------------------
Revenue             $ 57,415  $ 52,082      10%  $197,800  $283,193    (30%)
Operating Income
 (Loss)               (4,296)     (381)  (1028%)  (15,110)   19,805   (176%)
EBITDA (1)             3,554     6,581     (46%)   14,041    52,869    (73%)
Cashflow (2)           2,827     5,662     (50%)   15,717    19,064    (18%)
Net Income (Loss)     (3,667)   (3,019)    (21%)  (11,914)    8,655   (238%)

Per Share Data
 (Diluted)
EBITDA (1)          $   0.11  $   0.21     (48%) $   0.45  $   1.71    (74%)
Cashflow (2)        $   0.09  $   0.18     (50%) $   0.51  $   0.62    (18%)
Net Earnings (Loss) $  (0.12) $  (0.10)    (20%) $  (0.38) $   0.28   (236%)
----------------------------------------------------------------------------

                                      December 31       Dec. 31
                                             2016          2015
                                        (audited)     (audited)   % Change
----------------------------------------------------------------------------
Financial Position
Total Assets                         $    522,599  $    532,379         (2%)
Long-Term Debt and Obligations
 Under Finance Leases (excluding
 current portion)                          46,557        49,185         (5%)
Working Capital (3)                        71,770        90,314        (21%)
Net Debt (4)                                  nil           nil          -
Shareholders' Equity                      364,302       383,335         (5%)

Shares Outstanding (000's)
Basic and Diluted                          30,920        30,997          -
----------------------------------------------------------------------------

Notes 1 through 4 please refer to the Notes to the Financial Highlights set forth at the end of this release.

Total Energy's results for the three months ended December 31, 2016 reflect improving North American industry activity levels from the historic lows experienced earlier in the year. Despite increased activity levels, fierce price competition continued and operating margins remained under pressure, particularly within the Contract Drilling Services ("CDS") and Rentals and Transportation Services ("RTS") segments where spot market pricing for certain equipment and services dropped to levels never before witnessed during the Company's 20 year history. Also negatively impacting the Company's results for the fourth quarter of 2016 was approximately $1.2 million of non-recurring expenses which related primarily to the Company's outstanding offer to purchase all of the common shares ("Savanna Shares") of Savanna Energy Services Corp. ("Savanna").

Total Energy's CDS segment achieved 18% utilization during the fourth quarter of 2016, recording 298 operating days (spud to rig release), compared to 241 operating days, or 15% utilization, during the fourth quarter of 2015. Revenue per operating day decreased 16% for the fourth quarter of 2016 relative to the prior year comparable period due to reduced pricing. Effective July 1, 2016, the Company changed its estimate of depreciation for drilling rigs and related equipment by establishing a minimum depreciation charge and reducing residual values to zero. As a result of this change in estimate, there was an increase in depreciation expense of $1.8 million for the year ended December 31, 2016.

The RTS segment achieved a utilization rate on major rental equipment of 18% during the fourth quarter of 2016 as compared to 17% during the fourth quarter of 2015. Segment revenue per utilized rental piece decreased 9% for the fourth quarter of 2016 compared to the same period in 2015 due to lower pricing. This segment exited the fourth quarter of 2016 with approximately 10,000 pieces of major rental equipment and 121 heavy trucks as compared to 10,000 rental pieces and 119 heavy trucks at December 31, 2015.

Revenue in the Compression and Process Services ("CPS") segment increased 16% to $42.1 million for the three months ended December 31, 2016 compared to $36.5 million for the same period in 2015. This segment exited the fourth quarter of 2016 with a $65.5 million backlog of fabrication sales orders as compared to $48.9 million at December 31, 2015 and $62.0 million at September 30, 2016. At December 31, 2016, there was 39,200 horsepower in the compression rental fleet, of which approximately 12,600 horsepower was on rent as compared to 15,800 horsepower on rent at December 31, 2015 and 11,400 horsepower at September 30, 2016. The gas compression rental fleet operated at an average utilization rate of 32% during the fourth quarter of 2016 as compared to 42% during the fourth quarter of 2015.

