![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
TSXV:LSI | 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 | - |
SYLVAN LAKE, ALBERTA--(Marketwired - Apr 30, 2014) - Lonestar West Inc. (TSX-VENTURE:LSI) today announced the financial results for the six month fiscal year ended December 31, 2013, the first report since its change of year-end.
Lonestar is pleased to announce it has once again achieved strong revenues in six month period ended December 31, 2013.
Highlights for the six month fiscal period ended December 31, 2013 include:
The Company also reported results for the quarter ended December 31, 2013.
The Company once again experienced revenue growth during the six month period as result of management implementing its growth strategy. However, the Company also experienced increased operating and general and administrative expenses as a result of the implementation of the Company's growth strategy. Increased costs were related to housing expenses for staff, the hiring of additional head office and management personnel and professional fees relating to the new credit facility. These increased costs resulted in a net loss for the six-month period of $188,295.
Lonestar continues to see significant growth in its revenues with an increase of 37.5% for the three-month period ended December 31, 2013 over the prior year comparable quarter. While EBITDA declined on a comparable quarter basis, Management believes that it is making significant progress on the build-out of its US operations. Towards the end of the fourth quarter of 2013 and during the first quarter of 2014, key personnel were added to the operations in the United States and it is anticipated that their impact will be demonstrated in the following quarters.
During the first quarter, Management has experienced a material increase of Request For Proposals for pipeline construction compared to last year. An increased level of activity is expected in the Canadian energy sector during the second and third quarters, which should directly have a positive impact on Lonestar operations. In addition, in line with the Company's growth strategy, substantial additions were made to Lonestar's fleet post year-end with the purchase of 11 HVAC units, 6 Vacuum units and 2 water trucks.
"Lonestar is going through the difficult process of building a North American platform for providing Hydrovac services" said James Horvath, CEO and President of Lonestar. "While our EBITDAC results were relatively poor for the last several quarters, management believes our underlying growth strategy is sound and anticipates the benefits of the increased costs will be realized in future quarters. Lonestar is continuing to focus on its growth strategy by increasing the size of our fleet and introducing our superior services to new customers and geographical areas. "
About Lonestar West
Based in Sylvan Lake, Alberta, Lonestar West Inc. operates a fleet of 87 HVAC and Vacuum trucks throughout Western Canada, California, Oklahoma, Texas and has recently expanded into Kansas. It is focused on profitably growing its HVAC services to become a major competitor in the North American market.
For more information please visit the Lonestar West website at www.lonestarwest.com.
NEITHER THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Lonestar West Inc.James HorvathPresident & CEO403-887-2074info@lonestarwest.comwww.lonestarwest.comThe Howard Group Inc.Jeff WalkerInvestor Relations(888) 221-0915 or (403) 221-0915jeff@howardgroupinc.com
1 Year Lonestar West Inc. Chart |
1 Month Lonestar West Inc. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions