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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Rms Systems Inc. | TSXV:RMS | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
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For the second consecutive year, PHX Energy Services Corp. (TSX:PHX) ("PHX
Energy") generated a record level of activity and revenue for a second quarter.
Consolidated revenue of $65.5 million for the three-month period ended June 30,
2013 was achieved as compared to $58.4 million in the 2012-period; a 12 percent
increase.
During the second quarter of 2013, the level of profitability decreased mainly
due to the seasonal wet weather in Canada and generally higher operating costs
incurred during the quarter. Net loss increased to $4.7 million in the
2013-quarter from a $2.6 million loss in the 2012-quarter.
Strong activity levels in the US continued through the second quarter of 2013.
US revenue, as a percentage of consolidated revenue, increased to 62 percent
during the 2013-quarter as compared to 55 percent in the 2012-quarter.
For the three-month period ended June 30, 2013, the international segment
realized record revenue for a quarter and represented 20 percent of consolidated
revenue as compared to 17 percent in the corresponding 2012-period. This was
achieved through revenue growth in Albania and increased activity in Russia.
As part of the 2013 capital expenditure program, $8.1 million was incurred
during the second quarter of 2013, and an additional $9.6 million of equipment
is presently on order for delivery in the third quarter.
In line with the Corporation's strategic objective of providing leading edge
technologies to its clients, PHX Energy is in the process of exploring new
technologies and as a result has entered into third party license and technology
development agreements. The activities which are taking place through these
agreements are a collaboration between PHX Energy's research and development
("R&D") department and the third parties. The Corporation made initial payments
totaling $3.8 million under these agreements during the second quarter of 2013.
In the 2013-quarter, the Corporation paid dividends of $5.1 million or $0.18 per
share.
On August 7, 2013, the terms of the Corporation's syndicated loan agreement with
its bank were amended to extend the maturity date of the syndicated facility and
US operating facility from September 6, 2015 to September 5, 2016. In addition,
the previous requirement to repay the current portion of the syndicated facility
of $15 million was removed and consequently, the aggregate carrying amount of
the syndicated facility of $95 million shall be classified as non-current in the
third quarter of 2013.
PHX Energy ended the second quarter with long-term debt of $95.6 million and
working capital of $43.6 million.
On May 29, 2013, the Corporation completed the purchase of 20,000,000 common
shares of RMS Systems Inc. ("RMS") at a price of $0.15 per common share or $3.0
million through a private placement. As at June 30, 2013, PHX Energy holds
approximately 39.8 percent interest in RMS, an increase from 19.5 percent. The
Corporation continues to believe that its investments in RMS and participation
in the information and data management sector of the industry will create
strategic advantages, such as synergies between RMS' technology and PHX Energy's
service offerings.
Financial Highlights
(Stated in thousands of dollars except per share amounts, percentages and shares
outstanding)
Three-month periods ended Six-month periods ended
June 30, June 30,
% %
2013 2012 Change 2013 2012 Change
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating
Results (unaudited)(unaudited) (unaudited) (unaudited)
Revenue 65,483 58,423 12 158,150 138,192 14
Net earnings
(loss) (4,735) (2,584) (83) 3,571 5,335 (33)
Earnings
(Loss) per
share -
diluted (0.16) (0.09) (78) 0.13 0.19 (32)
EBITDA (1) 367 2,521 (85) 18,696 17,560 6
EBITDA per
share -
diluted (1) 0.01 0.09 (89) 0.66 0.62 6
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Cash Flow
Cash flows
from
operating
activities 11,942 15,667 (24) 25,244 19,743 28
Funds from
operations
(1) 872 3,987 (78) 17,606 18,735 (6)
Funds from
operations
per share -
diluted (1) 0.03 0.15 (80) 0.62 0.67 (7)
Dividends paid 5,120 5,069 1 10,206 8,442 21
Dividends per
share (2) 0.18 0.18 - 0.36 0.30 20
Capital
expenditures 8,134 18,897 (57) 21,629 36,457 (41)
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Financial
Position June 30, Dec. 31,
(unaudited) '13 '12
Working
capital 43,558 45,480 (4)
Long-term debt 95,552 80,000 19
Shareholders'
equity 114,576 115,095 -
Common shares
outstanding 28,634,173 28,241,371 1
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(1) Refer to non-GAAP measures section.
(2) Dividends paid by the Corporation on a per share basis in the period.
Non-GAAP Measures
PHX Energy uses certain performance measures throughout this document that are
not recognizable under Canadian generally accepted accounting principles
("GAAP"). These performance measures include earnings before interest, taxes,
depreciation and amortization ("EBITDA"), EBITDA per share, funds from
operations and funds from operations per share. Management believes that these
measures provide supplemental financial information that is useful in the
evaluation of the Corporation's operations and are commonly used by other oil
and natural gas service companies. Investors should be cautioned, however, that
these measures should not be construed as alternatives to measures determined in
accordance with GAAP as an indicator of PHX Energy's performance. The
Corporation's method of calculating these measures may differ from that of other
organizations, and accordingly, these may not be comparable. Please refer to the
non-GAAP measures section.
Cautionary Statement Regarding Forward-Looking Information and Statements
This document contains certain forward-looking information and statements within
the meaning of applicable securities laws. The use of "expect", "anticipate",
"continue", "estimate", "objective", "ongoing", "may", "will", "project",
"could", "should", "can", "believe", "plans", "intends", "strategy" and similar
expressions are intended to identify forward-looking information or statements.
The forward-looking information and statements included in this document are not
guarantees of future performance and should not be unduly relied upon. These
statements and information involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements and information. The
Corporation believes the expectations reflected in such forward-looking
statements and information are reasonable, but no assurance can be given that
these expectations will prove to be correct. Such forward-looking statements and
information included in this document should not be unduly relied upon. These
forward-looking statements and information speak only as of the date of this
document.
