LONESTAR REPORTS 2011 SECOND QUARTER FINANCIAL RESULTS
February 28 2011 - 2:33PM
PR Newswire (Canada)
SYLVAN LAKE, AB, Feb. 28 /CNW/ -- SYLVAN LAKE, AB, Feb. 28 /CNW/ -
Lonestar West Inc. (TSXV: LSI) today announced its business
performance for the second quarter of fiscal 2011. Results: -
generated revenue of $2.9 million in the three months ended
December 31, 2010, this is a 41% increase in relation to the
comparative quarter in the prior year. - income generated in the
quarter of $220,677, an increase in earnings in relation to the
$86,846 loss in the prior year quarter. - second quarter EBITDAC of
$472,566 has increased by 57% in relation to prior year quarter
EBITDAC of $201,181. President and CEO James Horvath commented, "We
experienced an increase in activity as the weather improved which
was reflected in an increase in performance. Our success this
quarter was due primarily to the usage of lease operators, weather
conditions and overall oilfield activity. Our geographical
expansion is starting to affect our performance as the potential
market is increasing and our cash flows are improving. Subsequent
to the quarter end we have seen a noted improvement in revenue and
our customer satisfaction is still extremely high." CONSOLIDATED
RESULTS Financial Results (000's except per share amounts)
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3 months ended
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December 31 December 31 2010 2009
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Revenue $ 2,882 $ 2,038
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Operating expenses 2,134 1,507
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Gross margin 748 531
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Net income (loss) 221 (87)
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EBITDAC 473 201
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Earnings per share - basic 0.017 (0.007)
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The complete MD&A and interim financial statements for the 2011
Second Quarter are available on SEDAR at www.sedar.com. Business
Description Lonestar West Inc. (www.lonestarwest.com) currently
operates a fleet of HVAC and vacuum trucks throughout Western
Canada from its base in Sylvan Lake, Alberta. It is focussed on
profitably growing its HVAC services to become a major national
competitor in the market area. 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. James
Horvath, President and CEO, (403) 887 - 2074; Bev Roome, CA, Chief
Financial Officer, (403) 887 - 2074
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