TSX-V: "GLK"
Shares Outstanding 20,535,959
CALGARY, Nov. 27 /CNW/ - Global Energy Services Ltd. ("Global Energy")
(GLK - TSX Venture), announces the Board of Directors have approved the
release of the September 30, 2008 financial reports.
Financial highlight to September 30, 2008:
Revenue totalled $5,543,471 for the nine month period ended September 30,
2008 compared to $6,982,675 for the same period in 2007. Communications
revenue accounted for 64 percent of the total revenues as compared to 74
percent for the same period in 2007.
Revenue from production services segment amounted to $2,016,028 for the
nine month period ending September 30, 2008 as compared with $1,819,413 for
the prior year. Revenue from production services segment for the third quarter
was $697,795. Many of the third quarter planned Activator pump installations
were delayed to the fourth quarter as customers were waiting for our new
encapsulated coil product, which is used to deploy the pump. The Company
foresees a strong fourth quarter given the backlog in pump installations.
Third quarter revenue for the communication segment was $1,268,883, an
improvement of three percent over the same period in 2007. The increase was
due to increased activity in Saskatchewan.
Operational expenses for the nine month period declined by 24 percent or
$699,919 to $2,864,486. The Company continues to align costs with revenue to
ensure profitability in existing market conditions.
Net income (loss) improved by $3,611,305 resulting in net loss of
$705,815 for the nine month period ended September 30, 2008 compared to a net
loss of $4,317,120 in the comparable period in 2007. Adjusted EBIDTA has
improved by $216,599 from ($473,058) to ($256,459) for the nine month periods
ending September 30, 2008 and 2007. New product development costs are expensed
when occurred and represent a major component to the current years negative
adjusted EBIDTA.
"We have the necessary base of experienced people, new and improved
internal systems, the capital resources and the liquidity to capture the
significant market opportunities that lie ahead in the next quarter," said
Derek Begin, President and CEO of Global Energy Services. "We are most excited
about meeting the demand in our patented Activator pump in both Canada and
United States."
About Global Energy Services Ltd.
Global Energy Services Ltd. is an innovative oilfield service company
that provides production services and communications solutions to the oil and
gas industry. The production services segment utilizes its patented Activator
hydraulic submersible pump to enhance gas production in conventional gas and
coalbed methane wells. Global's communications segment provides a complete
suite of integrated products and solutions specifically suited for the oil and
gas industry. Global was founded in 1994 and is listed on the TSX-V.
More information about Global Energy Services Ltd. can be found at
http://www.global-energy.ca
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS
RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS
MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED.
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