In particular, forward-looking information and statements contained in this
document include references to, without limitation,
the Corporation's investment in RMS and the strategic advantages and synergies
it will create; the expected tax rate in Canada; PHX Energy's growth in the
Colombian market; drilling campaigns in Peru resuming as a result of a favorable
decision from the Peruvian government; growth of the Corporation's MWD and RWD
fleet; the substantial completion of the new operations centre's construction
and the closing of the sale and leaseback arrangement; and projected capital
expenditure budget and how this will be funded.
The above references are stated under the headings: "Operating Costs and
Expenses", "Segmented Information", "Investing Activities" and "Capital
Resources". Furthermore, all information contained within the Outlook section of
this document contains forward-looking statements.
In addition to other material factors, expectations and assumptions which may be
identified in this document and other continuous disclosure documents of the
Corporation referenced herein, assumptions have been made in respect of such
forward-looking statements and information regarding, among other things: the
Corporation will continue to conduct its operations in a manner consistent with
past operations; the general continuance of current industry conditions;
anticipated financial performance, business prospects, impact of competition,
strategies, the general stability of the economic and political environment in
which the Corporation operates; exchange and interest rates; tax laws; the
sufficiency of budgeted capital expenditures in carrying out planned activities;
the availability and cost of labour and services and the adequacy of cash flow;
debt and ability to obtain financing on acceptable terms to fund its planned
expenditures, which are subject to change based on commodity prices; market
conditions and future oil and natural gas prices; and potential timing delays.
Although Management considers these material factors, expectations and
assumptions to be reasonable based on information currently available to it, no
assurance can be given that they will prove to be correct.
Readers are cautioned that the foregoing lists of factors are not exhaustive.
Additional information on these and other factors that could affect the
Corporation's operations and financial results are included in reports on file
with the Canadian Securities Regulatory Authorities and may be accessed through
the SEDAR website (www.sedar.com) or at the Corporation's website. The
forward-looking statements and information contained in this document are
expressly qualified by this cautionary statement. The Corporation does not
undertake any obligation to publicly update or revise any forward-looking
statements or information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities laws.
Revenue
(Stated in thousands of dollars)
Three-month periods ended Six-month periods ended
June 30, June 30,
2013 2012 % Change 2013 2012 % Change
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue 65,483 58,423 12 158,150 138,192 14
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Due to strong activity levels realized in the US and international regions, PHX
Energy generated a record level of consolidated revenue for a second quarter.
For the three-month period ended June 30, 2013, PHX Energy generated revenue of
$65.5 million as compared to $58.4 million in the corresponding 2012-period; an
increase of 12 percent. US and international revenue as a percentage of total
consolidated revenue were 62 and 20 percent, respectively, for the 2013-quarter
as compared to 55 and 17 percent in 2012. Consolidated operating days grew by 12
percent to a second quarter record of 5,164 days in 2013 as compared to 4,622 in
the 2012-quarter. Average consolidated day rates for the three-month period
ended June 30, 2013, excluding the motor rental division in the US, were
$12,341, which is relatively unchanged from the day rates in the second quarter
of 2012 ($12,393).
In the 2013-quarter, horizontal and directional drilling continued to dominate
both the Canadian and US markets. In Canada, horizontal and directional drilling
represented approximately 97 percent of total industry drilling days in the
second quarter of 2013 (2012 - 95 percent). In the US, horizontal and
directional activity levels increased to represent 74 percent of the rigs
running per day in the 2013-quarter (2012 - 71 percent). (Sources: Daily Oil
Bulletin and Baker Hughes)
For the six-month period ended June 30, 2013, consolidated revenue increased by
14 percent to $158.2 million from $138.2 million for the comparable 2012-period.
There were 12,910 consolidated operating days in the six-month period ended June
30, 2013, which is 14 percent higher than the 11,305 days reported in 2012.
Operating Costs and Expenses
(Stated in thousands of dollars except percentages)
Three-month periods ended Six-month periods ended
June 30, June 30,
2013 2012 % Change 2013 2012 % Change
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Direct costs 62,051 51,365 21 133,017 113,029 18
Depreciation &
amortization
(included in
direct costs) 6,024 5,206 16 11,854 10,040 18
Gross profit as
percentage of
revenue excluding
depreciation &
amortization 14 21 23 25
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Direct costs are comprised of field and shop expenses, and include depreciation
and amortization on the Corporation's equipment. Excluding depreciation and
amortization, gross profit as a percentage of revenue was 14 percent for the
three-month period ended June 30, 2013 as compared to 21 percent in the
comparable 2012-period. For the six-month period ended June 30, 2013, gross
profit as a percentage of revenue, excluding depreciation and amortization, was
23 percent as compared to 25 percent in 2012.
The following factors adversely affected margins in the three and six-month
periods ended June 30, 2013:
-- Lowest activity level in a second quarter for PHX Energy's Canadian
operations since 2009, due to extended wet weather and overall decreased
activity in the Canadian industry.
-- Increased measurement while drilling ("MWD") system repair costs in
Canada and US.
-- Higher performance drilling motor repair costs in the US.
Management is responding to the issues related to repair costs and examining
ways to help reduce these expenses.
For the three-month period ended June 30, 2013, the Corporation's third party
equipment rentals were 4 percent of consolidated revenue, which is the same
percentage as in the corresponding 2012-quarter.
Depreciation and amortization for the three-month period ended June 30, 2013
increased by 16 percent to $6.0 million as compared to $5.2 million in the
2012-quarter. The increase is the result of the Corporation's record level
capital expenditure program in 2012.
(Stated in thousands of dollars except percentages)
Three-month periods ended Six-month periods ended
June 30, June 30,
2013 2012 % Change 2013 2012 % Change
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Selling, general &
administrative
("SG&A") costs 8,444 8,241 2 18,929 16,746 13
Share-based payments
(included in SG&A
costs) 203 614 (67) 530 1,411 (62)
SG&A costs excluding
share-based
payments as a
percentage of
revenue 13 13 12 11
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----------------------------------------------------------------------------
SG&A costs for the three-month period ended June 30, 2013 increased slightly by
2 percent to $8.4 million as compared to $8.2 million in 2012. Included in SG&A
costs are share-based payments of $0.2 million for the 2013-quarter and $0.6
million for the 2012-quarter. Excluding these costs, SG&A costs as a percentage
of consolidated revenue for the three-month periods ended June 30, 2013 and 2012
were 13 percent.