Total Energy continued to successfully diversify its revenue base through the growth of its international business operations. This is evidenced by the fact that 20% of 2016 consolidated revenue was generated in Australia and the United States by the CPS and RTS segments.

During the fourth quarter, Total Energy declared a quarterly dividend of $0.06 per share to shareholders of record on December 31, 2016. This dividend was paid on January 31, 2017. For Canadian income tax purposes, all dividends paid by Total Energy on its common shares are designated as "eligible dividends" unless otherwise indicated. During the fourth quarter of 2016, 20,000 common shares were purchased under the Company's normal course issuer bid at an average price of $13.33 per share (including commissions). Such shares were cancelled.

Outlook

With an improvement in oil and natural gas prices over the course of 2016, North American oil and natural gas drilling and completion activity levels began to recover during the fourth quarter of 2016. Current indications from announced capital budgets are that North American oil and natural gas producers will increase their capital expenditure programs for 2017 as compared to 2016 and the relative stability of oil prices thus far in 2017 has supported increased activity levels. This increase in drilling and completion activity has contributed to increased demand for compression and process equipment and related services, including increased demand for compression rental equipment. While pricing has improved modestly, it remains very low by historical standards, particularly within the CDS and RTS segments, and higher activity levels will need to be sustained for some time before meaningful price recovery is achieved.

Throughout the industry downturn, which began in the second half of 2014, Total Energy has executed a deliberate business strategy focused on preserving its asset base, operating capacity and financial strength. Such strategy included rationalizing the Company's cost structure without reducing its branch infrastructure or cannibalizing its equipment fleet and declining business opportunities where price expectations were unreasonable or credit risk was unacceptable. Such strategy was expected to, and did result in, a loss of market share within the CDS and RTS segments and operating costs were higher than if the Company determined to close branch locations that were particularly slow. However, with the recent recovery in activity levels and a modest increase in pricing, Total Energy has begun to recover lost market share and expects to further recover market share should industry conditions continue to improve. Also, Total Energy will not be burdened by pricing arrangements made during the depths of the downturn.

While properly maintaining its equipment, preserving its operating infrastructure and leaving employee benefit programs intact resulted in higher operating costs during 2016, this investment was made so the Company would be able to fully participate in an eventual industry recovery without incurring significant start-up costs or undue operational and human resource challenges. The benefit of this investment is evidenced by the fact that all segments have been successful in retaining sufficient personnel to respond to increased activity levels. As a further illustration, during the first quarter of 2017, the CDS segment reactivated Rig 1, its lightest double and oldest rig. Despite being idle for well over a year, Rig 1 experienced nominal start-up costs and no repair down time during operations.

Total Energy continues to invest in the growth and development of its business segments. In January 2017, the Company announced a preliminary 2017 capital expenditure budget of $22.8 million, including $15.6 million of expansion capital. $9.0 million is being directed to expand the RTS segment's Canadian access matting business. $6.6 million is being invested into the continued growth of the CPS segment, including expanding its fabrication capacity into the northeast United States. In that regard, the CPS segment has recently secured a 100,000 square foot manufacturing facility in Weirton, West Virginia and expects to commence operations from that location during the second quarter of 2017.

Following an unsuccessful attempt to engage with Savanna to explore a combination of Total Energy and Savanna, on December 9, 2016 Total Energy made an offer to acquire all Savanna Shares, which offer was amended on March 1, 2017 to, among other things, increase the consideration offered by $0.20 cash per Savanna Share. Total Energy's offer is open for acceptance by Savanna Shareholders until March 24, 2017. Total Energy believes that consolidation within the North American energy services industry is required in order to better compete in an increasingly global, diversified and competitive energy market, regardless of whether a sustained industry recovery is underway or not. The difficult industry environment experienced over the past two years has exposed energy service industry overcapacity, inefficiency and excess indebtedness and highlights the need for consolidation under proven, experienced and disciplined management that is aligned with shareholders through meaningful equity ownership. Savanna and Total Energy shareholders share this belief as evidenced by the strong support each has demonstrated thus far for such a combination that would see Total Energy issue equity to the public for the first time since 2005. Total Energy's Board of Directors, management and staff welcome the opportunity to join with Savanna's management and staff to operate the combined business in a sustainable and disciplined manner that will benefit all stakeholders and continue to provide Total Energy's shareholders, both existing and new, with an industry leading return on their equity investment in the Company.

