Pason Reports Fourth Quarter & Year End 2009 Results
Stock Exchange: TSX
Symbol: PSI
CALGARY, Feb. 24 /CNW/ - Pason Systems Inc. ("Pason" or "the Company") today announced its 2009 fourth quarter and year end results.
PERFORMANCE DATA
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Three Months Ended Years Ended
December 31, December 31,
2009 2008 Change 2009 2008 Change
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(000s, except per ($) ($) (%) ($) ($) (%)
share data)
(unaudited)
Revenue 41,013 84,617 (52) 145,861 292,528 (50)
EBITDA (1) 13,620 32,415 (58) 46,651 144,883 (68)
As a % of revenue 33.2 38.3 (13) 32.0 49.5 (35)
Per share - basic 0.17 0.40 (58) 0.57 1.78 (68)
Per share - diluted 0.17 0.40 (58) 0.57 1.77 (68)
Funds flow from
operations(1) 12,238 31,287 (61) 41,354 124,726 (67)
Per share - basic 0.15 0.38 (61) 0.51 1.53 (67)
Per share - diluted 0.15 0.38 (61) 0.51 1.52 (66)
Earnings (loss) 2,480 12,639 (80) (5,510) 61,321 -
Per share - basic 0.03 0.15 (80) (0.07) 0.75 -
Per share - diluted 0.03 0.15 (80) (0.07) 0.75 -
Capital expenditures 9,148 12,641 (28) 21,493 56,292 (62)
Working capital 119,824 152,337 (21) 119,824 152,337 (21)
Total assets 373,097 427,016 (13) 373,097 427,016 (13)
Shareholders'
equity 308,335 354,589 (13) 308,335 354,589 (13)
Common shares
outstanding (No.)
Basic 81,487 81,799 - 81,476 81,426 -
Diluted 81,487 81,799 - 81,476 81,936 (1)
Shares outstanding
end of period (No.) 81,487 81,456 - 81,487 81,456 -
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(1) EBITDA is defined as earnings before interest expense, income taxes,
stock-based compensation expense and depreciation and amortization
expense. Funds flow from operations is defined as earnings adjusted
for depreciation and amortization expense, stock-based compensation
expense, future income taxes and other non-cash items impacting
operations as presented in the Consolidated Statements of Cash Flows.
These definitions are not recognized measures under Canadian
generally accepted accounting principles, and accordingly, may not be
comparable to measures used by other companies.
SUMMARY DATA
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Three Months Ended Years Ended
December 31, December 31,
2009 2008 Change 2009 2008 Change
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(000s, except per share ($) ($) (%) ($) ($) (%)
data) (unaudited)
Revenue
Drilling recorder
rentals 14,519 38,288 (62) 56,716 130,645 (57)
Pit volume totalizer
rentals 7,151 16,093 (56) 27,632 56,385 (51)
Communications rentals 5,260 6,952 (24) 15,954 25,890 (38)
Automatic driller
rentals 4,486 7,157 (37) 14,966 24,424 (39)
Geological services 1,232 4,482 (73) 5,927 15,068 (61)
Total gas rentals 2,784 4,976 (44) 10,110 17,174 (41)
Instrumentation sales 1,746 - - 1,746 - -
Choke control rentals 861 1,265 (32) 2,613 4,171 (37)
Service recorder
rentals 477 555 (14) 1,491 2,616 (43)
Hazardous gas alarm
rentals 578 742 (22) 2,044 2,193 (7)
Mobilization income 1,589 2,418 (34) 4,660 8,546 (45)
Other Income 274 1,206 (77) 1,571 4,012 (61)
Interest income 56 483 (88) 431 1,404 (69)
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Total revenue 41,013 84,617 (52) 145,861 292,528 (50)
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Expenses
Rental services 18,273 28,653 (36) 66,674 96,948 (31)
Geological services 1,167 2,602 (55) 5,754 9,652 (40)
Cost of
instrumentation sales 714 - - 714 - -
Manufacturing and
distribution 59 180 (67) 431 2,683 (84)
Research and
development 3,736 3,522 6 13,140 12,888 2
Corporate services 2,190 2,364 (7) 6,722 6,934 (3)
Local administration 1,442 1,575 (8) 4,889 6,316 (23)
Stock-based
compensation 494 3,549 (86) 5,684 7,525 (24)
Interest - 20 (100) 1 209 (100)
Depreciation and
amortization 13,713 16,339 (16) 55,842 55,719 -
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Total expenses 41,788 58,804 (29) 159,851 198,874 (20)
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Other (income)
expenses (188) 13,306 - 886 12,224 (93)
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Earnings (loss) 2,480 12,639 (80) (5,510) 61,321 -
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Per share - basic 0.03 0.15 (80) (0.07) 0.75 -
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Funds flow from
operations(1) 12,238 31,287 (61) 41,354 124,726 (67)
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Per share - basic 0.15 0.38 (61) 0.51 1.53 (67)
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Margins
Rental services 52% 64% (19) 52% 65% (20)
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Geological services 5% 42% (88) 3% 36% (92)
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Instrumentation sales 59% - - 59% - -
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(1) For the purposes of funds flow per share calculations, funds flow
from operations is defined as earnings adjusted for depreciation and
amortization expense, stock-based compensation expense, future income
taxes and other non-cash items impacting operations as presented in
the Consolidated Statements of Cash Flows. This definition is not a
recognized measure under Canadian generally accepted accounting
principles, and accordingly, may not be comparable to measures used
by other companies.