For the six-month period ended June 30, 2013, SG&A costs increased by 13 percent
to $18.9 million as compared to $16.7 million in 2012. Excluding share-based
payments of $0.5 million in the 2013 six-month period and $1.4 million in the
corresponding 2012-period, SG&A costs as a percentage of consolidated revenue
were 12 percent and 11 percent, respectively.
The increase in SG&A costs in both 2013-periods is mainly due to higher payroll
and marketing related costs associated with overall increased activity and
growth in PHX Energy's international operations.
Share-based payments relate to the amortization of the fair values of issued
options of the Corporation using the Black-Scholes model. Share-based payments
decreased in the three and six-month periods ending June 30, 2013, as the
Corporation shifted to rewarding employees with retention awards rather than
options. The share-based cash-settled retention awards are measured at fair
value, and in the 2013-quarter, the related expense included in SG&A costs was
$0.7 million (2012 - recovery of $33,000).
(Stated in thousands of dollars)
Three-month periods ended Six-month periods ended
June 30, June 30,
2013 2012 % Change 2013 2012 % Change
----------------------------------------------------------------------------
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Research &
development
expense 456 548 (17) 992 1,101 (10)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
R&D expenditures charged to net earnings during the three-month periods ended
June 30, 2013 and 2012 were both $0.5 million. During both the 2013 and
2012-quarter, none of the R&D expenditures were capitalized as development
costs.
For the six-month period ended June 30, 2013, R&D expenditures of $1.0 million
were incurred, none of which were capitalized as development costs. R&D
expenditures for the six-month period ended June 30, 2012 were $1.2 million, of
which $0.1 million were capitalized.
With the addition of a new Products Manager, PHX Energy recently restructured
its R&D department which continues to work on enhancing the performance of the
current fleet and develop and commercialize new technologies.
(Stated in thousands of dollars)
Three-month periods ended Six-month periods ended
June 30, June 30,
2013 2012 % Change 2013 2012 % Change
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Finance expense 1,181 711 66 2,275 1,267 80
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----------------------------------------------------------------------------
Finance expenses relate to interest charges on the Corporation's long-term and
short-term bank facilities. Finance charges increased to $1.2 million in the
second quarter of 2013 from $0.7 million in the 2012-quarter, and in the
six-month period ended June 30, 2013 increased to $2.3 million from $1.3 million
in 2012. In order to fund PHX Energy's extensive capital expenditure program in
2012 and the construction of the new operations centre that is held for sale,
additional bank borrowings were made.
(Stated in thousands of dollars) Three-month periods Six-month periods
ended June 30, ended June 30,
2013 2012 2013 2012
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Gains on disposition of drilling
equipment (292) (111) (2,633) (1,105)
Foreign exchange losses 34 988 337 636
Recovery of bad debts - (208) - (208)
Losses from the change in fair value
of investment in equity securities - 180 - 370
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Other (income) expense (258) 849 (2,296) (307)
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For the three and six-month periods ended June 30, 2013, other income is
primarily represented by gains on disposition of drilling equipment of $292,000
(2012 - $111,000) and $2.6 million (2012 - $1.1 million), respectively. The
dispositions of drilling equipment relate primarily to equipment lost in well
bores that are uncontrollable in nature. The gain reported is net of any asset
retirements that are made before the end of the equipment's useful life and
self-insured down hole equipment losses, if any. Gains typically result from
insurance programs undertaken whereby proceeds for the lost equipment are at
current replacement values, which are higher than the respective equipment's
book value. In both 2013-periods, there were higher occurrences of losses
compared to the corresponding 2012-periods.
Offsetting other income for the three and six-month periods ended June 30, 2013
are foreign exchange losses of $34,000 (2012 -$1.0 million) and $337,000 (2012 -
$0.6 million), respectively. Foreign exchange losses in the 2013-periods
resulted mainly from fluctuations in the US-Canadian exchange rates that caused
revaluation losses on Canadian-denominated receivables in the US. In the
2012-periods, foreign exchange losses resulted mainly from the devaluation of
Russian roubles against the Canadian currency.
(Stated in thousands of dollars)
Three-month periods ended Six-month periods ended
June 30, June 30,
2013 2012 % Change 2013 2012 % Change
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Share of losses of
equity-accounted
investees 447 104 330 667 104 541
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----------------------------------------------------------------------------
The Corporation's share in the losses of the equity-accounted investees,
RigManager International Inc. ("RMII") and RMS, for the three-month period ended
June 30, 2013 was $447,000 as compared to $104,000 during the 2012-period. The
losses incurred by RMII were primarily due to the slower than expected
penetration into the US market.
For the six-month period ended June 30, 2013, the Corporation's share in the
losses of the equity-accounted investees, RMII and RMS was $667,000 (2012 -
$104,000).
(Stated in thousands of dollars)
Three-month periods Six-month periods
ended June 30, ended June 30,
2013 2012 2013 2012
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----------------------------------------------------------------------------
Provision for (Recovery of) income
taxes (2,103) (812) 996 918
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----------------------------------------------------------------------------
The recovery of income taxes for the second quarter of 2013 was $2.1 million as
compared to $0.8 million in the 2012-quarter. For the six-month period ended
June 30, 2013, the provision for income taxes was $1.0 million as compared to
$0.9 million in 2012. The expected combined Canadian federal and provincial tax
rate for 2013 is 25 percent. The effective tax rate in the 2013 three-month
period of 31 percent is higher than the expected rate mainly due to the losses
in the US where tax rates are higher. The effective tax rate of 22 percent in
the 2013 six-month period is lower than the expected rate due primarily to the
effect of tax rates in foreign jurisdictions.
