FINANCIAL HIGHLIGHTSIn the three months ended September 30, 2012, the Company:
- Achieved record third quarter comprehensive income before tax of $6.7 million and revenue of $59.9 million, an increase of $6.9 million and $4.6 million respectively from the same quarter in 2011, driven primarily by strong activity in the Civil division.
- Reported EBITDA margin of 21.3%.
- Reported gross margin of $14.2 million, an increase of $1.8 million compared to the same quarter in 2011.
- Acquired a landfill site in northeastern British Columbia to receive and manage contaminated waste. It is anticipated to be operational by the end of November, 2012.
- Established a field office and camp facility in Fox Creek, Alberta to better service the Company's existing client base and to respond to the increased activity in the area.
- Increased EBITDA and revenue by 32.3% and 13.1% respectively, from $21.6 million and $136.7 million to $28.6 million and $154.5 million respectively, a record for the Company for the first nine month period of a year, primarily due to strong activity in the Civil division and continued strength of other divisions.
- Reported comprehensive income of $10.0 million compared to a comprehensive loss of $(27.8) million in the first nine months of 2011, mainly due to strong results in the Civil division, as well as the recognition of a deferred income tax recovery in the current period, versus the non-cash charge loss on the change in fair value of trust and subordinated units in the comparative period.
- Opened a field office in Lloydminster, Alberta in order to better service the Company's existing customer base conducting heavy oil operations in the area.
Petrowest is an Alberta corporation involved in pre-drilling and post-completion energy services as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers. Petrowest's primary operations are based in the Grande Prairie area of northern Alberta and in northeastern British Columbia
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