TSX Symbol: HYD
EDMONTON, March 31 /CNW/ - Hyduke Energy Services Inc. (HYD - TSX),
announced operating results for the three and twelve months ended December 31,
2008. A summary of those results is as follows:
Financial Overview and overall performance
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Selected Annual Information
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12 months 12 months 8 months
ended ended ended
December 31, December 31, December 31,
($000's, except ratios) 2008 2007 2006
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Total assets 48,971 48,552 57,802
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Total long-term debt 2,267 2,359 2,933
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Total shareholders' equity 31,557 36,266 33,757
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Total revenue 57,779 63,762 65,708
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Total net income (loss) (5,120) 2,245 6,293
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Current ratio (current assets
divided by current
liabilities) 2.40 to 1.00 3.39 to 1.00 2.01 to 1.00
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Debt to equity ratio
(long-term debt divided
by shareholders' equity) 0.07 to 1.00 0.07 to 1.00 0.09 to 1.00
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Selected Income Statement
Information Three Months Ended Twelve Months Ended
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Dec 31, Dec 31, Dec 31, Dec 31,
($000's, except per share data) 2008 2007 2008 2007
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Revenue 14,727 8,706 57,779 63,762
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Gross margin(1) 129 1,180 3,900 11,559
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Gross margin(1) (%) 0.9% 13.6% 6.7% 18.1%
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Adjusted gross margin 639 1,180 5,921 11,559
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Adjusted gross margin (%) 4.3% 13.6% 10.2% 18.1%
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EBITDAS(1) (4,373) (560) (4,311) 5,583
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Adjusted EBITDAS (1,092) (202) (303) 5,583
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Net income (loss) (4,076) (722) (5,120) 2,245
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Net income (loss) per share
- basic ($) (0.186) (0.033) (0.233) 0.102
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Net income (loss) per share
- diluted ($) (0.186) (0.033) (0.233) 0.102
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(1) Gross margin, Adjusted gross margin, EBITDAS and Adjusted EBITDAS are
non-GAAP measures and are defined in Management's Discussion and
Analysis under Non-GAAP Measures.
Continued success in developing international markets has helped offset a
significant reduction in drilling and well service activity levels in Western
Canada. The weak domestic market resulted in a reduction in revenue for the
three months ended December 31, 2008 compared to the previous quarter and on a
year-over-year basis. Revenues of $14.7 million for the three months ended
December 31, 2008, represents a decrease of 3.7% or 0.6 million over the
previous quarter (i.e. three months ended September 30, 2008). For the three
months ended December 31, 2008, revenue increased 69.2% or $6.0 million over
the same period in 2007. The year over year increase relates to the overall
drop in sales volume experienced in Q407. For the twelve months ended December
31, 2008, revenues of $57.8 million represents a decrease of 9.4% or $6.0
million over the same period in 2007.