(Stated in thousands of dollars except per share amounts and percentages)
Three-month periods ended Six-month periods ended
June 30, June 30,
2013 2012 % Change 2013 2012 % Change
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Net earnings
(loss) (4,735) (2,584) (83) 3,571 5,335 (33)
Earnings (Loss)
per share -
diluted (0.16) (0.09) (78) 0.13 0.19 (32)
EBITDA 367 2,521 (85) 18,696 17,560 6
EBITDA per share
- diluted 0.01 0.09 (89) 0.66 0.62 6
EBITDA as a
percentage of
revenue 1 4 12 13
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----------------------------------------------------------------------------
The Corporation's level of net earnings and EBITDA for the three-month period
ended June 30, 2013 have both decreased primarily due to slower Canadian
activity and higher operating costs. For the six-month period ended June 30,
2013, net earnings decreased by 33 percent while EBITDA increased by 6 percent.
The decrease in net earnings was partly due to increased finance expenses and
depreciation costs. EBITDA increased generally due to higher activity. EBITDA as
a percentage of revenue for the three and six-month periods ended June 30, 2013
was 1 and 12 percent, respectively (2012 - 4 and 13 percent).
Segmented Information:
The Corporation reports three operating segments on a geographical basis
throughout the Canadian provinces of Alberta, Saskatchewan, British Columbia,
and Manitoba; throughout the Gulf Coast, Northeast and Rocky Mountain regions of
the US; and internationally in Albania, Peru, Russia and Colombia.
Canada
(Stated in thousands of dollars)
Three-month periods ended Six-month periods ended
June 30, June 30,
2013 2012 % Change 2013 2012 % Change
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue 12,327 16,121 (24) 56,675 60,611 (6)
Reportable
segment profit
(loss) before
tax (6,851) (4,512) (52) 2,770 6,499 (57)
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Due to an extraordinarily long spring break-up and challenges faced throughout
the industry, Canadian revenue for the three-month period ended June 30, 2013
decreased by 24 percent to $12.3 million (2012 - $16.1 million) and operating
days decreased by 18 percent to 999 days (2012 - 1,219 days). This was the
lowest activity level in a second quarter for PHX Energy's Canadian operations
since 2009. Day rate pressures also continued through the second quarter of 2013
resulting in a decrease of 7 percent to average day rates of $12,340 from
$13,225 in the 2012-quarter.
For the three-month period ended June 30, 2013, PHX Energy's oil well drilling
activity (as measured by operating days) represented approximately 70 percent of
its overall Canadian activity; a decrease from 77 percent in the 2012-quarter.
PHX Energy was most active in the Montney, Viking, Duvernay and Bakken areas. In
the Canadian industry, horizontal and directional drilling activity, as measured
by drilling days, was 24 percent lower in the 2013-quarter, 13,299 days,
compared to the 2012-quarter's 17,607 days. (Source: Daily Oil Bulletin)
For the six-month period ended June 30, 2013, PHX Energy's Canadian revenue
decreased by 6 percent to $56.7 million from $60.6 million in the comparable
2012-period. The Corporation's operating days increased slightly by 1 percent to
4,962 days in the first half of 2013 from 4,897 days in the 2012-period. Oil
well drilling activity (as measured by operating days) represented 80 percent of
PHX Energy's Canadian activity for the 2013 six-month period as compared to 78
percent in 2012. In comparison, for the six-month period ended June 30, 2013,
the number of horizontal and directional drilling days realized in the Canadian
industry decreased by 10 percent to 51,864 days as compared to 57,391 days in
2012.
Reportable segment loss before tax for the second quarter of 2013 increased to
$6.9 million from $4.5 million in the 2012-quarter. For the six-month period
ended June 30, 2013, reportable segment profit before tax decreased by 57
percent to $2.8 million from $6.5 million in 2012. Lower profitability during
both 2013-periods was due to lower activity, reduced day rates and higher MWD
system repair costs.
United States
(Stated in thousands of dollars)
Three-month periods ended Six-month periods ended
June 30, June 30,
2013 2012 % Change 2013 2012 % Change
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue 40,295 32,381 24 79,678 59,546 34
Reportable
segment profit
(loss) before
tax (217) 2,466 (109) 2,562 2,497 3
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Growth in PHX Energy's US operations continued through the second quarter of
2013. For the three-month period ended June 30, 2012, the segment's revenue was
$40.3 million, which is 24 percent higher than the revenue of $32.4 million in
the 2012-period. This is the second highest quarterly result in the
Corporation's history. PHX Energy's US operating days grew by 21 percent to
3,233 days from 2,666 days in the 2012-quarter. Overall day rates realized,
excluding the motor rental division in Midland, Texas, slightly increased by 2
percent in the 2013-quarter to $11,921 compared to $11,717 in the 2012-quarter.
In the second quarter of 2013, Phoenix USA's operations continued to gain
momentum. The Corporation's growth strategy remained focused on activity in the
Permian, Eagle Ford, Mississippian, and Bakken basins and operations were also
active in the Marcellus, Utica, Niobrara, Barnett, and Woodford plays. The
expansion of the motor rental division carried through the 2013-quarter and the
Corporation's value added technologies continued to gain recognition in the US
market.
In the 2013-quarter, levels of rig utilization in the US industry were lower
with the average number of horizontal and directional rigs running on a daily
basis decreasing by 7 percent to 1,306 rigs compared to 1,401 in the
2012-quarter. (Source: Baker Hughes) Despite this, the US still represents the
largest directional drilling market in the world and oil-focused drilling
continued to dominate the industry, which is a positive trend for PHX Energy.
For the three-month period ended June 30, 2013, oil well drilling, as measured
by drilling days, increased to approximately 68 percent of Phoenix USA's overall
activity, compared to 58 percent in the 2012-period.