President's Message
The year 2009 produced our first annual loss in 14 years of being a public company with a deficit of $5.5 million compared to a profit of $61.3 million in 2008. Revenue tumbled 50% to $145.9 million from $292.5 million in the prior year. Cash flow, while still positive at $41.4 million was greatly reduced by 67%. Earnings per share were negative $0.07 versus the $0.75 earned in 2008.
In last year's Letter to Shareholders I described the factors of rising natural gas surpluses and slumping drilling rig counts as impacting Pason at the end of 2008. This trend continued unabated until June 2009 but has been slowly improving since then. From the drilling peak in October 2008 until the last spring low we lost almost 80% of our active rig base, mostly due to rigs shutting down. This had a devastating impact on our revenue and earnings. We did react by reducing cash expenses by a significant 27% but that was clearly not enough to offset the revenue reduction. As has occurred in past drilling downturns we could have reduced our expenses even further resulting in somewhat improved earnings, but we have always had the long term view. We are reluctant to cut infrastructure that we believe we will need in the not too distant future. This strategy again proved correct as even the modest rig rebound in the latter half of 2009 strained the depleted service resources of our competitors while we had sufficient service technicians to continue our high level of service. As a result, we had strong market share gains late in the year.
The United States, our largest business unit, sustained the bulk of the earnings drop with a segment loss of $5.2 million down sharply from a profit of $72.9 million in 2008. Our rig count went on a roller coaster ride falling from our peak of 1,200 rigs in the fall of 2008 to 900 at the beginning of 2009, to a low of under 400 rigs five months later and finally climbing back to 700 rigs at year end. This year end balance was aided by the October purchase of Petron Industries which augmented our rig total by about 10%. As announced at the time of purchase, we saw Petron as a strategic acquisition, despite its relatively small size and poor earnings performance. We felt that some of the technology they had developed, their excellent contacts with customers in the southern United States and their network of agents in the eastern hemisphere could all be leveraged to greater advantage from within Pason. The combination of the two companies is still ongoing and we remain very positive about the potential of the Petron purchase.
Our U.S. revenue per Industry day fell by 23% to $186 from the $242 recorded in the prior year. This metric is not directly impacted by variances in industry activity. What caused the decline was intense price pressure applied by drilling customers in the spring of 2009 resulting in some market share losses for Pason, despite significant price reductions made across most of our products. Our market share (defined as percentage of rigs with a Pason electronic drilling recorder installed) peaked at around 62% in 2008, had already fallen to 52% at the beginning of 2009 and bottomed out at 45%. During the last half of the year as the panic of the earlier part of the year gave way to a more typical balanced view where service is important we started to gain back market share. At the end of the year, helped somewhat by Petron installations, we were back to our historical high of about 62%. In 2010, with better market share and expected price increases we hope to meaningfully improve on our revenue per industry day metric.
In Canada we also suffered a major reduction in profitability with segment profit dropping to $13.8 million from the $46.1 million achieved in 2008. Our revenue declined 47% to $57.1 million which was expected when Industry drilling days dropped 42% and we were forced to reduce prices by approximately 12%. Our revenue per industry day declined to $712 compared to $779 in the prior year. We had hoped to partially offset the revenue decline with our new products focusing on drilling optimization and remote directional drilling facilitation, but these products only contributed a disappointing $0.5 million of new revenue. The products fulfill their intended roles but require some change in business practices by customers, which was extremely difficult to affect during the past tumultuous year. We are currently investigating ways to minimize the business practice change and facilitate the customer adoption of the products. Our fourth quarter in Canada was stronger than expected and that activity has continued into the current year. It remains to be seen if this activity is being propelled by the Alberta Government's royalty concessions or a more sustainable interest in oil and gas exploration in Western Canada.