Total Energy's financial condition remains very strong, with $71.8 million of positive working capital (including $21.0 million, or $0.68 per share, of cash and marketable securities) and no net debt as at December 31, 2017. The Company's only bank debt consists of a $46.9 million mortgage loan, which is secured by approximately 60% of the Company's real estate holdings (based on value). Total Energy's $65 million operating credit facility was renewed during the fourth quarter of 2016 to February 2019, was undrawn at December 31, 2016 and remains undrawn today. The Company's mortgage loan and operating credit facility require that it maintain a debt (less cash) to equity ratio below 2.5 to 1.0 and a current ratio of at least 1.3 to 1.0. As at December 31, 2016, Total Energy's debt to equity ratio was 0.09 to 1.0 and the current ratio was 2.44 to 1.0.

Total Energy has not recorded an impairment or write-down of any of its acquisitions or capital assets (including goodwill) during its 20 year history and was one of the very few public North American energy services companies that maintained its dividend to shareholders through the very challenging industry conditions experienced over the past two years.

Conference Call

At 9:00 a.m. (Mountain Time) on March 8, 2017 Total Energy will conduct a conference call and webcast to discuss its fourth quarter financial results. Daniel Halyk, President & Chief Executive Officer, will host the conference call. A live webcast of the conference call will be accessible on Total's website at www.totalenergy.ca by selecting "Webcasts". Persons wishing to participate in the conference call may do so by calling (800) 806-5484 or (416) 406-0743. Those who are unable to listen to the call live may listen to a recording of it on Total Energy's website. A recording of the conference call will also be available until March 15, 2017 by dialing (800) 408-3053 (passcode 1987942).

United States Registration Statement

Total Energy has filed with the U.S. Securities and Exchange Commission ("SEC") a Registration Statement, which includes a notice of change and variation and the offer and take-over bid circular relating to its offer to Savanna shareholders. TOTAL ENERGY URGES INVESTORS AND SECURITYHOLDERS TO READ THE REGISTRATION STATEMENT, THE NOTICE OF CHANGE AND VARIATION AND THE OFFER AND TAKE-OVER BID CIRCULAR AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC AND CANADIAN SECURITIES REGULATORY AUTHORITIES, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors may obtain a free copy of the notice of change and variation and the offer and take-over bid circular and other documents filed by Total Energy with the Canadian securities regulators at www.sedar.com and with the SEC at the SEC's website at www.sec.gov. The notice of change and variation and the offer and take-over bid circular and other documents may also be obtained free of charge from Total Energy's website at www.totalenergy.ca/savannaoffer or upon request made to Total Energy at 2550, 300 - 5th Avenue S.W., Calgary, Alberta T2P 3C4.

Selected Financial Information

Selected financial information relating to the three months and the year ended December 31, 2016 and 2015 is attached to this news release. This information should be read in conjunction with the consolidated financial statements of Total Energy and the attached notes to the consolidated financial statements and management's discussion and analysis to be issued in due course and reproduced in the Company's 2016 annual report.

Consolidated Statements of Financial Position

(in thousands of Canadian dollars)

----------------------------------------------------------------------------
                                                  December 31,  December 31,
                                                          2016          2015
----------------------------------------------------------------------------
                                                     (audited)     (audited)
Assets
  Current assets:
  Cash and cash equivalents                       $     15,916  $      8,875
  Accounts receivable                                   47,545        48,091
  Inventory                                             54,964        59,066
  Income taxes receivable                                    -         2,733
  Other assets                                           5,095         5,768
  Prepaid expenses and deposits                          4,029         4,101
----------------------------------------------------------------------------
                                                       127,549       128,634

Property, plant and equipment                          383,497       392,622
Income taxes receivable                                  7,070         7,070
Deferred tax asset                                         430             -
Goodwill                                                 4,053         4,053
----------------------------------------------------------------------------
                                                  $    522,599  $    532,379
----------------------------------------------------------------------------

