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Globe Newswire 28-Aug-2018 5:14 PM
EDMONTON, Alberta, Aug. 28, 2018 (GLOBE NEWSWIRE) -- John Babic, President and CEO of Dalmac Energy Inc. ("Dalmac") (TSX Venture "DAL") is pleased to announce fourth quarter and annual financial results for the fiscal year ended April 30, 2018
FINANCIAL HIGHLIGHTS | Change | Change | ||||||||||
(000's Cdn Dollars, except per share data) | Q4'18 | Q4'17 | % | YTD '18 | YTD '17 | % | ||||||
Revenues | 5,278 | 5,500 | (4 | )% | 20,202 | 17,675 | 14 | % | ||||
Gross Margin % | 26 | % | 30 | % | (14 | )% | 28 | % | 27 | % | 1 | % |
EBITDAS (loss) | 730 | 1,001 | (27 | )% | 2,824 | 2,413 | 17 | % | ||||
Earnings (loss) before income tax | (276 | ) | (75 | ) | (268 | )% | (1,464 | ) | (2,131 | ) | 31 | % |
Net earnings (loss) | (276 | ) | (224 | ) | (23 | )% | (1,464 | ) | (1,776 | ) | 18 | % |
Earnings (loss) per share - basic | (0.01 | ) | (0.01 | ) | 0 | % | (0.05 | ) | (0.06 | ) | 17 | % |
Earnings (loss) per share - diluted | (0.01 | ) | (0.01 | ) | 0 | % | (0.05 | ) | (0.06 | ) | 17 | % |
Business Highlights
Compared to the same period last year:
o $290K of these costs relate to PNC senior debt refinancing which was refinanced in Q3'18 MD&A.
o $135K loss on disposal of assets
o $(125) K fair value adjustment on convertible debenture issue during Q2'18
Outlook
The global economic conditions and business climate continue to confirm that the oil and gas industry is in recovery mode. The Canadian oil and gas producers however still continue to face challenges regarding market accessibility due to such things as pipeline takeaway capacity and steep discounts on Canadian commodity prices. These constraints are contributing to the increased domestic inventory builds due to limited access to market which in turn is limiting capital expenditures. The aforementioned development has contributed to the postponement of scheduled drilling and workover projects until second half of 2018. Dalmac will continue to monitor events relating to the timing of these projects and will defer any significant capital expenditures until increased activity levels are well under way
Management remains confident in its outlook for fiscal 2019. We are prioritizing our emphasis on streamlining and maximizing efficiencies while striving for a strong and well-structured balance sheet. We have secured commitments on various drilling, maintenance and plant certification projects which are scheduled to run over the course of the balance of the year that will bolster our activity levels over the course of the second half 2018. Our log books for the fall and winter season are already filling up and the Company is optimistic about its prospects for improving utilization levels for the remainder of this year.
For more information contact:
John Babic - CEO - Dalmac Energy
Tel: 780-988-8510
Email: jbabic@dalmac.ca
Statements throughout this report that are not historical facts may be considered ‘forward looking statements'. Such statements are based on current expectations that involve risks and uncertainties, which could cause actual results to differ from those anticipated. Important factors that can cause anticipated outcomes to differ materially from actual outcomes include the impact of general economic conditions, industry conditions, competition from other industry participants, volatility of petroleum prices, the ability to attract and retain qualified personnel, changes in laws or regulation, currency fluctuations, continued ability to access capital from available facilities and environmental risks. References to "Dalmac', the "Corporation", "Company", "us", "we", and "our" mean Dalmac Energy Inc. and its subsidiary Dalmac Oilfield Services Inc. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. We seek safe harbor.