SYLVAN LAKE, AB, Feb. 25, 2013 /CNW/ - Lonestar West Inc. (TSXV: LSI)
today announced its business performance for the second quarter of
fiscal 2013. Lonestar experienced another great quarter which included
record gross revenues, growth in fleet size and expansion into the
Highlights for the second quarter of fiscal year 2013 include:
- Revenues increased 48.8% to $6,750,036 from $4,535,173 in the previous
year equivalent quarter.
- EBITDA increased 44.5% to $1,145,576 compared to $794,747 in the
previous year equivalent quarter.
- EBITDA per share rose 26.8% to $0.07 from $0.05 in the previous year
- Net income before taxes of $624,321 in comparison to the $521,937 net
income before taxes in the previous year equivalent quarter.
The fleet expansion program resulted in a 37.9% increase in fleet size
as the Company went from 29 units available for work at the end of the
second quarter of fiscal 2012 to 40 units available for work at the end
of the second quarter of fiscal 2013.
Management estimates that approximately 7 HVACs will be added in the
third quarter and approximately 10 will be added in the fourth quarter,
thereby resulting in approximately 57 units in the fleet by the end of
the fiscal year.
During the quarter the Company began operations into the United States
and generated revenues of $293,152. Management views this expansion as
an integral part of their growth strategy and is confident that
operations in the US will contribute to the diversification of the
President and CEO James Horvath commented, "Lonestar West Inc. has
continued the growth trend with increased revenues and EBITDA over the
prior year quarters. Management's ability to manage costs and the
expansion of our operations within North America have had a direct
impact on our net income. Our current strategy of growing our fleet and
diversifying our operational locations has resulted in a strong quarter
with expectations for additional growth for Lonestar in the future."
As always, Lonestar is committed to customer service, safety and our
employees which enable us to continue to grow into a major
multi-national HVAC competitor. For complete details on the December
31, 2012 interim and June 30, 2012 year end audited financial
statements, as well as the related MD&A's, please refer to SEDAR at www.sedar.com.
Lonestar West Inc. (www.lonestarwest.com) operates a fleet of 46 HVAC and vacuum trucks throughout North America
from its base in Sylvan Lake, Alberta. It is focused on profitably
growing its HVAC services to become a major competitor in the North
Lonestar's shares trade on the TSX Venture Exchange under the symbol
Certain information and statements contained herein constitute
forward-looking information, including the anticipated costs associated
with the purchase of capital equipment, expectations concerning the
nature and timing of growth within the business operated by Lonestar,
expectations respecting the competitive position of such business,
expectations concerning the financing of future business activities and
statements as to future economic and operating conditions. Readers
should review the cautionary statement respecting forward-looking
information that appears in Lonestar's complete MD&A.
SOURCE: Lonestar West Inc.