New West Energy Services Inc. announces the financial results for the Corporation for the second quarter ended October 31, 2014.
Operational and Financial Results for the Second Quarters Ended October 31, 2014 and 2013:
• Revenue increased 37% to $6.64 million from $4.83 million in previous year equivalent period.
• Gross margin of $1.48 million (2013 was $1.32 million).
• Net income of $25,243 from operations after income tax (2013 had a net loss of $171,327).
• Earnings per share (basic and diluted) from operations of $0.000 (2013 was a negative ($0.002)).
• EBITDA was $472,161 (2013 was a negative ($35,534)). This calculation is a non-IFRS measure.
• The Corporation continued the build out of the new diversified service operating in Beaverlodge, Alberta with the addition of key supervisory and operational staff to support the new equipment and services. The new services include combo and hydrovac trucks used on the completions and production sectors as well as quad wagons and tri trailers used in the hauling of frac water, oil and other production fluids. The Corporation plans to leverage its strong client base further to support this service.