TSX Energy Stock Alert: Petrowest (TSX: PRW) Gains on Record Third Quarter Report
Category: Investment, Energy
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News about Petrowest
New York, New York, Point Roberts, WA - November 12, 2012 (Investorideas.com Energy Stocks Newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors issues a trading alert for TSX active morning trader, Petrowest Corporation (TSX: PRW), trading at $0.62, up 0.08 or 14.81% on over 700,000 shares. The stock spiked following reporting record third quarter results.
In the three months ended September 30, 2012, the Company:
- Achieved record third quarter comprehensive income before tax of $6.7 million and revenue of $59.9 million, an increase of $6.9 million and $4.6 million respectively from the same quarter in 2011, driven primarily by strong activity in the Civil division.
- Reported EBITDA margin of 21.3%.
- Reported gross margin of $14.2 million, an increase of $1.8 million compared to the same quarter in 2011.
- Acquired a landfill site in northeastern British Columbia to receive and manage contaminated waste. It is anticipated to be operational by the end of November, 2012.
- Established a field office and camp facility in Fox Creek, Alberta to better service the Company's existing client base and to respond to the increased activity in the area.
In the nine months ended September 30, 2012, the Company:
- Increased EBITDA and revenue by 32.3% and 13.1% respectively, from $21.6 million and $136.7 million to $28.6 million and $154.5 million respectively, a record for the Company for the first nine month period of a year, primarily due to strong activity in the Civil division and continued strength of other divisions.
- Reported comprehensive income of $10.0 million compared to a comprehensive loss of $(27.8) million in the first nine months of 2011, mainly due to strong results in the Civil division, as well as the recognition of a deferred income tax recovery in the current period, versus the non-cash charge loss on the change in fair value of trust and subordinated units in the comparative period.
- Opened a field office in Lloydminster, Alberta in order to better service the Company's existing customer base conducting heavy oil operations in the area.
Petrowest is an Alberta corporation involved in pre-drilling and post-completion energy services as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers. Petrowest's primary operations are based in the Grande Prairie area of northern Alberta and in northeastern British Columbia
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