Horizon North Logistics Inc. Announces Results For The Period Ended March 31,
2010
CALGARY, May 5 /CNW/ - TSX Symbol: HNL - Horizon North Logistics Inc. ("Horizon" or the "Corporation") reported its financial and operating results for the quarter ended March 31, 2010 and 2009.
Highlights
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Three Three
(000's except Months Ended Months Ended
per share March 31, March 31, Increase/ Increase/
amounts) 2010 2009 (Decrease) $ (Decrease) %
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Revenue $ 44,122 $ 40,577 $ 3,545 9%
EBITDAS(1) 9,451 12,390 (2,939) (24%)
Operating earnings(1) 2,855 5,410 (2,555) (47%)
Net earnings 1,112 3,702 (2,590) (70%)
Net earnings per
share - diluted $ 0.01 $ 0.03 $ (0.02) (67%)
Total assets 250,927 246,264 4,663 2%
Total long-term
financial
liabilities(2) 46,186 44,042 2,144 5%
Funds from
operations(3) 7,655 11,277 (3,622) (32%)
Capital spending 8,841 6,043 2,798 46%
Debt to total
capitalization ratio 0.21:1 0.25:1 (0.04:1) (16%)
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(1) EBITDAS (Earnings before interest, taxes, depreciation, amortization,
accretion of notes payable, gain/loss on disposal of property, plant
and equipment and stock based compensation) and operating earnings
are not recognized measures under Canadian generally accepted
accounting principles (GAAP). Management believes that in addition to
net earnings, EBITDAS is a useful supplemental measure as it provides
an indication of the Corporation's ability to generate cash flow in
order to fund working capital, service debt, pay current income taxes
and fund capital programs. Management believes that in addition to
net earnings, operating earnings is a useful supplemental measure as
it provides an indication of the results generated by the
Corporation's principal business activities prior to consideration of
how those activities are financed or taxed. Investors should be
cautioned, however, that EBITDAS and operating earnings should not be
construed as alternatives to net earnings determined in accordance
with GAAP as an indicator of the Corporation's performance. Horizon's
method of calculating EBITDAS and operating earnings may differ from
other entities and accordingly, EBITDAS and operating earnings may
not be comparable to measures used by other entities. For a
reconciliation of EBITDAS and operating earnings to net earnings,
please refer to page 3 of the Management's Discussion and Analysis.
(2) Long-term financial liabilities include operating lines of credit,
the current and long-term portions of long-term debt.
(3) Funds from operations is not a recognized measure under GAAP.
Management believes that in addition to cash flow from operations,
funds from operations is a useful supplemental measure as it provides
an indication of the cash flow generated by the Corporation's
principal business activities prior to consideration of changes in
working capital. Investors should be cautioned, however, that funds
from operations should not be construed as an alternative to cash
flow from operations determined in accordance with GAAP as an
indicator of the Corporation's performance. Horizon's method of
calculating funds from operations may differ from other entities and
accordingly, funds from operations may not be comparable to measures
used by other entities. Funds from operations is equal to cash flow
from operations before changes in non-cash working capital items
related to operations.
Overview
Revenue for the three months ended March 31, 2010 was $44,122,000 as compared to $40,577,000 for the same period in 2009. Camp and catering revenue was relatively consistent year over year, with the majority of the increase of $3,545,000 coming from stronger used mat sales volumes and associated service revenue in the matting operation.
The decrease in EBITDAS as a percent of revenue for the three months ended March 31, 2010 was 21% as compared to 31% in the same period of 2009. This was driven mainly by lower volumes in the conventional camp and catering operations, which compressed margins. A higher proportion of camp and catering revenues were derived from camp and space sales and service revenues which contributed lower margins due to the nature of specific projects undertaken.
Outlook
Although there are still pockets of trouble, the world economy appears to be getting itself on a growth track. Much of this growth is being led by Asian countries, and has provided support for oil and mineral prices. Capital markets are open and available to these industries, and we are seeing just the beginning of sustained project spending.
