CALGARY, ALBERTA -- (Marketwire) -- 05/11/12 --
(All reported figures are in US dollars unless otherwise noted)
Logan International Inc. (TSX:LII) ("Logan" or the "Company") today announced results for the three months ended March 31, 2012. Revenues in the first quarter were $40.9 million as compared to revenues of $33.0 million in the first quarter of 2011. Net earnings from continuing operations were $2.8 million, or $0.08 per diluted share, as compared to net earnings from continuing operations of $4.4 million, or $0.13 per diluted share, in last year's first quarter. This year's first quarter Modified EBITDA (a non-GAAP measure) as defined in the financial table below, increased to $8.6 million from $8.5 million in last year's first quarter.
This year's first quarter report includes the operating results of Kline Oilfield Equipment ("Kline") and Scope Production Developments ("Scope"), which were both acquired in last year's fourth quarter, for the full quarter and includes the results of Xtend Energy Services ("Xtend") since March 1, 2012 (acquisition date). The prior year's first quarter did not include the results of these entities.
David Barr, President and Chief Executive Officer, stated "Overall, our first quarter operating results, as measured by Modified EBITDA, were in line with our expectations. The industry fundamentals were similar to recent trends and provided the foundation for solid operating results. Logan Oil Tools' operating results continue to exceed our expectations. Both sales and backlog, which is a predictor of future sales, showed sustained strength. Dennis Tool Company reported positive operating results. Both Kline and Scope, which were acquired in last year's fourth quarter, reported solid financial performances. Xtend launched its U.S. operations with the opening of a Houston facility and delivering its Xciter tools to drilling customers operating in South Texas. Finally, Logan Completions Systems began to re-establish its conventional completions business as well as its Multistim operations.
Recent highlights include:
-- Completion of the Canadian operations management reorganization by
combining the executive management of Logan Completion Systems, Scope
-- Initiation of Logan Oil Tools capacity expansion program with the
relocation of the power swivel assembly and Houston district inventory
into a new facility in Houston, Texas and the acquisition of additional
-- Xtend entered the U.S. market and rented its Xciter tools in southern
-- Dennis Tool Company delivered its first shipment under a recently
awarded multi-year supply agreement with a foreign national service
company and recorded its first sale of radial bearings.