Liabilities & Shareholders' Equity
Current liabilities:
  Accounts payable and accrued liabilities        $     36,755  $     22,002
  Deferred revenue                                      13,573        10,556
  Dividends payable                                      1,856         1,860
  Income taxes payable                                     249             -
  Current portion of obligations under finance
   leases                                                1,408         2,023
  Current portion of long-term debt                      1,938         1,879
----------------------------------------------------------------------------
                                                        55,779        38,320

Long-term debt                                          44,962        46,900

Obligations under finance leases                         1,595         2,285

Deferred tax liability                                  55,961        61,539

Shareholders' equity:
  Share capital                                         88,654        88,875
  Contributed surplus                                    7,683         8,255
  Retained earnings                                    267,965       286,205
----------------------------------------------------------------------------
                                                       364,302       383,335

----------------------------------------------------------------------------
                                                  $    522,599  $    532,379
----------------------------------------------------------------------------

Consolidated Statements of Comprehensive Income (Loss)

(in thousands of Canadian dollars except per share amounts)

----------------------------------------------------------------------------
                                  Three months ended        Year ended
                                     December 31           December 31
                                      2016       2015       2016       2015
----------------------------------------------------------------------------

Revenue                          $  57,415  $  52,082  $ 197,800  $ 283,193

  Cost of services                  47,258     39,323    160,541    206,550
  Selling, general and
   administration                    6,444      5,893     22,924     27,975
  Share-based compensation             234        515      1,311      1,375
  Depreciation                       7,775      6,732     28,134     27,488
----------------------------------------------------------------------------
Operating income (loss)             (4,296)      (381)   (15,110)    19,805

  Gain on sale of property,
   plant and equipment                  75        230      1,017      5,576
  Finance income                        57        260        547        897
  Finance costs                       (621)    (3,547)    (2,426)    (9,728)
----------------------------------------------------------------------------
Net income (loss) before income
 taxes                              (4,785)    (3,438)   (15,972)    16,550

  Current income tax expense         1,307     (2,420)     1,950      6,906
  Deferred income tax (recovery)
   expense                          (2,425)     2,001     (6,008)       989
----------------------------------------------------------------------------
Total income tax (recovery)
 expense                            (1,118)      (419)    (4,058)     7,895

Net income (loss) and total
 comprehensive (loss) income for
 the year                           (3,667) $  (3,019) $ (11,914) $   8,655
----------------------------------------------------------------------------

Earnings (loss) per share
  Basic earnings per share       $   (0.12) $   (0.10) $   (0.38) $    0.28
  Diluted earnings per share     $   (0.12) $   (0.10) $   (0.38) $    0.28
----------------------------------------------------------------------------

Consolidated Statements of Cash Flows

(in thousands of Canadian dollars)

----------------------------------------------------------------------------
                                 Three months ended         Year ended
                                     December 31           December 31
                                      2016       2015       2016       2015
----------------------------------------------------------------------------

Cash provided by (used in):