In western Canada, oil sands development is in the lead with numerous recent project sanctioning announcements, and the start of contract awards for this work. The mining industry is not far behind, with projects mobilizing in both British Columbia and northern Canada. Oil and gas exploration projects are being driven through unconventional resource plays, and there have been recent positive announcements regarding infrastructure projects in British Columbia.
Horizon's diversified revenue stream allows us to capitalize on emerging opportunities in the natural resource sector. One such opportunity was evidenced by our recent contract announcement with respect to a 2,700 man camp construction and installation project. The total value of the contract is $104,000,000 with 45% of the work scheduled to occur in 2010, 50% in 2011 and 5% in 2012. The expansion of the BlackSand lodge and craft camp is nearing completion and will allow us to meet the growing demand in the Fort McMurray oil sands area. This quarter has seen the first of our blast resistant structures rental fleet being delivered and installed on customer sites. The second quarter will see the first sales revenue from this operation. One exception to this trend is our rig camp operation which will not likely see improved utilization until natural gas prices increase.
Capital spending in 2010 will be focused on adding equipment to our oil sands focused camp rental fleet to be in a favorable position to take advantage of opportunities we see developing. From a financing perspective, Horizon's combined cash flow from operations and borrowing capacity on our credit facilities will be sufficient to support our existing plans.
Financial Results
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Three months ended March 31, 2010
Inter-
segment
Camps & Marine Elimi-
(000's) Catering Matting Services Corporate nations Total
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Revenue $35,587 $ 9,490 $ 233 $ - $(1,188) $44,122
Expenses
Cost of goods
sold 3,477 2,758 - - (188) 6,047
Operating 21,610 4,608 371 - (926) 25,663
General &
administrative 701 112 - 2,116 - 2,929
Foreign exchange
loss 14 7 2 9 - 32
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EBITDAS $ 9,785 $ 2,005 $ (140) $(2,125) $ (74) $ 9,451
Stock based
compensation 122 27 3 180 - 332
Depreciation &
amortization 4,459 1,335 295 73 (15) 6,147
Loss on disposal
of property, plant
& equipment 20 97 - - - 117
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Operating earnings
(loss) $ 5,184 $ 546 $ (438) $ (2,378) $ (59) $ 2,855
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Interest income -
Interest expense on
operating lines of
credit 71
Interest expense on
long-term debt 454
Earnings on equity
investments 47
Accretion of notes
payable 93
Income tax expense 1,078
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Net earnings $ 1,112
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Three months ended March 31, 2009
Inter-
segment
Camps & Marine Elimi-
(000's) Catering Matting Services Corporate nations Total
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Revenue $34,116 $ 5,127 $ 1,755 $ - $ (421) $40,577
Expenses
Cost of goods sold 3,456 1,239 - - - 4,695
Operating 18,015 2,641 850 - (421) 21,383
General &
administrative 464 151 14 1,785 - 2,414
Foreign exchange
loss (gain) - 59 - (66) - (7)
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EBITDAS $12,181 $ 1,037 $ 891 $(1,719) $ - $12,390
Stock based
compensation 108 15 3 (215) - (89)
Depreciation &
amortization 5,137 1,556 289 51 (32) 7,001
Loss on disposal
of property,
plant & equipment 4 64 - - - 68
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Operating earnings
(loss) $ 6,932 $ (598) $ 599 $(1,555) $ 32 $ 5,410
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Interest income (6)
Interest expense
on operating lines
of credit 64
Interest expense
on long-term debt 435
Earnings on equity
investments 186
Income tax expense 1,029
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Net earnings $ 3,702
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Camps & Catering
Camps & Catering revenue is comprised of combined camp rental with catering revenue, camp and space unit sales, equipment and space rental revenue, and service revenue from transport and installation.
Three months Increase/ Increase/
(000's except ending March 31, (Decrease) (Decrease)
rental days ------------------------
and man days) 2010 2009 $ %
---------- ---------- ---------- ----------
Camp rental and
catering revenue $ 23,395 $ 24,493 $ (1,098) (4%)
Camp and space
sales revenue 5,693 4,605 1,088 24%
Rental revenue 502 642 (140) (22%)
Service revenue 5,997 4,376 1,621 37%
---------- ---------- ---------- ----------
Total revenue $ 35,587 $ 34,116 $ 1,471 4%
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
EBITDAS $ 9,785 $ 12,181 $ (2,396) (20%)
Operating earnings $ 5,184 $ 6,932 (1,748) (25%)
Bed rental days(1) 116,524 117,379 (855) (0.7%)
Catering only man
days(2) 25,540 48,021 (22,481) (47%)
(1) One bed rental day equals the rental of one bed and the provision of
related catering and housekeeping services for one day.
