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Lonestar Reports 2013 Quarter One Financial Results

Thursday, November 29, 2012 12:48 PM

SYLVAN LAKE, AB, Nov. 29, 2012 /CNW/ - Lonestar West Inc. (TSXV: LSI) today announced its business performance for the first quarter of fiscal 2013.  Lonestar experienced another great quarter which included record gross revenues, growth in fleet size and improved utilization rates.

Highlights for the first quarter of fiscal year 2013 include:

  • Revenues increased 61.5% to $6,156,643 from $3,812,418 in the previous year equivalent quarter.
  • EBITDAC increased 120.4% to $1,267,231 compared to $574,893 in the previous year equivalent quarter.
  • EBITDAC per share rose 100.0% to $0.08 from $0.04 in the previous year equivalent quarter.
  • Net income of $664,585 in comparison to the $318,027 net income in the previous year equivalent quarter.

The fleet expansion program resulted in a 44.0% increase in fleet size as the Company went from 25 units available for work at the end of the first quarter of fiscal 2011 to 36 units available for work at the end of the first quarter of fiscal 2013.

On November 2, 2012, the Company issued 2,172,928 common shares at $1.40 per share for proceeds of $3,042,100.   The funds raised were utilized for working capital and fleet acquisition.   Management estimates that approximately four HVACs will be added in the second quarter and approximately seven will be added in the third quarter, thereby resulting in approximately 47 units in the fleet by the end of the third quarter.

President and CEO James Horvath commented, "We have had another profitable quarter for the first three months of fiscal 2013.  The utilization rates for our fleet have all increased in relation to the prior year quarter which had a direct impact on our profits.  Our current strategy of growing our fleet has resulted in a strong quarter with expectations for additional growth for Lonestar in the future."

As always, Lonestar is committed to customer service, safety and our employees which enable us to continue to grow into a major multi-national HVAC competitor.  For complete details on the September 30, 2012 interim and June 30, 2012 year end audited financial statements, as well as the related MD&A's, please refer to SEDAR at www.sedar.com.

Business Description

Lonestar West Inc. (www.lonestarwest.com) operates a fleet of 36 HVAC and vacuum trucks throughout Western Canada from its base in Sylvan Lake, Alberta.  It is focused on profitably growing its HVAC services to become a major competitor in the multi-national market.

Lonestar's shares trade on the TSX Venture Exchange under the symbol LSI.

Certain information and statements contained herein constitute forward-looking information, including the anticipated costs associated with the purchase of capital equipment, expectations concerning the nature and timing of growth within the business operated by Lonestar, expectations respecting the competitive position of such business, expectations concerning the financing of future business activities and statements as to future economic and operating conditions.  Readers should review the cautionary statement respecting forward-looking information that appears in Lonestar's complete MD&A.

SOURCE: Lonestar West Inc.

James Horvath, President and CEO   (403) 887 - 2074
Bev Roome, CA, Chief Financial Officer  (403) 887 - 2074

Investor Relations, The Howard Group Inc.
Jeff Walker     (888) 221-0915
jeff@howardgroupinc.com    (403) 221-0915

(Source: CNW )
(Source: Quotemedia)


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