Operations:
  Net income (loss) for the year $  (3,667) $  (3,019) $ (11,914) $   8,655
  Add (deduct) items not
   affecting cash:
    Depreciation                     7,775      6,732     28,134     27,488
    Share-based compensation           234        515      1,311      1,375
    Gain on disposal of
     property, plant and
     equipment                         (75)      (230)    (1,017)    (5,576)
    Finance income                       -          -       (463)         -
    Finance costs                      637      3,547      2,426      9,728
    Unrealized loss (gain) on
     foreign currencies
     translation                      (469)      (203)       266     (1,038)
    Current income tax expense
     (recovery)                      1,307     (2,420)     1,950      6,906
    Deferred income tax
     (recovery) expense             (2,425)     2,001     (6,008)       989
  Income taxes recovered (paid)       (490)    (1,261)     1,032    (29,463)
----------------------------------------------------------------------------
Cashflow                             2,827      5,662     15,717     19,064
  Changes in non-cash working
   capital items:
    Accounts receivable             (4,317)     2,935       (119)    51,377
    Inventory                       (3,808)     1,532      4,102     (4,718)
    Prepaid expenses and
     deposits                          675       (304)        72      1,475
    Accounts payable and accrued
     liabilities                    12,698     (3,703)    15,700    (29,580)
    Deferred revenue                 9,025        288      3,017      3,126
----------------------------------------------------------------------------
                                    17,100      6,410     38,489     40,744
Investments:
  Purchase of property, plant
   and equipment                    (4,828)    (5,448)   (11,090)   (22,079)
  Acquisition of business           (2,166)         -    (10,855)    (1,231)
  Proceeds on sale of other
   assets                              137        273        576        411
  Purchase of other assets               -        (10)         -     (6,127)
  Proceeds on disposal of
   property, plant and equipment       139        440      5,148     31,413
  Changes in non-cash working
   capital items                       898      1,706       (462)    (6,994)
----------------------------------------------------------------------------
                                    (5,820)    (3,039)   (16,683)    (4,607)
Financing:
  Advances under long-term debt          -          -          -     50,000
  Repayment of long-term debt         (475)      (461)    (2,192)    (1,221)
  Repayment of convertible
   debentures                            -          -          -    (69,000)
  Repayment of obligations under
   finance leases                     (483)      (694)    (2,273)    (3,056)
  Payment of dividends              (1,855)    (1,860)    (7,434)    (7,440)
  Repurchase of common shares         (267)         -     (1,000)      (108)
  Interest paid                       (557)      (875)    (1,866)    (4,182)

----------------------------------------------------------------------------
                                    (3,637)    (3,890)   (14,765)   (35,007)

----------------------------------------------------------------------------
Change in cash and cash
 equivalents                         7,643       (519)     7,041      1,130

Cash and cash equivalents,
 beginning of year                   8,273      9,394      8,875      7,745
----------------------------------------------------------------------------

Cash and cash equivalents, end
 of year                         $  15,916  $   8,875  $  15,916  $   8,875
----------------------------------------------------------------------------

Segmented Information

The Company operates in three main industry segments, which are substantially in one geographic segment. These segments are Contract Drilling Services, which includes the contracting of drilling equipment and the provision of labour required to operate the equipment, Rentals and Transportation Services, which includes the rental and transportation of equipment used in drilling, completion and production operations and Compression and Process Services, which includes the fabrication, sale, rental and servicing of natural gas compression and oil and natural gas process equipment.

As at and for the three months ended December 31, 2016 (unaudited)

Contract     Rentals and  Compression
                 Drilling  Transportation  and Process  Corporate
                 Services        Services     Services        (1)     Total
----------------------------------------------------------------------------

Revenue          $  4,096  $       11,213  $    42,106  $       -  $ 57,415

Cost of services    2,805           8,551       35,902          -    47,258
Selling, general
 and
 administration       456           2,681        1,586      1,721     6,444
Share-based
 compensation           -               -            -        234       234
Depreciation        1,756           4,181        1,818         20     7,775
----------------------------------------------------------------------------
Operating income
 (loss)              (921)         (4,200)       2,800     (1,975)   (4,296)

Gain on sale of
 property, plant
 and equipment         25              40           10          -        75
Finance income          -               -            -         57        57
Finance costs         (88)           (191)        (102)      (240)     (621)
----------------------------------------------------------------------------

Net income
 before income
 taxes               (984)         (4,351)       2,708     (2,158)   (4,785)
----------------------------------------------------------------------------

Goodwill                -           2,514        1,539          -     4,053

Total assets      110,864         230,419      169,359     11,957   522,599
Total
 liabilities       22,040          40,810       46,932     48,515   158,297
----------------------------------------------------------------------------

Capital
 expenditures
 (2)             $    224  $        5,606  $     1,164  $       -  $  6,994
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                  United
                          Canada  States   Australia  International    Total
----------------------------------------------------------------------------

Revenue                   34,336   7,242      15,837              -   57,415
Non-current assets (4)   372,368  13,688       1,494              -  387,550
----------------------------------------------------------------------------

As at and for the three months ended December 31, 2015 (unaudited)

Contract     Rentals and  Compression
                  Drilling  Transportation  and Process
                  Services        Services     Services  Other(1)     Total
----------------------------------------------------------------------------