(2) One catering only man day equals the provision of catering and
housekeeping services with no related bed rental for one day.
Revenue from the Camps and Catering segment was $35,587,000 for the three months ended March 31, 2010, up $1,471,000 over the same period in 2009. EBITDAS for the three months ended March 31, 2010 was $9,785,000 or 27% of revenue compared to $12,181,000 or 36% of revenue the same period in 2009.
Camp rental and catering revenue
Revenues from the camp rental and catering operations were $23,395,000 for the three months ended March 31, 2010, a decrease of $1,098,000 or 4% as compared to the same period in 2009. Revenues are derived from two main business areas: the BlackSand facilities which include the BlackSand Executive Lodge and the BlackSand craft camp facilities, and the conventional camp and catering operations which include open camps, rig camps, catering only work and ancillary equipment rentals.
BlackSand
Revenues from the BlackSand facilities for the three months ended March 31, 2010 were $13,277,000 as compared to $10,434,000 for the same period in 2009. The increase of $2,843,000 or 27% came from a combination of higher volumes and increased revenues per bed rental day.
Bed rental days for the three months ended March 31, 2010 were 74,518 as compared to 60,155 in the same period in the prior year. This translates into average utilization of approximately 74% throughout the first quarter of 2010 as compared to average utilization of 60% in first quarter of 2009, with utilization increasing throughout the first quarter of 2010. Increased demand for beds was driven primarily by higher oil prices, which resulted in customers restarting projects that had been temporarily postponed and by customers starting new projects. On a per bed rental day basis, revenues increased to $178 per day in the first quarter of 2010 from $173 per day in the same period of 2009. This increase was driven by increased utilization of both Executive Lodge and craft camp rooms by customers other than the anchor customer, at higher market rates.
In the first quarter of 2010, expansion of both the Executive Lodge and craft camp facilities was started. The craft camp expansion of 230 beds was completed in February bringing the total available craft beds to 682. The Executive Lodge expansion of 144 beds is on schedule with 660 rooms expected to be available by the end of the second quarter 2010.
EBITDAS from the BlackSand facilities for the three months ended March 31, 2010 were $6,002,000 as compared to $4,673,000 or 45% of revenue in both quarters. In both the first quarter of 2010 and the first quarter of 2009 EBITDAS were elevated by a portion of beds in the Lodge which were billed on a take-or-pay basis for which full revenues were earned that did not have associated catering and housekeeping costs. This resulted in additional EBITDAS of approximately $661,000 in the first quarter of 2010 and $2,631,000 in the first quarter of 2009. This effect is not expected to continue on a go forward basis. The first quarter of 2009 included higher equipment rental costs as both craft-style beds and other support equipment was being rented for the site. The magnitude of the difference was approximately $522,000. The first quarter of 2010 included the final $300,000 of costs related to the correction of moisture accumulation issues at the Executive Lodge. Normalizing for these items, adjusted EBITDAS as a percentage of revenue for the first quarter of 2010 would have remained at 45% and the first quarter of 2009 would have been 33%.
In the fourth quarter of 2009, employees at the BlackSand site undertook a union certification vote. Based on the outcome of this vote, the Alberta Labour Relations Board certified the union as the exclusive agent to represent the employees at the site. Management entered into negotiations with the union and signed a collective agreement in March 2010. The Q1 2010 results do not include the impact of the unionization as it was effective April 1, 2010. Had the agreement been in place during Q1 2010 the impact would have been an increase in labour costs of approximately $875,000.
