FSI Announces 2011 Third Quarter Financial Results
November 29 2011 - 6:11PM
Marketwired
Richard Ball, Chief Executive Officer of FSI Energy Services Inc.
(TSX VENTURE:FSI) ("FSI"), is pleased to announce financial results
for the three and nine months ended September 30, 2011.
Financial
Highlights Quarter Quarter
ended ended
September 30, September 30,
2011 2010 Change
----------------------------------------------------------------------------
Revenue $ 1,019,139 $ 589,393 73%
----------------------------------------------------------------------------
Earnings (loss)
before interest,
taxes,
depreciation and
amortization
(EBITDA) $ 519,793 $ 18,838 2,659%
----------------------------------------------------------------------------
EBITDA margin (%
of sales
revenue) 51% 3%
----------------------------------------------------------------------------
Profit (Loss) for
the period $ 461,181 $ (45,335)
----------------------------------------------------------------------------
Operating profit
(% of sales
revenue) 49% (4%)
The Company has recorded a net profit for the third consecutive
quarter in 2011, with year-to-date earnings of $593,000, compared
to a loss of $442,637 the same nine months last year. The increase
over both periods was mostly generated from stronger domestic
revenue, and for the nine month period, lower selling, general and
administrative expenses. The improved profit resulted in earnings
per share of $0.02 and $0.03 per share for the three and nine
months ended September 30, 2011, respectively, compared to
respective losses per share of $0.01 and $0.02 the same periods
last year.
FSI also saw increased activity in the Russian segment via
revenue generated by Brine Plant design and engineering
services.
More in-depth analysis of financial results is contained within
the company's Management Discussion and Analysis, available on
SEDAR.
About FSI
Through its wholly owned subsidiary FSI International Services
Ltd., FSI Energy Services Inc. is a Calgary-based manufacturing and
service company specializing in customized filtration,
filtration-related technologies and Brine Plants for the energy,
chemical, and water treatment industries.
Forward-looking Information Cautionary Statement
Certain information contained in this press release, including
information and statements which may contain words such as "could",
"plans", "should", "anticipates", "expect", "believe", "will", and
similar expressions and statements relating to matters that are not
historical facts are forward-looking information. Forward-looking
statements are based on the opinions and estimates of management
relying on their experience at the date the statements are made,
and are subject to a variety of risks, uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking statements
including, but not limited to delays or uncertainties with
regulatory approvals, including that of the TSX Venture Exchange,
changes in the business environment that might impact the intended
use of proceeds and terms of the financing and changes in the
intention of the parties to subscribe to the private placement. All
of the forward-looking information contained in this press release
is qualified by this cautionary statement. There can be no
assurance that the actual results or developments anticipated by
FSI, as expressed or implied by the forward-looking information,
will be realized or, even if substantially realized, that they will
have the expected consequences to or effects on FSI or its business
operations. FSI disclaims any intention or obligation to update or
revise any forward-looking information as a result of new
information or future events. Readers should not place undue
reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: FSI Energy Services Inc. Richard Ball President and
CEO (403) 571-4230 (403) 230-3106 (FAX)www.fsigroup.ca
(TSXV:FSI)
Historical Stock Chart
From Aug 2024 to Sep 2024
(TSXV:FSI)
Historical Stock Chart
From Sep 2023 to Sep 2024