EDMONTON, ALBERTA--(Marketwire - Sept. 30, 2008) - John Babic, President and CEO of Dalmac Energy Inc. ("Dalmac") (TSX VENTURE:DAL) announces the Corporations first quarter results.
Selected Financial Information
(000's Cdn Dollars, except per share) Q1' 09 Q1' 08
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Revenues 3,970 2,536
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Gross Margin % 946 698
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Gross Margin 24% 28%
General and administrative expenses 281 218
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EBITDAS (loss) 267 242
EBIDTAS per share - basic 0.02 0.02
EBITDAS per share - diluted 0.02 0.01
Interest 177 150
Depreciation and amortization 405 271
Net income (loss) (425) (198)
Net income (loss) per share - basic (0.03) (0.02)
Net income (loss) per share - diluted (0.03) (0.01)
Total revenue for Q1'09 increased 57% to $4.0M from the $2.5M reported in Q1'08. This increase is due to more equipment being operated as a result of the purchases and acquisitions announced over the course of previous year.
EBITDAS for Q1'09 increased by 10% to $267K from the $242K reported in Q1'08. The first quarter is traditionally Dalmac's slowest quarter due to the spring break up and road bans. Traditionally road bans are lifted in May. The Company is further restricted from certain areas that protect various wildlife species during their migrations and calving seasons which usually extend to the middle of June. Production related projects are often given a waiver with respect to road bans which include such things as limiting hauls to half loads etc. Activity levels don't usually bounce back to their pre ban levels until the fall. The combined breakup conditions and depressed drilling activity contributed to make for a worsening of circumstances. The ongoing repairs, maintenance, certifications and other infrastructure costs were more pronounced in Q1'09, because much of the equipment was idle at this time. This disproportionately increased the operating costs in comparison to the revenue for the quarter.