New West Energy Services Inc. Announces Its Year End Results
CALGARY, ALBERTA -- (Marketwired) -- 08/21/13 -- New West Energy
Services Inc. (TSX VENTURE:NWE) (the "Corporation") is pleased to
announce the financial results for the Corporation for its fiscal
year ended April 30, 2013.
Operational and Financial Results for fiscal years ended April 30,
2013 and 2012:
-- Revenue of $19.34 million ($15.34 million for 2012)
-- Gross margin of $5.60 million ($4.70 million for 2012)
-- Net Income from continuing operations after income tax of $1.60 million
($1.22 million for 2012)
-- Earnings per share (basic & diluted) from continuing operations of
$0.017 ($0.014 for 2012).
-- Acquisition of operating assets from Porterco Welding Ltd. such as
trucks, trailers, field equipment and inventory for a consideration of
$1.4 million in August 2012
-- Capital expenditures during the year amounted to $2.3 million for trucks
-- Secured line of credit agreements with Canadian Western Bank for both
subsidiaries in the amount of $2.2 million (undrawn at year end)
-- Appointed Timothy A. Young and Ralph T. Strother as Directors of the
The Corporation is a publicly-traded company that is listed on the
TSX Venture Exchange under the trading symbol "NWE.V". The
Corporation's business activities are carried out through two wholly
owned Calgary, Alberta subsidiaries - BearStone Environmental
Solutions Inc. ("BearStone") and Porterco Oilfield Services Inc.
BearStone is an environmental oilfield services company that provides
environmental services and operates a fleet of specialized vacuum and
water trucks to the upstream oil and gas industry throughout western
Porterco is a newly formed subsidiary resulting from the acquisition
of the operating assets of Porterco Welding Ltd. which acquisition
was completed on August 24, 2012. Porterco is based in Slave Lake,
Alberta and operates a fleet of trucks and trailers for hauling
contaminated drill cuttings. Other services offered by Porterco
include equipment rental, custom fabrication and general oilfield
OUTLOOK AND STRATEGY
The Corporation is actively pursuing new acquisitions which will
compliment and diversify its existing services. Certain companies
have been targeted based on their services offered and geographic
Subsequent to the year end, the Corporation has been successful in
obtaining a contract for a trial of a new technology to recover oil,
water and solids from contaminated drill cuttings. The technology
uses thermal desorption to separate oil, water and solids with all
phases being recovered for re-use or disposal.
The Corporation is in the process of creating an exclusive business
with the owner of the technology to treat drilling waste in Canada.
The trial phase will be carried out through BearStone and will
involve operational support from both subsidiaries, BearStone and
Neither the TSX Venture nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture) accepts
responsibility for the adequacy or accuracy of this release.
New West Energy Services Inc.
Gerry E. Kerkhoff
President & Chief Executive Officer
403.984.9798 or 1.888.977.2327 (BEAR)
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