Conventional Camp Rental and Catering
Revenues from open camp and rig camp operations, which include both bed rental and provision of catering and housekeeping services, for the three months ended March 31, 2010 were $6,537,000 as compared to $10,134,000 for the same period in 2009, a decrease of 35%. The decrease was driven by overall lower volumes, as bed rental days were 42,006 for the three months ended March 31, 2010 as compared to 57,224 for the same period in 2009. Revenues on a bed rental day basis were consistent at approximately $156 per day in the first quarter of both 2010 and 2009.
Volumes from both open camps and rig camps were down significantly due to the challenging economic times and the timing and location of customer projects. Utilization for the three months ended March 31, 2010 was approximately 26% as compared to 64% in the same period of 2009. This decrease was due partially to a decline in volume, but primarily as a result of the acquisition of approximately 640 additional rig camp beds late in 2009, after the majority of rig camp contracts had been secured for the 2010 winter drilling season.
Revenue from the provision of catering and housekeeping only services with no associated bed rentals, for the three months ended March 31, 2010 were $2,879,000 as compared to $3,307,000 in the same period in 2009. Catering only mandays were 25,540 in the first quarter of 2010 as compared to 41,202 for the same period in 2009. A large portion of the revenue in the first quarter of 2009 came from operations based in remote locations in Nunuvut and the Northwest Territories supporting both oil and gas exploration projects and mining and infrastructure work. This activity was significantly reduced in the current period. Catering only operations related to third party rig camps was also reduced.
Revenue from other sources, including ancillary rental equipment, for the three months ended March 31, 2010 was $702,000 as compared to $618,000 in the same period in 2009. This equipment is primarily support and auxiliary rental equipment that accompanies camp rentals.
Camp and space sales revenue
Camp and space sales revenues for the three months ended March 31, 2010, were $5,693,000 as compared to $4,605,000 for the same period in 2009. Orders for newly manufactured units were up 18% as compared to the prior year when projects were either put on hold or cancelled. Used equipment sales remained unchanged over the first quarter of 2009. Revenues came mainly from one large contract and several smaller projects instead of all small projects in the first quarter of 2009.
Rental revenue
Space rental revenues for the three months ended March 31, 2010 were $502,000 compared to $642,000 in the same period 2009. The decline of $140,000 is from continued competitive downward pressure on rental rates which was partially offset by an 8% increase in fleet utilization.
Service revenue
Revenues from service work for the three months ended March 31, 2010, were $5,997,000 as compared to $4,376,000 in the same period of 2009. Service revenues were higher in the quarter mainly driven by the completion of the larger manufacturing project which extended throughout the quarter.
EBITDAS from the operations other than BlackSand in the 3 months ended March 31, 2010 were $3,783,000 or 17% of revenue as compared to $7,508,000 or 32% of revenue for the same period of 2009. The decrease in EBITDAS as a percentage of revenue was driven primarily by the volume and revenue decreases in conventional camp rental and catering operations over a consistent cost base and a higher proportion of lower margin service work.
Matting
Matting revenue is comprised of mat rental revenue, mat sales, installation, transportation, service, and other revenue as follows:
Three months
(000's except ended March 31 Increase / Increase/
rental days ------------------------- (Decrease) (Decrease)
and mats) 2010 2009 $ %
------------------------- ----------- -----------
Mat rental revenue $ 1,129 $ 905 $ 224 25%
Mat sales revenue 3,659 1,523 2,136 140%
Installation,
transportation,
service and
other revenue 4,702 2,699 2,003 74%
------------------------- ----------- -----------
Total revenue $ 9,490 $ 5,127 $ 4,363 85%
------------------------- ----------- -----------
------------------------- ----------- -----------
EBITDAS $ 2,005 $ 1,037 $ 968 93%
Operating earnings
(loss) $ 546 $ (598) $ 1,144 191%
Mat rental days 496,281 305,638 190,643 62%
Average mats in
rental fleet 13,156 13,437 (281) (2%)
Mats sold
New mats 2,055 1,226 829 68%
Used mats 4,351 1,109 3,242 292%
------------------------- ----------- -----------
Total mats sold 6,406 2,335 4,071 174%
Revenue from the Matting segment for the three months ended March 31, 2010 were $9,490,000 as compared to $5,127,000 for the same period of 2009.