Revenue           $  3,954  $       11,673  $    36,455  $      -  $ 52,082

Cost of services     2,347           7,867       29,109         -    39,323
Selling, general
 and
 administration        577           2,825        2,024       467     5,893
Share-based
 compensation            -               -            -       515       515
Depreciation           743           4,057        1,915        17     6,732
----------------------------------------------------------------------------
Operating income
 (loss)                287          (3,076)       3,407      (999)     (381)

Gain on sale of
 property, plant
 and equipment           -             233           (3)        -       230
Finance income           -               -            -       260       260
Finance costs          (94)           (192)        (110)   (3,151)   (3,547)
----------------------------------------------------------------------------

Net income (loss)
 before income
 taxes                 193          (3,035)       3,294    (3,890)   (3,438)
----------------------------------------------------------------------------

Goodwill                 -           2,514        1,539         -     4,053

Total assets       115,300         230,662      170,860    15,557   532,379
Total liabilities   20,058          43,877       33,845    51,264   149,044
----------------------------------------------------------------------------

Capital
 expenditures     $    965  $        2,704  $     1,679  $    100  $  5,448
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                  United
                          Canada  States   Australia  International    Total
----------------------------------------------------------------------------

Revenue                   49,848   2,043           3            188   52,082
Non-current assets (4)   390,733   4,360       1,582              -  396,675
----------------------------------------------------------------------------

As at and for the year ended December 31, 2016 (audited)

Contract     Rentals and  Compression
                 Drilling  Transportation  and Process  Corporate
                 Services        Services     Services        (1)     Total
----------------------------------------------------------------------------

Revenue          $ 11,109  $       39,059  $   147,632  $       -  $197,800

Cost of services    7,556          27,072      125,913          -   160,541
Selling, general
 and
 administration     1,805          10,688        6,452      3,979    22,924
Share-based
 compensation           -               -            -      1,311     1,311
Depreciation        4,180          16,507        7,367         80    28,134
----------------------------------------------------------------------------
Operating income
 (loss)            (2,432)        (15,208)       7,900     (5,370)  (15,110)

Gain on sale of
 property, plant
 and equipment         72             294          651          -     1,017
Finance income          -               -            -        547       547
Finance costs        (360)           (747)        (423)      (896)   (2,426)
----------------------------------------------------------------------------

Net income
 (loss) before
 income taxes      (2,720)        (15,661)       8,128     (5,719)  (15,972)
----------------------------------------------------------------------------

Goodwill                -           2,514        1,539          -     4,053

Total assets      110,864         230,419      169,359     11,957   522,599
Total
 liabilities       22,040          40,810       46,932     48,515   158,297
----------------------------------------------------------------------------

Capital
 expenditures
 (2)             $  1,321  $       18,101  $     2,519  $       4  $ 21,945
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                  United
                          Canada  States   Australia  International    Total
----------------------------------------------------------------------------

Revenue                  157,026  16,355      24,152            267  197,800
Non-current assets (4)   372,368  13,688       1,494              -  387,550
----------------------------------------------------------------------------

As at and for the year ended December 31, 2015 (audited)

Contract     Rentals and  Compression
                 Drilling  Transportation  and Process  Corporate
                 Services        Services     Services        (1)     Total
----------------------------------------------------------------------------

Revenue          $ 15,907  $       70,958  $   196,328  $       -  $283,193

Cost of services    9,480          39,518      157,552          -   206,550
Selling, general
 and
 administration     2,108          13,206        8,804      3,857    27,975
Share-based
 compensation           -               -            -      1,375     1,375
Depreciation        2,669          16,490        8,263         66    27,488
----------------------------------------------------------------------------
Operating income
 (loss)             1,650           1,744       21,709     (5,298)   19,805

Gain on sale of
 property, plant
 and equipment         39             556        4,967         14     5,576
Finance income          -               -            -        897       897
Finance costs        (566)         (1,197)        (762)    (7,203)   (9,728)
----------------------------------------------------------------------------

Net income
 (loss) before
 income taxes       1,123           1,103       25,914    (11,590)   16,550
----------------------------------------------------------------------------

Goodwill                -           2,514        1,539          -     4,053

Total assets      115,300         230,662      170,860     15,557   532,379
Total
 liabilities       20,058          43,877       33,845     51,264   149,044
----------------------------------------------------------------------------

