Intercept
Energy Services, an oilfield services firm specializing in frac water heating
and various other services, grew its third-quarter gross revenues by 121% – an
achievement marked by the company’s entry into the U.S. and by increasing its
number of operating Heating Units from three to five.
Revenues
for the three months ended September 30, 2014, were $0.8 million compared to
$0.3 million reported in the comparable quarter of last year. On a year-to-date
basis, 2014 revenues increased 86% to $2.6 million compared to $1.4 million for
the first nine months of the year prior.
The
company trimmed its third-quarter net loss by 17% to $0.5 million, excluding
other items, compared to a net loss of $0.6 million, excluding other items, in
the same quarter last year. On a year-to-date basis, Intercept reported a 2014
net loss of $1.6 million, excluding other items, compared to a net loss of $1.4
million, excluding other items, compared to the same nine months of last year.
The company attributes the deeper net loss for the year-to-date period
primarily to an increase in overall operation costs.
Net income
for the third quarter of 2014 was $2.2 million compared to a net loss of $0.7
million for the same quarter last year. On a year-to-date basis, 2014 net
income was $0.9 million compared to a net loss of $1.5 million compared to the
same period last year, mainly due to the one-time gain in the current quarter of
$2.9 million on extinguishment of royalty obligation.
Intercept
successfully refinanced its capital lease facility during the third quarter of
2014, which resulted in repaying its existing capital lease obligation due to a
major Canadian bank in full of $1.5 million and establishing a $2.5 million new
capital lease facility repayable over five years. Intercept successfully paid
down part of its $1 million notes payable revolving credit facility included in
loans and borrowings; the balance at the end of September 30, 2014, was $0.5
million. An additional $0.2 million was drawn from this credit facility
subsequent to the third quarter for general working capital purposes.
Commenting
on quarterly financial results, Intercept CFO Swapan Kakumanu stated, “Our
third quarter financial results show a greater quarter-over-quarter improvement
on revenue growth compared to the same quarters of previous years. By
successfully resolving the royalty liability obligation and refinancing the
capital leases during the third quarter, the corporation has a more flexible
and stronger balance sheet to work with.”
Company
CEO Keith Morlock added that moving forward Intercept is pursuing additional
expansion opportunities.
“We are
currently evaluating and identifying new opportunities for the Corporation that
will enable us to expand our operations throughout North America,” Morlock
stated. “I am currently working with the board and our management team to
develop a strategy of growth, profitability and diversification which is
expected to provide a foundation for increased revenues and a positive bottom
line.”
As part of
its third-quarter financial results, Intercept announced that it has retained
QualityStocks to manage the company’s investor relations services.
“Company
growth and market penetration are obviously leading objectives in the IES plan.
In addition to these commitments we want to make sure our shareholders are in
the loop on our operations, objectives and progress,” stated Morlock. “By
partnering with QualityStocks, we plan to leverage new communication and
marketing strategies that will support each facet of our business plan and
fully support corporate value and expansion.”
For more
information, visit www.InterceptEnergy.ca
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