US revenue for the six-month period ended June 30, 2013 increased by 34 percent
to $79.7 million from $59.5 million in the comparable 2012-period. The
Corporation's US operating days increased by approximately 26 percent to 6,364
days in the six-month period ended June 30, 2013 from 5,068 days in 2012. In
comparison, US industry activity, as measured by the average number of
horizontal and directional rigs running on a daily basis, decreased by 6 percent
for the first half of 2013 to 1,312 rigs as compared to 1,395 rigs in the
comparable 2012-period. (Source: Baker Hughes)
Reportable segment profit before tax for the second quarter of 2013 decreased to
a loss of $0.2 million from a profit of $2.5 million in the 2012-quarter.
Profitability in the 2013-quarter was impacted primarily by increased
performance drilling motor and MWD system repair costs. For the six-month period
ended June 30, 2013, reportable segment profit before tax increased marginally
by 3 percent to $2.6 million from $2.5 million in 2012.
International
(Stated in thousands of dollars)
Three-month periods ended Six-month periods ended
June 30, June 30,
2013 2012 % Change 2013 2012 % Change
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Revenue 12,861 9,921 30 21,797 18,035 21
Reportable segment
profit before tax 3,812 2,863 33 5,456 4,888 12
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Due to strong growth realized in its Russian operations, the Corporation's
international revenue increased by 30 percent to a record of $12.9 million in
the 2013 three-month period from $9.9 million in the 2012-period. International
operating days increased by 26 percent from 738 days in the 2012-quarter to a
record 932 days in the 2013-quarter. The Corporation generated 20 percent of its
consolidated revenue from international operations in the 2013-quarter compared
to 17 percent in the 2012-quarter.
For the six-month period ended June 30, 2013, revenue increased by 21 percent to
$21.8 million as compared to $18.0 million in 2012. Operating days for the same
period grew from 1,340 days in 2012 to 1,584 days in 2013; an 18 percent
increase.
Phoenix Russia achieved a record level of revenue and activity for any quarter
in the 2013 three-month period, realizing 92 percent growth in operating days
compared to the 2012-period. During the quarter, Phoenix Russia continued to
focus on service quality and building a more diversified client base aided by
the addition of a Moscow-based marketing person late in the quarter.
In the 2013-quarter, Phoenix Albania's operations also achieved record revenue
for any quarter. Revenue growth was achieved through the utilization of the
Corporation's resistivity while drilling ("RWD") technology. Since commencing
operations in 2008, Phoenix Albania has successfully drilled in excess of 364
wells in the country. The Corporation also continued to hire, train, and develop
local Albanian personnel, who now represent 38 percent of Phoenix Albania's
total employees. The Corporation presently has a 6 job capacity in Albania. PHX
Energy's joint venture, RigManager International Inc., continued to run its
electronic drilling recorder systems on all active rigs.
Through the Corporation's effective pricing and sales strategy, Phoenix Colombia
was awarded work with a local Colombian operator and realized higher activity
levels in the second quarter of 2013. However, this increase in activity
occurred late in the quarter, and as a result, the region's profitability was
not as high as expected. PHX Energy is continually exploring all options to
cultivate and sustain growth in this region. The Corporation anticipates that
the region's activity will grow in the upcoming months and that improved
profitability will follow. Phoenix Colombia currently has a 5 job capacity.
Phoenix Peru suffered lower activity levels in the second quarter of 2013
compared to the 2012-period. Drilling activity was suspended in the country
pending the government's announcement of its position with regards to existing
oil lease holders. With a favorable decision from the government, drilling
campaigns are expected to resume. Currently, Phoenix Peru is providing manpower
and resources to support the growing operations in Colombia. Phoenix Peru
currently has a job capacity of 4 full service jobs.
For the three-month period ended June 30, 2013, reportable segment profit before
tax was $3.8 million, an increase of 33 percent compared to $2.9 million in the
corresponding 2012-period. Reportable segment profit for the six-month period
ended June 30, 2013 was $5.5 million as compared to $4.9 million in 2012; a 12
percent increase. Increased profitability in both 2013 periods was largely
driven by growth in Russia and increased utilization of the Corporation's
value-added technologies in Albania.
Investing Activities
Net cash used in investing activities for the three-month period ended June 30,
2013 was $20.1 million as compared to $13.8 million in 2012. The Corporation
made initial payments totalling $3.8 million under third party license and
technology development agreements that the Corporation entered into during the
second quarter of 2013. PHX Energy also made an additional $3.0 million
investment in RMS and added $6.4 million in capital equipment in the second
quarter of 2013 (2012 - $17.6 million). The capital equipment amount is net of
proceeds from the involuntary disposal of drilling equipment in well bores of
$1.7 million (2012 - $1.3 million). The quarterly 2013 expenditures included:
-- $4.1 million in MWD systems and spare components;
-- $2.8 million in down hole performance drilling motors;
-- $0.8 million in other assets;
-- $0.3 million in machinery and equipment for global service centres, and;
-- $0.1 million in non-magnetic drill collars and jars.
The capital expenditure program undertaken in the period was financed from a
combination of cash flow from operations, long-term debt and working capital.
The change in non-cash working capital balances of $6.9 million (use of cash)
for the three-month period ended June 30, 2013, relates to $2.7 million of net
change in the Corporation's trade payables that are associated with the
acquisition of capital assets and $4.2 million of progress billings associated
with an operations centre under construction that is currently being held for
sale. This compares to $6.7 million (source of cash) for the three-month period
ended June 30, 2012.
During the second quarter of 2013, PHX Energy's job capacity increased by 3
concurrent jobs to 215 through the addition of 3 RWD systems. As at June 30,
2013, the Corporation's MWD fleet consisted of 133 P-360 positive pulse MWD
systems, 65 E-360 electromagnetic ("EM") MWD systems, and 17 RWD systems. Of
these, 94 MWD systems were deployed in Canada, 91 in the US, 15 in Russia, 6 in
Albania, 4 in Peru, and 5 in Colombia.
The Corporation plans to order an additional 6 P-360 positive pulse MWD systems
and 2 RWD systems to be delivered in the second half of the year. As a result,
by the end of 2013 PHX Energy expects to have a fleet of 223 MWD systems, which
would be comprised of 139 P-360 positive pulse MWD systems, 65 E-360 EM MWD
systems and 19 RWD systems.