Mat rental revenue for the three months ended March 31, 2010 were $224,000 higher than the three months ended March 31, 2009. This increase was driven by higher mat rental days of 496,281 in the first quarter of 2010 compared to 305,638 in the same period 2009, driven by both oil sands and shale gas activity. Rentals continued to strengthen throughout the first quarter of 2010, March having 293,000 rental days as compared to 112,000 rental days in the month of March 2009. The increase in mat rental days was partially offset by lower rental rates. Mat rental rates for the first quarter of 2010 were $2.27 per day as compared to $2.96 per day in the same period in 2009. Rates declined throughout 2009 as a result of competitive pressures, with fourth quarter rates averaging $2.19 per day.
Mat sales revenue for the three months ended March 31, 2010 were $3,659,000 as compared to $1,523,000 for the same period in 2009. The total number of mats sold was significantly higher as customers have started new projects in the oil sands and shale gas regions of Alberta and British Columbia. Revenue per mat sold in the first quarter 2010 was $571, down from $652 in the first quarter of 2009; the decrease was primarily driven by sales of a higher proportion of used mats to new mats during the quarter as used mats sell at a discount to new mats.
Installation, transportation, service and other revenue for the three months ended March 31, 2010 were $4,702,000 as compared to $2,699,000 for the same period in 2009. The increase was from trucking and installation associated with the increased mat sales and increased mat rental days, $903,000, the remainder is related to the sale of geo-textiles used in road-building projects.
EBITDAS for the three months ended March 31, 2010 was $2,005,000 or 21% of revenue in the first quarter 2010 as compared to $1,037,000 or 20% of revenue in the same period 2009. The increase of $968,000 in EBITDAS from the first quarter of 2009 to the first quarter of 2010 is attributable to increased volumes in all areas. EBITDAS generated from rentals and sales were both lower due to reduced pricing, but these effects were offset by slightly better margins on service work and trucking services.
Marine Services
Marine Services revenue is comprised of tug and barge revenue, barge camp revenue, and rental and other revenue as follows:
Three months
ended March 31 Increase / Increase/
------------------------- (Decrease) (Decrease)
(000's) 2010 2009 $ %
------------------------- ----------- -----------
Tug revenue $ - $ - $ - 0%
Barge revenue - - - 0%
Barge camp revenue - 1,282 (1,282) (100%)
Rental and other
revenue 233 473 (240) (51%)
------------------------- ----------- -----------
Total revenue $ 233 $ 1,755 $ (1,522) (87%)
------------------------- ----------- -----------
------------------------- ----------- -----------
EBITDAS $ (140) $ 891 $ (1,031) (116%)
Operating (loss)
earnings $ (438) $ 599 $ (1,037) (173%)
Revenue from the Marine Services segment for the three months ended March 31, 2010 were $233,000 as compared to $ 1,755,000 the same period in the prior year. Revenues in the first quarter of 2009 were primarily related to equipment rentals in support of winter drilling programs which did not take place in the first quarter of 2010.
EBITDAS and operating earnings for the three months ended March 31, 2010 were lower by $1,031,000 and $1,037,000 respectively, this directly related to the reduction in overall activity in the region.
Corporate
Corporate costs are the costs of the head office which include the Executive Chairman, President and Chief Executive Officer, Chief Financial Officer, Vice President of Safety, Corporate Secretary, Corporate Accounting staff, and associated costs of supporting a public company. Costs for the three months ended March 31, 2010 were $2,116,000 as compared to $1,785,000 in the same period in 2009. This increase of $331,000 is related to additional staff and higher incentive compensation estimates based on the increased level of activity anticipated in 2010.
