Redline Communications Group Inc. Receives $2.6 Million Contract
Jan 8 15
Redline Communications Group Inc. announced that it has received a $2.6 million contract for the first phase of a wireless network that is expected to bring cost-saving automation to hundreds of oil wells in an oilfield in the Middle East. Redline's newest customer, will be implementing an advanced production monitoring and control system to make oil production more productive and efficient. They will use Redline's wireless network solution to provide the real-time connectivity that makes these bottom line benefits possible. Advanced process and control automation systems connect sensors at every well, making ongoing status updates on production available to people and systems at remote locations. It also brings the ability to remotely and in real-time change an increasing number of production parameters to optimize production rates almost instantly. This eliminates the need to send people into the field to physically check well sites for problems, in turn minimizing downtime and increasing operational safety. With the ability to change parameters at the well sites remotely over Redline's wireless network, operators can continually optimize production quickly and without adding additional costs. Redline makes oilfield automation possible by providing the network infrastructure needed to realize improved efficiency and productivity. Once fully deployed, a Redline network delivers a ubiquitous umbrella of connectivity, converting the field operation into a truly digital oilfield and bringing the operator real-time visibility and remote control of their production assets. Equally important, the Redline network has the capacity to grow with minimal additional costs as the oilfield grows. This translates into a cost-effective system for the long term. Redline couples powerful and reliable wireless technology with a deep knowledge of the oil and gas industry to deliver a single secure and reliable network infrastructure that is powerful enough to simultaneously accommodate the distances, capacity and the many application types required for the oilfield. This includes voice, video, SCADA, M2M, Wi-Fi and other data. With a proven track record that includes dozens of successful large scale digital oilfield installations, Redline, an ISNetworldTM member company, has deep expertise in turnkey wireless network delivery for oil and gas, with purpose-built products and oilfield-ready, HSE-certified professionals. Redline's end-to-end solutions for oil and gas include planning, engineering and delivery services along with ruggedized products to deliver a complete network solution that can operate effectively throughout the entire life cycle of an oilfield. Delivery of the Redline network is expected to begin in the first quarter of 2015 and be completed before the end of the year.
Redline Communications Wins $2.7 Million Contract to Provide a Wireless Oilfield Network in South America
Nov 4 14
Redline Communications Group Inc. announced that it has received a $2.7 million contract to provide the first phase of a high speed wireless network for a local Argentina subsidiary of a "super-major" energy company. Redline will be providing a single integrated high-speed wireless network across the entire operation, allowing the customer to take full advantage of the newest digital technologies for advanced oilfield automation.
Redline Communications Group Inc. Reports Unaudited Consolidated Earnings Results and Nine Months Ended September 30, 2014
Nov 3 14
Redline Communications Group Inc. reported unaudited consolidated earnings results and nine months ended September 30, 2014. For the quarter, the company’s revenue was up 29% over the same period in 2013, largely attributed to increasing revenue from the oil and gas sector. Adjusted EBITDA for third quarter of 2014 was $0.4 million, an increase of $1.9 million over the adjusted LBITDA of $1.5 million for the corresponding period in 2013. The improvement was primarily the result of lower operating costs resulting from the restructuring program initiated in December 2013. Net loss and total comprehensive loss was $94,697 or $0.01 per diluted share against net loss and total comprehensive loss of $1,241,996, or $0.08 per diluted share reported in the same period in 2013. Revenue was $9,126,636 against $7,068,730 a year ago. Loss before income taxes was $89,048 against $1,217,540 a year ago. Cash used in operating activities was $1,968,708 against cash from operating activities $391,946 a year ago. Acquisition of property, plant and equipment was $340,879 against $832,276 a year ago. Acquisition of intangible assets was $1,733,534 against $16,855 a year ago.
For the nine months, the company reported revenue of $24,896,705 against $24,015,729 a year ago. Income before income taxes was $1,109,637 against loss before income taxes of $4,046,613 a year ago. Net profit and total comprehensive income was $1,066,569 or $0.06 per diluted share against net loss and total comprehensive loss of $4,244,133 or $0.30 per diluted share a year ago. Cash from operating activities was $3,230,909 against cash used in operating activities 2,764,253 a year ago. Acquisition of property, plant and equipment was $396,498 against $1,202,398 a year ago. Acquisition of intangible assets was $1,874,034 against $32,955 a year ago.