Financing Activities
The Corporation reported cash flows from financing activities of $9.2 million in
the three-month period ended June 30, 2013 as compared to $5.7 million in the
2012-period. In the 2013-quarter:
-- the Corporation paid dividends of $5.1 million to shareholders, or $0.18
per share;
-- through its option and DRIP program the Corporation received cash
proceeds of $2.3 million from exercised options and reinvested dividends
to acquire 263,325 common shares of the Corporation; and
-- the Corporation received net proceeds from its operating facility and US
facility in an aggregate of
$12.1 million to finance its capital expenditure program and other
investments.
Capital Resources
As at June 30, 2013, the Corporation has access to a $10 million operating
facility. The facility bears interest based primarily on the Corporation's
senior debt to EBITDA ratio, as defined in the agreement. At the Corporation's
option, interest is at the bank's prime rate plus a margin that ranges from a
minimum of 0.75 percent to a maximum of 2 percent, or the bank's bankers'
acceptance rate plus a margin that ranges from a minimum of 1.75 percent to a
maximum of 3 percent. As of June 30, 2013, the Corporation had $9.5 million
drawn on this facility.
As at June 30, 2013, the Corporation also has access to a $95 million syndicated
facility and a US$25 million operating facility in the US. The facilities bear
interest at the same rates disclosed above. The syndicated facility was arranged
to permanently reduce to $80 million on September 30, 2013, requiring a $15
million payment of the carrying amount of the syndicated facility. This
coincides with the expected closing of the sale and leaseback of the new
operations centre. The remaining $80 million syndicated facility and the US
operating facility mature on September 6, 2015. The maturity date can be
extended for another year at the option of the lender. As at June 30, 2013, $95
million was drawn on the syndicated facility and $15.6 million was drawn on the
US operating facility.
All credit facilities are secured by a general security agreement over all
assets of the Corporation located in Canada and the US. As at June 30, 2013, the
Corporation was in compliance with all of its bank debt covenants.
On August 7, 2013, the terms of the Corporation's syndicated loan agreement with
its bank were amended to extend the maturity date of the syndicated facility and
US operating facility from September 6, 2015 to September 5, 2016. In addition,
the previous requirement to repay the current portion of the syndicated facility
of $15 million was removed and consequently, the aggregate carrying amount of
the syndicated facility of $95 million shall be classified as non-current in the
third quarter of 2013.
It is expected that the construction of the operations centre, included in the
statement of financial position as assets held for sale, will be substantially
completed in August, 2013. The operations centre, packaged with a piece of land,
is arranged to be sold for $23.1 million on a sale and leaseback arrangement.
Closing of the transaction is expected in September, 2013.
Cash Requirements for Capital Expenditures
Historically, the Corporation has financed its capital expenditures and
acquisitions through cash flows from operating activities, debt and equity. The
2013 capital budget has been set at $30.4 million subject to quarterly review of
the Board of Directors. These planned expenditures are expected to be financed
from a combination of one or more of the following, cash flow from operations,
the Corporation's unused credit facilities or equity, if necessary. However, if
a sustained period of market uncertainty and financial market volatility
persists in 2013, the Corporation's activity levels, cash flows and access to
credit may be negatively impacted, and the expenditure level would be reduced
accordingly. Conversely, if future growth opportunities present themselves, the
Corporation would look at expanding this planned capital expenditure amount.
Outlook
PHX Energy achieved a number of strategic goals in the second quarter, which
builds upon the Corporation's already strong competitive position in the market.
Activity levels grew in the lucrative basins that PHX Energy strategically
targets, and record revenues were generated in the US, Russia, and Albania.
However, during the quarter profitability was negatively impacted by several
factors; some of which were anticipated while some were unexpected and are
currently being addressed.
Unfavorable weather conditions are typical in Canada during this time of year
and therefore slower operations are expected. In the second quarter of 2013,
these conditions persisted for longer than forecasted and this contributed to
PHX Energy's Canadian activity decreasing to a second quarter level not seen
since 2009. Nevertheless, the Corporation maintained its market share and client
base during this period. With the slowdown in activity, much of the fleet was
idle and therefore equipment was available for required maintenance and repairs.
Although margins in the second quarter were negatively impacted by the greater
repair costs, these repairs equip the Corporation for the activity levels
projected in the third and fourth quarters.
PHX Energy's US operations continued to outperform, resulting in strong second
quarter operating days and revenue. In a number of the key basins where the
Corporation operates there is an ability to drill wells extremely fast, which is
advantageous for the operating company, however, this pushes the operating
parameters of certain down hole components. These drilling conditions lead to
unanticipated motor repair costs during the second quarter, which negatively
affected the Corporation's US margins. Despite this, PHX Energy believes these
drilling areas offer many advantages for its US operations and therefore
addressing these additional costs is a major focus for the Corporation going
forward.
International operations generated many positive results in the second quarter,
including record revenue and increased profitability. PHX Energy is pleased to
report that its Russian operations led this growth, on a percentage basis, for
the first time, as the Russian market holds many opportunities for the
Corporation. During the quarter, PHX Energy added equipment and personnel, which
resulted in new projects for both current and first time clients in most of its
international operating regions.
The Corporation's outlook for the remainder of 2013 is positive. Although some
of the unfavorable weather in Canada did persist into July, PHX Energy's current
activity has returned to expected levels and it is forecasted that activity in
the upcoming months could exceed the current level. US operations continue to
benefit from the strategies put in place to grow in this market and it is
believed that greater market share is attainable. As such, additional assets
have been mobilized to certain regions in the US, such as the Gulf Coast, in
anticipation of higher activity levels. Internationally, in Albania and Russia a
solid footprint has been established and PHX Energy continues to provide leading
edge services. Based on the level of services being provided, it is projected
that additional contracts will be awarded, contributing to increased revenue and
profitability. With this momentum, the international segment is expected to
represent an even greater percentage of PHX Energy's operations going forward.