Consolidated Balance Sheets (Unaudited)
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(000's) March 2010 December 2009
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Assets
Current assets:
Cash $ - $ 3,724
Accounts receivable 29,220 23,218
Inventory 16,004 11,834
Prepaid expenses 1,906 1,830
Income taxes receivable 632 990
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47,762 41,596
Other Assets 3,034 3,061
Property, plant and equipment, net 162,381 156,426
Intangible assets. net 33,198 35,320
Goodwill 2,136 2,136
Long-term investments 2,416 2,463
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$ 250,927 $ 241,002
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Liabilities and Shareholders' Equity
Current liabilities:
Bank indebtedness $ 2,633 $ -
Operating lines of credit 6,900 6,900
Accounts payable and accrued liabilities 15,570 12,391
Deferred revenue 2,533 2,068
Current portion of long-term debt 1,828 1,939
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29,464 23,298
Long-term debt 37,458 35,863
Future income tax liability 13,407 12,687
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80,329 71,848
Shareholders' equity:
Share capital 245,353 245,353
Contributed surplus 12,144 11,812
Deficit (86,899) (88,011)
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170,598 169,154
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$ 250,927 $ 241,002
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Consolidated Statements of Operations and (Deficit) Retained Earnings
For the quarter ended March 31, 2010 and 2009 (Unaudited)
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(000's) except per share amounts March 2010 March 2009
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Revenue $ 44,122 $ 40,577
Expenses:
Cost of goods sold 6,047 4,695
Operating 25,663 21,085
General and administrative 2,929 2,414
Stock based compensation (recovery) 332 (89)
Depreciation of property, plant and equipment 4,009 4,759
Amortization of intangible assets 2,138 2,242
Loss on disposal of property, plant and equipment 117 68
Foreign exchange loss (gain) 32 (7)
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41,267 35,167
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Operating earnings 2,855 5,410
Interest income - (6)
Interest expense on operating lines of credit 71 64
Interest expense on long-term debt 454 435
Accretion of notes payable 93 -
Loss on equity investments 47 186
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Earnings before income taxes 2,190 4,731
Income taxes
Current tax expense 358 124
Future tax expense 720 905
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1,078 1,029
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Net earnings and other comprehensive income 1,112 3,702
Deficit, beginning of period (88,011) (93,467)
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Deficit, end of period $ (86,899) $ (89,765)
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Earnings per share:
Basic $ 0.01 $ 0.03
Diluted $ 0.01 $ 0.03
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Consolidated Statements of Cash Flows
For the quarter ended March 31, 2010 and 2009 (Unaudited)
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(000's) March 2010 March 2009
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Cash provided by (used in):
Operating activities:
Net earnings $ 1,112 $ 3,702
Items not involving cash:
Depreciation of property, plant and
equipment 4,009 4,759
Amortization of intangible assets 2,138 2,242
Future income tax expense 720 905
Stock based compensation (recovery) 332 (89)
Amortization of other assets 27 -
Accretion of notes payable 93 -
Loss on equity investments 47 186
Gain on sale of property, plant and equipment (823) (336)
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7,655 11,369
Changes in non-cash working capital items (13,119) (2,205)
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(5,464) 9,164
Investing activities:
Purchase of property, plant and equipment (8,841) (6,043)
Purchase of intangibles (16) -
Proceeds on sale of property, plant and
equipment 4,100 1,404
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(4,757) (4,639)
Changes in non-cash working capital items 2,522 -
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(2,235) (4,639)
Financing activities:
Proceeds (repayment) of bank indebtedness 2,633 (628)
Repayment of operating lines of credit - (1,215)
Proceeds from long-term debt 11,743 -
Repayment of long-term debt (10,352) (1,942)
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4,024 (3,785)
Changes in non-cash working capital items (49) (233)
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3,975 (4,018)
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Decrease in cash position (3,724) 507
Cash, beginning of period 3,724 -
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Cash, end of period $ - $ 507
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Supplementary information:
Income taxes paid $ 300 $ 1,527
Interest income received - 9
Interest paid 524 553
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This press release may contain forward-looking statements that are subject to risk factors associated with the oil and gas and mining businesses and the overall economy. The Corporation believes that the expectations reflected in this press release are reasonable, but results may be affected by a variety of variables. The Corporation relies on litigation protection for "forward-looking" statements.
For further information: Bob German, President and Chief Executive Officer, or Scott Matson, Vice President Finance and Chief Financial Officer, 1600, 505 - 3rd Street S.W., Calgary, Alberta, T2P 3E6, Telephone: (403) 517-4654, Fax: (403) 517-4678; website: www.horizonnorth.ca
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