Capital
 expenditures(3) $  1,625  $       15,483  $     6,077  $     125  $ 23,310
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                  United
                          Canada  States   Australia  International    Total
----------------------------------------------------------------------------

Revenue                  273,545   9,317          98            233  283,193
Non-current assets (4)   390,733   4,360       1,582              -  396,675
----------------------------------------------------------------------------
(1)  Corporate includes the Company's corporate activities, accretion of
     convertible debentures in 2015 and obligations pursuant to long-term
     credit facilities.
(2)  Includes acquisitions of assets in January, May and October of 2016
     described in note 5 to 2016 audited Consolidated Financial Statements.
(3)  Includes January 2015 acquisition of a business described in note 5 to
     2016 audited Consolidated Financial Statements.
(4)  Includes property, plant and equipment and goodwill.

Total Energy Services Inc. is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas compression and oil and natural gas process equipment. The common shares of Total Energy are listed and trade on the TSX under the symbol TOT.

For further information, please visit our website at www.totalenergy.ca.

Notes to Financial Highlights

(1)  EBITDA means earnings before interest, taxes, depreciation and
          amortization and is equal to net income (loss) before income taxes
          plus finance costs plus depreciation minus finance income. EBITDA
          is not a recognized measure under IFRS. Management believes that
          in addition to net income (loss), EBITDA is 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 jurisdictions as well as the cash generated
          by the Company's primary business activities without consideration
          of the timing of the monetization of non-cash working capital
          items. Readers should be cautioned, however, that EBITDA should
          not be construed as an alternative to net income (loss) determined
          in accordance with IFRS as an indicator of Total Energy's
          performance. Total Energy's method of calculating EBITDA may
          differ from other organizations and, accordingly, EBITDA may not
          be comparable to measures used by other organizations.

     (2)  Cashflow for the year ended December 31, 2015 is net of $12.7
          million of income taxes paid during the period that relates to
          2014 taxable income as a result of the Company not having been
          required to make income tax installment payments during 2014 and
          $7.1 million paid as a result of a Canadian federal income tax
          reassessment that has been appealed by the Company.

     (3)  Working capital equals current assets minus current liabilities.

     (4)  Net Debt equals long-term debt plus obligations under finance
          leases plus current liabilities minus current assets.

Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that are not historical facts are forward-looking statements. Forward-looking statements are based upon the opinions and expectations of management of Total Energy as at the effective date of such statements and, in some cases, information supplied by third parties. Although Total Energy believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct.

In particular, this press release contains forward-looking statements concerning increased capital expenditure programs for North American oil and nature gas producers, expectations regarding Total Energy's market share, Total Energy's expectations of their ability to participate in an eventual industry recovery, expansion and growth of the Company's RTS and CPS segments, timing of the commencement of operations at the Company's Weirton, West Virginia manufacturing facility and information concerning Total Energy's offer to acquire Savanna (the "Offer"), the timing for completion of the Offer, the consideration payable under the Offer and the expected benefits of the Offer. Such forward-looking statements are based on a number of assumptions and factors including fluctuations in the market for oil and natural gas and related products and services, political and economic conditions, the demand for products and services provided by Total Energy, Total Energy's ability to attract and retain key personnel and other factors. Forward-looking statements concerning the benefits of the Offer are also based upon various assumptions and factors, including financial information of Savanna available through publicly filed documents, that Savanna has made full and accurate disclosure of all material information concerning Savanna in accordance with applicable Canadian securities laws and Total's general industry knowledge and experience. Such forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of Total Energy to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Reference should be made to Total Energy's most recently filed Annual Information Form and other public disclosures (available at www.sedar.com) for a discussion of such risks and uncertainties.

The TSX has neither approved nor disapproved of the information contained herein.

Contacts:
Total Energy Services Inc.
Daniel Halyk
President & Chief Executive Officer
(403) 216-3921

Total Energy Services Inc.
Yuliya Gorbach
Vice-President Finance and Chief Financial Officer
(403) 216-3920
investorrelations@totalenergy.ca
www.totalenergy.ca

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