Additionally, in future quarters PHX Energy should benefit from the continuation
of positive trends in commodity prices that occurred in the second quarter. Oil
prices have improved and the Canadian differential has narrowed which will
likely increase cash flow for producers and allow them to expand their drilling
activity. In addition, natural gas prices rose during the quarter and progress
toward the development of future LNG projects is ongoing. The volume of drilling
required for these projects to succeed will present positive opportunities for
those service providers that can win contracts, and PHX Energy believes it has
the capability to be one of those service providers.
John Hooks
Chairman of the Board, President and Chief Executive Officer
Aug. 8, 2013
Non-GAAP Measures
1) EBITDA
EBITDA, defined as earnings before interest, taxes, depreciation and
amortization, is not a financial measure that is recognized under GAAP. However,
Management believes that EBITDA provides supplemental information to net
earnings that is useful in evaluating the Corporation's operations before
considering how it was financed or taxed in various countries. Investors should
be cautioned, however, that EBITDA should not be construed as an alternative
measure to net earnings determined in accordance with GAAP. PHX Energy's method
of calculating EBITDA may differ from that of other organizations and,
accordingly, its EBITDA may not be comparable to that of other companies.
The following is a reconciliation of net earnings to EBITDA:
(Stated in thousands of dollars)
Three-month periods Six-month periods
ended June 30, ended June 30,
2013 2012 2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings (loss) (4,735) (2,584) 3,571 5,335
Add:
Depreciation and amortization 6,024 5,206 11,854 10,040
Provision for (Recovery of) income
taxes (2,103) (812) 996 918
Finance expense 1,181 711 2,275 1,267
----------------------------------------------------------------------------
EBITDA as reported 367 2,521 18,696 17,560
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EBITDA per share - diluted is calculated using the treasury stock method whereby
deemed proceeds on the exercise of the share options are used to reacquire
common shares at an average share price. The calculation of EBITDA per share on
a dilutive basis does not include anti-dilutive options.
2) Funds from Operations
Funds from operations is defined as cash flows generated from operating
activities before changes in non-cash working capital. This is not a measure
recognized under GAAP. Management uses funds from operations as an indication of
the Corporation's ability to generate funds from its operations before
considering changes in working capital balances. Investors should be cautioned,
however, that this financial measure should not be construed as an alternative
measure to cash flows from operating activities determined in accordance with
GAAP. PHX Energy's method of calculating funds from operations may differ from
that of other organizations and, accordingly, it may not be comparable to that
of other companies.
The following is a reconciliation of cash flows from operating activities to
funds from operations:
(Stated in thousands of dollars)
Three-month periods Six-month periods
ended June 30, ended June 30,
2013 2012 2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flows from operating activities 11,942 15,667 25,244 19,743
Add:
Changes in non-cash working capital (12,216) (12,763) (10,237) (3,301)
Interest paid 606 884 1,878 1,415
Income taxes paid 540 199 721 878
----------------------------------------------------------------------------
Funds from operations 872 3,987 17,606 18,735
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Funds from operations per share - diluted is calculated using the treasury stock
method whereby deemed proceeds on the exercise of the share options are used to
reacquire common shares at an average share price. The calculation of funds from
operations per share on a dilutive basis does not include anti-dilutive options.
About PHX Energy Services Corp.
The Corporation, through its subsidiary entities, provides horizontal and
directional technology and drilling services to oil and natural gas producing
companies in Canada, the US, Albania, Russia, Peru, and Colombia. PHX Energy
develops and manufactures its E-360 EM and P-360 positive pulse MWD technologies
that are made available for internal operational use.
PHX Energy's Canadian operations are conducted through Phoenix Technology
Services LP. The Corporation maintains its corporate head office, research and
development, Canadian sales, service and operational centres in Calgary,
Alberta. In addition, PHX Energy has a facility in Estevan, Saskatchewan. PHX
Energy's US operations, conducted through the Corporation's wholly-owned
subsidiary, Phoenix Technology Services USA Inc. ("Phoenix USA"), is
headquartered in Houston, Texas. Phoenix USA has sales and service facilities in
Houston, Texas; Traverse City, Michigan; Casper, Wyoming; Denver, Colorado; Fort
Worth, Texas; Midland, Texas; Buckhannon, West Virginia; Pittsburgh,
Pennsylvania; and Oklahoma City, Oklahoma. Internationally, PHX Energy has sales
offices and service facilities in Albania, Peru, Russia, and Colombia, and an
administrative office in Nicosia, Cyprus.