We have had a busy year internationally. Segment revenue increased 27% to $12.6 million, funds flow improved to $7.6 million but segment profit declined 30% to $3.4 million. Significant gains in Mexico, where our activity levels doubled from the prior year, were offset by lower activity in South America. Activity growth in Mexico, due to budget constraints, has now leveled off and may decline somewhat in 2010, but we expect continued strong earnings because our 2009 results in that country were muted by our conservative accounting policy of expensing all freight and duty charges when we move equipment into a new country and non-recurring restructuring costs. With the equipment now largely installed in Mexico, those expenses are behind us allowing for better margins this year. In South America we continue to expand our presence in all oil producing countries except Venezuela, but our market share gains have been offset by declining rig counts. Nevertheless, we are clearly the leading instrumentation provider in that continent as well and look to continuing growth in the future. Late in 2009 we installed EDR's on 4 water well rigs in Saudi and will be soon adding pit volume totalizer's to those rigs.
In the Far East we are working to set up a base in Singapore. From this base we will pursue rentals on land and offshore plus rig component sales in the Singapore shipyards. Finally at the end of the year we bought back our distribution rights in Australia and will be directly managing that business which we believe can show strong growth this year. All of this activity is consistent with our strategy of making Pason the preeminent drilling instrumentation supplier worldwide.
As we look at 2010 the surplus of natural gas continues to weigh on pricing and drilling activity forecasts. There are three factors that seem to commonly arise in predicting natural gas consumption and supply. First, is the strength of the economy and its demand for natural gas. While the North American economy is improving, the current 10% U.S. unemployment rate would indicate that industrial gas demand is far from its peak and not likely to significantly improve in the short term. Global warming (ignoring the issue of how it is actually been created) has been put forth as a negative factor for natural gas consumption in heating. However, the cold winter thus far and especially in Europe, is doing an excellent job in consuming the gas surplus. Finally, the most perplexing issue of all is the shale gas phenomenon where opinions vary widely. At one end of the spectrum there is the view that only a modest number of rigs will be necessary to produce ample natural gas from the plentiful North American shales. At the other end, there is the view that the immense cost of fracturing the formations, the growing environmental concerns and less than forecasted recovery rates, might indicate many shale plays are not economic. How this plays out in the next few years will be interesting to follow.
Further to the growing environmental concerns around oilfield water usage in all types of drilling, Pason continued to invest in Auxsol, a developing company with water cleaning technologies. In the last quarter of 2009 Pason bought out the majority owners and now fully owns Auxsol. The investment to date has been small but is clearly speculative. For 2010, we hope to take the technology from proven field pilots to proof of full scale commercial viability.
Looking forward, even in a world of modest rig activity, we strongly believe Pason can continue to grow with market share gains, geographical expansion and the addition of new products. Our cash reserves of approximately $98.4 million improved about 8% over the year despite our worst ever financial results and the Petron purchase. This will allow us to continue to fund our aggressive marketing, capital equipment and R&D commitments necessary to fuel this growth.
On Behalf of the Board of Directors,
Jim Hill
Chairman, President & Chief Executive Officer
Fourth Quarter Conference Call
A conference call to review the 2009 fourth quarter and year-end results has been scheduled for 9:00 a.m. (Calgary time) on Thursday, February 25, 2010. The dial-in No. is 1-888-231-8191, Conference ID 48157458 (7-day replay No. 1-800-642-1687 Password 48157458).
Shareholders are also invited to attend the Company's Annual General Meeting on Monday, May 10, 2010 at 3.30 p.m. (Calgary time) in the offices of Pason Systems Inc., 6120 Third Street S.E., Calgary, Alberta.
For additional information, the Company's 2009 Management Discussion and Analysis ("MD&A") and Audited Consolidated Financial Statements have been posted on SEDAR.
Pason is a leading international provider of specialized rental and sold oilfield instrumentation systems for use on land and offshore rigs. Our tightly integrated package of products and services, including data acquisition, wellsite reporting software, remote communications and Internet information management tools, maximizes rig uptime and minimizes operating costs.
Pason's common shares trade on the Toronto Stock Exchange under the symbol PSI. Visit us at www.pason.com to learn about what's new at Pason.
