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Share Name | Share Symbol | Market | Type |
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Divergent Energy Services Corporation | TSXV:OTS | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA Canadian Oilfield Solutions Corp. (TSX VENTURE:OTS) (the "Corporation") is pleased to announce that it has restated and re-filed its unaudited condensed consolidated interim financial statements and it's amended and restated management's discussion and analysis as at and for the interim periods ended March 31, 2012, June 30, 2012 and September 30, 2012 (the "2012 Interim Filings"); the Corporation has also filed its year-end audited consolidated financial statements and management's discussion and analysis as at and for the year ended December 31, 2012 and 2011 (the "2012 Year-end Filings"); and the Corporation has also filed its unaudited condensed consolidated interim financial statements and management's discussion and analysis as at and for the interim periods ended March 31, 2013 and June 30, 2013. The documents can be found on the SEDAR website at www.sedar.com. While preparing the year-end financial statements for the year ended December 31, 2012, the Corporation identified the following errors reflected in previously issued unaudited condensed consolidated interim financial statements for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012. Therefore, the unaudited condensed interim consolidated financial statements for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 have been restated for the following corrections (all amounts noted in 000's): (A) The Corporation provided project management and project financing for certain projects in Mexico. The terms of the arrangement resulted in the Corporation earning a financing fee on the advancement of funds as well as earning a share of the project's net profit for compensation of the management services provided. The Corporation had previously recorded the advancement of funds into cost of sales and repayment of advances into revenue. The Corporation has determined that the correct presentation of the transactions should have been on a net basis, whereby previous revenue and cost of sales have been reduced, by an amount equal to the funds advanced such that the restated revenue recognized consists of the financing fee and net profit only and the cost of sales does not include the advancement of funds. (B) While correcting this presentation in the financial statements the Corporation became aware of an incorrect accrual of revenue and accounts receivable that overstated revenue and accounts receivable by $750, $372 and $370 for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 respectively, of which has been adjusted for. (C) The Corporation advanced $1,300 to a Mexican Corporation and negotiated repayments with interest of 23%. The accrued interest was not recorded for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 and amounted to $48, $51 and $16 respectively, of which has been adjusted for. (D) The Corporation accrued commission expenses included in cost of sales and accounts payable and accrued liabilities that was not previously recorded for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012 and amounted to $39, $190 and $69 respectively, of which has been adjusted for. The line items in the unaudited condensed consolidated financial statements affected by the corrections are as follows: Three months ended March 31, 2012: --------------------------------------------------------------------------- Previously As As at March 31,2012 reported Adjustments restated --------------------------------------------------------------------------- Condensed consolidated statement of financial position Trade, advances and other receivables 7,286 (1,497) 5,789 Accounts payable and accrued liabilities 1,312 (794) 518 Deficit 9,792 703 10,495 --------------------------------------------------------------------------- Three month period ended March Previously As 31,2012 reported Adjustments restated --------------------------------------------------------------------------- Condensed consolidated statement of net earnings and comprehensive income Revenue 7,106 (6,087) 1,019 Cost of sales 6,043 (5,337) 706 Gross profit 1,063 (750) 313 Net finance costs (40) 48 8 Net earnings (loss) for the period 506 (703) (197) --------------------------------------------------------------------------- Condensed consolidated statement of equity Net earnings (loss) for the period 506 (703) (197) --------------------------------------------------------------------------- Condensed consolidated statement of cash flows Net earnings (loss) for the period 506 (703) (197) Changes in non-cash working capital (2,429) 694 (1,735) --------------------------------------------------------------------------- Three and six months ended June 30, 2012: Below is a summary of the line items in the financial statements affected by the corrections: --------------------------------------------------------------------------- Previously As As at June 30,2012 reported Adjustments restated --------------------------------------------------------------------------- Condensed consolidated statement of financial position Trade, advances and other receivables 9,238 (1,423) 7,815 Accounts payable and accrued liabilities 1,704 (468) 1,236 Deficit 9,216 961 10,177 --------------------------------------------------------------------------- Previously As Six month period ended June 30,2012 reported Adjustments restated --------------------------------------------------------------------------- Condensed consolidated statement of net earnings and comprehensive income Revenue 14,480 (10,109) 4,371 Cost of sales 12,151 (8,987) 3,165 Gross profit 2,329 (1,123) 1,206 Net finance costs (174) 99 (75) Net earnings for the period 1,082 (961) 121 --------------------------------------------------------------------------- Three month period ended June Previously As 30,2012 reported Adjustments restated --------------------------------------------------------------------------- Condensed consolidated statement of net earnings and comprehensive income Revenue 7,374 (4,022) 3,352 Cost of sales 6,108 (3,651) 2,458 Gross profit 1,266 (372) 894 Net finance costs (135) 51 (84) Net earnings for the period 576 (258) 318 --------------------------------------------------------------------------- Condensed consolidated statement of equity Net earnings for the period 1,082 (961) 121 --------------------------------------------------------------------------- Condensed consolidated statement of cash flows Net earnings for the period 1,082 (961) 121 Changes in non-cash working capital (3,774) 926 (2,848) --------------------------------------------------------------------------- Three and nine months ended September 30, 2012: --------------------------------------------------------------------------- Previously As As at September 30,2012 reported Adjustments restated --------------------------------------------------------------------------- Condensed consolidated statement of financial position Trade, other receivables and advances 7,016 (1,290) 5,726 Accounts payable and accrued liabilities 1,349 (406) 943 Deficit 9,148 746 9,894 --------------------------------------------------------------------------- Nine month period ended September Previously As 30,2012 reported Adjustments restated --------------------------------------------------------------------------- Condensed consolidated statement of earnings and comprehensive income Revenue 16,581 (11,089) 5,493 Cost of sales 13,451 (9,596) 3,855 Gross profit 2,329 (691) 1,638 Net finance costs (352) 471 119 Net earnings 1,150 (745) 405 --------------------------------------------------------------------------- Three month period ended September Previously As 30,2012 reported Adjustments restated --------------------------------------------------------------------------- Condensed consolidated statement of earnings and comprehensive income Revenue 2,101 (979) 1,122 Cost of sales 1,299 (609) 690 Gross profit 802 (370) 432 Net finance costs 178 16 194 Net earnings 68 216 284 --------------------------------------------------------------------------- Condensed consolidated statement of equity Net earnings for the nine month period ended September 30, 2012 1,150 (745) 405 --------------------------------------------------------------------------- Condensed consolidated statement of cash flows Net earnings for the nine month period ended September 30, 2012 1,150 (745) 405 Changes in Non-cash working capital (2,246) 898 (1,348) --------------------------------------------------------------------------- Headquartered in Calgary, Alberta, Canadian Oilfield Solutions Corp. provides an array of specialized products and services that are used in the production of oil and gas reserves. 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. FOR FURTHER INFORMATION PLEASE CONTACT: Canadian Oilfield Solutions Corp. Ken Berg President and Chief Executive Officer (403) 543-0060 (403) 543-0069 (FAX) kberg@cotsoilfield.com Canadian Oilfield Solutions Corp. Scott Hamilton Chief Financial Officer and Corporate Secretary (403) 543-0060 (403) 543-0069 (FAX) shamilton@cotsoilfield.com
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