Consolidated Statements of Financial Position
(unaudited)
June 30, 2013 December 31, 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 7,305,342 $ 4,329,969
Trade and other receivables 53,869,223 67,189,884
Inventories 27,269,101 21,833,051
Prepaid expenses 3,618,103 3,476,559
Assets held for sale 15,606,335 9,436,462
----------------------------------------------------------------------------
Total current assets 107,668,104 106,265,925
Non-current assets:
Drilling and other equipment 153,160,589 144,370,109
Goodwill 8,876,351 8,876,351
Intangible Assets 3,759,200 -
Equity-accounted investees 7,543,724 5,010,292
----------------------------------------------------------------------------
Total non-current assets 173,339,864 158,256,752
----------------------------------------------------------------------------
Total assets $ 281,007,968 $ 264,522,677
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Operating facility $ 9,525,415 $ 5,897,711
Trade and other payables 35,763,400 38,165,118
Dividends payable 1,667,427 1,626,287
Current tax liabilities 2,154,193 97,020
Loans and borrowings 15,000,000 15,000,000
----------------------------------------------------------------------------
Total current liabilities 64,110,435 60,786,136
Non-current liabilities:
Loans and borrowings 95,552,000 80,000,000
Deferred tax liabilities 6,769,614 8,641,858
----------------------------------------------------------------------------
Total non-current liabilities 102,321,614 88,641,858
Equity:
Share capital 103,886,515 99,101,118
Contributed surplus 6,937,020 7,860,658
Retained earnings 3,088,592 9,764,748
Accumulated other comprehensive
income 663,792 (1,631,841)
----------------------------------------------------------------------------
Total equity 114,575,919 115,094,683
----------------------------------------------------------------------------
Total liabilities and equity $ 281,007,968 $ 264,522,677
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Statements of Comprehensive Income
(unaudited)
Three-month periods ended Six-month periods ended
June 30, June 30,
2013 2012 2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue $ 65,482,975 $ 58,423,429 $158,149,790 $138,192,258
Direct costs 62,051,464 51,365,186 133,017,023 113,028,642
----------------------------------------------------------------------------
Gross profit 3,431,511 7,058,243 25,132,767 25,163,616
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Expenses:
Selling, general and
administrative
expenses 8,443,769 8,241,383 18,928,599 16,745,774
Research and
development
expenses 456,068 547,825 991,981 1,100,928
Finance expense 1,181,287 711,434 2,274,914 1,267,065
Other (income)
expense (257,647) 849,170 (2,296,483) (306,807)
----------------------------------------------------------------------------
9,823,477 10,349,812 19,899,011 18,806,960
Share of loss of
equity-accounted
investee (net of tax) 446,514 104,471 666,568 104,471
----------------------------------------------------------------------------
Earnings (Loss) before
income taxes (6,838,480) (3,396,040) 4,567,188 6,252,185
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Provision for
(Recovery of) income
taxes
Current 833,711 1,475,158 2,628,702 3,188,773
Deferred (2,937,048) (2,287,542) (1,632,216) (2,271,197)
----------------------------------------------------------------------------
(2,103,337) (812,384) 996,486 917,576
----------------------------------------------------------------------------
Net earnings (loss) (4,735,143) (2,583,656) 3,570,702 5,334,609
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Other comprehensive
income
Foreign currency
translation 830,863 970,772 2,295,633 34,873
----------------------------------------------------------------------------
Total comprehensive
income (loss) for the
period $ (3,904,280)$ (1,612,884)$ 5,866,335 $ 5,369,482
-------------------------------------------------- -------------------------
-------------------------------------------------- -------------------------
Earnings (Loss) per
share - basic $ (0.16)$ (0.09)$ 0.13 $ 0.19
Earnings (Loss) per
share - diluted $ (0.16)$ (0.09)$ 0.13 $ 0.19
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated Statements of Cash Flows
(unaudited)
Three-month periods ended Six-month periods ended
June 30, June 30,
2013 2012 2013 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flows from
operating
activities:
Net earnings (loss) $ (4,735,143)$ (2,583,656)$ 3,570,702 $ 5,334,609
Adjustments for:
Depreciation and
amortization 6,024,210 5,206,082 11,853,819 10,040,306
Provision for
(Recovery of)
income taxes (2,103,337) (812,384) 996,486 917,576
Unrealized foreign
exchange loss 148,237 885,966 346,690 603,216
Gain on disposition
of drilling
equipment (292,163) (110,671) (2,632,698) (1,105,309)
Share-based payments 202,730 613,711 529,767 1,410,803
Finance expense 1,181,287 711,434 2,274,914 1,267,065
Recovery of bad
debts - (207,714) - (207,714)
Share of loss of
equity-accounted
investee 446,514 104,471 666,568 104,471
Change in fair value
of investment in
equity securities - 180,090 - 370,185
Change in non-cash
working capital 12,215,708 12,762,968 10,236,550 3,300,690
----------------------------------------------------------------------------
Cash generated from
operating
activities 13,088,043 16,750,297 27,842,798 22,035,898
Interest paid (605,918) (884,753) (1,877,732) (1,415,295)
Income taxes paid (540,107) (198,983) (720,859) (878,044)
----------------------------------------------------------------------------
Net cash from
operating
activities 11,942,018 15,666,561 25,244,207 19,742,559
----------------------------------------------------------------------------
Cash flows from
investing
activities:
Proceeds on
disposition of
drilling equipment 1,686,595 1,293,084 5,283,563 4,637,529
Acquisition of
drilling and other
equipment (8,133,626) (18,897,365) (21,628,872) (36,457,150)
Acquisition of
intangible assets (3,759,200) - (3,759,200) -
Investment in
equity-accounted
investee (3,000,000) (2,852,158) (3,200,000) (3,762,613)
Change in non-cash
working capital (6,925,943) 6,685,034 (10,926,303) (917,824)
----------------------------------------------------------------------------
Net cash used in
investing
activities (20,132,174) (13,771,405) (34,230,812) (36,500,058)
----------------------------------------------------------------------------
Cash flows from
financing
activities:
Proceeds from
issuance of share
capital 2,270,116 228,356 3,331,992 785,900
Dividends paid to
shareholders (5,120,280) (5,069,182) (10,205,718) (8,441,658)
Proceeds on loans
and borrowings 10,221,500 12,500,000 15,208,000 21,500,000
Proceeds on
(Repayment of)
operating facility 1,860,518 (1,917,328) 3,627,704 6,268,277
----------------------------------------------------------------------------
Net cash from
financing
activities 9,231,854 5,741,846 11,961,978 20,112,519
----------------------------------------------------------------------------
Net increase in cash
and cash
equivalents 1,041,698 7,637,002 2,975,373 3,355,020
Cash and cash
equivalents,
beginning of period 6,263,644 4,094,362 4,329,969 8,376,344
----------------------------------------------------------------------------
Cash and cash
equivalents, end of
period $ 7,305,342 $ 11,731,364 $ 7,305,342 $ 11,731,364
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
PHX Energy Services Corp.
John Hooks
President and CEO
403-543-4466
PHX Energy Services Corp.
Cameron Ritchie
Senior Vice President Finance and CFO
403-543-4466
PHX Energy Services Corp.
Suite 1400, 250 2nd Street SW
Calgary, Alberta T2P 0C1
403-543-4485 (FAX)
www.phxtech.com
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