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements.
CONSOLIDATED BALANCE SHEETS
December 31, 2009 2008
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(000s) ($) ($)
ASSETS
Current
Cash 109,849 100,610
Accounts receivable 39,102 78,568
Prepaid expenses 1,416 2,023
Income taxes recoverable 2,928 12,539
Future income tax assets 9,037 9,153
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162,332 202,893
Investments - 2,802
Capital assets 170,678 207,011
Intangible assets 19,557 8,979
Future income tax asset 14,558 5,000
Goodwill 5,972 331
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373,097 427,016
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LIABILITIES
Current
Accounts payable and accrued liabilities 29,780 38,123
Current portion of stock-based compensation
liability 1,320 2,656
Dividends payable 11,408 9,777
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42,508 50,556
Stock-based compensation liability 906 1,475
Future income tax liabilities 21,348 20,396
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64,762 72,427
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SHAREHOLDERS' EQUITY
Share capital 71,864 71,517
Contributed surplus 14,029 8,834
Accumulated other comprehensive (loss) income (22,651) 2,450
Retained earnings 245,093 271,788
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308,335 354,589
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373,097 427,016
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CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS
Three Months Ended Years Ended
December 31, December 31,
2009 2008 2009 2008
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(000's, except per share data) ($) ($) ($) ($)
Revenue
Rental revenue 37,979 79,652 137,757 276,056
Geological services 1,232 4,482 5,927 15,068
Instrumentation sales 1,746 - 1,746 -
Interest 56 483 431 1,404
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41,013 84,617 145,861 292,528
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Expenses
Rental services 18,273 28,653 66,674 96,948
Geological services 1,167 2,602 5,754 9,652
Cost of instrumentation sales 714 - 714 -
Manufacturing and distribution 59 180 431 2,683
Research and development 3,736 3,522 13,140 12,888
Corporate services 2,190 2,364 6,722 6,934
Local administration 1,442 1,575 4,889 6,316
Stock-based compensation 494 3,549 5,684 7,525
Interest - 20 1 209
Depreciation and amortization 13,713 16,339 55,842 55,719
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41,788 58,804 159,851 198,874
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(Loss) earnings before the
under noted items (775) 25,813 (13,990) 93,654
Other (income) expenses (188) 13,306 886 12,224
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(Loss) earnings before income
taxes (587) 12,507 (14,876) 81,430
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Income taxes
Current 448 1,242 1,796 20,082
Future (3,515) (1,374) (11,162) 27
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(3,067) (132) (9,366) 20,109
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Earnings (loss) 2,480 12,639 (5,510) 61,321
Retained earnings, beginning
of period 254,021 275,075 271,788 238,599
Dividends (11,408) (9,777) (21,185) (17,964)
Purchase of common shares - (6,149) - (10,168)
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Retained earnings, end
of period 245,093 271,788 245,093 271,788
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Earnings (loss) per share
Basic 0.03 0.15 (0.07) 0.75
Diluted 0.03 0.15 (0.07) 0.75
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Three Months Ended Years Ended
December 31, December 31,
2009 2008 2009 2008
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(000s) ($) ($) ($) ($)
Earnings (loss) 2,480 12,639 (5,510) 61,321
Other comprehensive (loss)
income, net of tax
Foreign currency translation
adjustment (4,414) 24,789 (25,101) 32,160
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Total comprehensive (loss)
income (1,934) 37,428 (30,611) 93,481
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CONSOLIDATED STATEMENTS OF ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Three Months Ended Years Ended
December 31, December 31,
2009 2008 2009 2008
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(000s) ($) ($) ($) ($)
Accumulated other comprehensive
(loss) income, beginning of
period (18,237) (22,339) 2,450 (29,710)
Other comprehensive (loss)
income, net of tax
Foreign currency translation
adjustment (4,414) 24,789 (25,101) 32,160
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Accumulated other comprehensive
(loss) income, end of period (22,651) 2,450 (22,651) 2,450
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CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended Years Ended
December 31, December 31,
2009 2008 2009 2008
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(000s) ($) ($) ($) ($)
Cash flows related to the
following activities:
Operating
Earnings (loss) 2,480 12,639 (5,510) 61,321
Adjustments for non-cash
items:
Depreciation and amortization 13,713 16,339 55,842 55,719
Stock-based compensation (96) 2,800 1,894 6,776
Future income taxes (3,515) (1,374) (11,162) 27
Gain on sale of investment - - - (999)
Unrealized foreign exchange
loss (344) 883 290 1,882
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12,238 31,287 41,354 124,726
Changes in non-cash working
capital (6,369) (2,540) 43,868 15,031
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Cash flow from operating
activities 5,869 28,747 85,222 139,757
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Financing
Issue of common shares
under the stock option plan 8 810 274 17,356
Purchase of common shares - (6,639) - (10,908)
Purchase of stock options - (1,486) (240) (1,486)
Payment of dividends - - (19,554) (15,009)
Repayment of debt (4,684) - (4,684) -
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(4,676) (7,315) (24,204) (10,047)
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Investing
Additions to capital assets (8,619) (10,371) (18,318) (52,286)
Deferred development costs,
net of investment tax credits
received (529) (2,270) (3,175) (4,006)
Proceeds on disposal of
capital assets (6) 68 528 292
Purchase of investment - (2,802) - (2,802)
Proceeds on sale of investment - - - 4,003
Business acquisitions, net of
cash acquired (20,934) - (20,934) -
Changes in non-cash working
capital 1,179 1,807 (5,116) (1,598)
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(28,909) (13,568) (47,015) (56,397)
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Effect of exchange rate
changes on cash 2,050 630 (4,764) 4,138
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Net (decrease) increase in
cash and cash equivalents (25,666) 8,494 9,239 77,451
Cash and cash equivalents,
beginning of period 135,515 92,116 100,610 23,159
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Cash and cash equivalents,
end of period 109,849 100,610 109,849 100,610
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Represented by:
Cash 98,441 90,833 98,441 90,833
Cash held in trust 11,408 9,777 11,408 9,777
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109,849 100,610 109,849 100,610
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SEGMENTED INFORMATION
United Inter-
Canada States national Total
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(000s) ($) ($) ($) ($)
Year ended December 31, 2009
Revenue 57,127 76,173 12,561 145,861
Operating costs 21,250 51,828 4,953 78,031
Depreciation and amortization 22,093 29,511 4,238 55,842
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Segment operating profit (loss) 13,784 (5,166) 3,370 11,988
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Research and development 13,140
Stock-based compensation 5,684
Corporate services 6,722
Manufacturing and distribution 431
Interest 1
Other expenses 886
Income tax recovery (9,366)
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Loss (5,510)
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Goodwill 5,972 5,972
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Total assets 182,392 167,419 23,286 373,097
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Capital expenditures 11,838 3,687 5,968 21,493
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Year ended December 31, 2008
Revenue 107,753 174,905 9,870 292,528
Operating costs 36,421 74,046 2,449 112,916
Depreciation and amortization 25,202 27,916 2,601 55,719
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Segment operating profit 46,130 72,943 4,820 123,893
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Research and development 12,888
Stock-based compensation 7,525
Corporate services 6,934
Manufacturing and distribution 2,683
Interest 209
Other expenses 12,224
Income taxes 20,109
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Earnings 61,321
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Goodwill 331 331
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Total assets 217,075 191,946 17,995 427,016
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Capital expenditures 5,747 44,523 6,022 56,292
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Three Months Ended
December 31, 2009
Revenue 17,378 18,948 4,687 41,013
Operating costs 5,075 14,406 2,115 21,596
Depreciation and amortization 4,700 7,168 1,845 13,713
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Segment operating profit (loss) 7,603 (2,626) 727 5,704
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Research and development 3,736
Stock-based compensation 494
Corporate services 2,190
Manufacturing and distribution 59
Interest -
Other income (188)
Income tax recovery (3,067)
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Earnings 2,480
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Capital expenditures 8,066 (150) 1,232 9,148
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Three Months Ended
December 31, 2008
Revenue 28,209 53,134 3,274 84,617
Operating costs 8,939 22,609 1,282 32,830
Depreciation and amortization 5,695 9,778 866 16,339
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Segment operating profit 13,575 20,747 1,126 35,448
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Research and development 3,522
Stock-based compensation 3,549
Corporate services 2,364
Manufacturing and distribution 180
Interest 20
Other expenses 13,306
Income tax recovery (132)
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Earnings 12,639
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Capital expenditures 3,275 7,644 1,722 12,641
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For further information: Jim Hill, Chairman, President and CEO, Phone: (403) 301-3401, Fax: (403) 301-3499, E-mail: [email protected]; Jim Glasspoole, Chief Financial Officer, Phone: (403) 692-3840, Fax: (403) 301-3499, E-Mail: [email protected]
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