Airgen Corporation Third Quarter Earnings Results.CALGARY, Alberta--(BUSINESS WIRE)--Feb. 19, 1998-- Airgen(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :AIR.A.) Airgen Corporation is pleased to announce unaudited financial results for the third quarter ending December 31, 1997. Revenues for this nine month period increased from $1.77 million in 1996 to $9.30 million in 1997. Net income increased from ($403,657) or ($0.029) per share fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. for the nine months ended December 31, 1996 to $795,400 or $0.024 per share fully diluted for the nine months ended December 31, 1997. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for the nine month period increased from ($229,233) or ($0.17) per share fully diluted for 1996 to $1.56 million or $0.046 per share fully diluted in 1997. These significant increases are the result of the acquisition of Petro-Therm Enterprises Ltd. on March 27, 1997 and Mocoat Services Ltd. on June 23, 1997 and strong underbalanced drilling ''This article refers to the procedure in oil drilling. For University of Brunei Darussalam, a university in Brunei, please refer to Universiti Brunei Darussalam Underbalanced drilling revenues during the period. Airgen's recent announcements regarding the Option Agreements to purchase Commercial Sandblasting Sandblasting or bead blasting[1] is a generic term for the process of smoothing, shaping and cleaning a hard surface by forcing solid particles across that surface at high speeds; the effect is similar to that of using sandpaper, but provides a more even finish and Painting Ltd. and its subsidiary Christie Corrosion Control (1983) Ltd. and to purchase Geo-Ray Oilfield Inspections Ltd. continue to support Airgen's strategy of increasing shareholder value through acquisitions. Airgen is a diversified diversified (di·verˑ·s oil and gas service company that provides (1) underbalanced drilling services, (2) heavy oil thermal recovery services, and (3) asset integrity services, currently pipeline testing and protective coatings. Airgen's goal is to become a leading provider of oilfield services by acquiring and developing successful private oilfield service companies The list of oilfield service companies includes companies that provide services to the petroleum exploration and production industry but that do not typically produce petroleum themselves. , and investing in the development of new technologies. Airgen Corporation is listed on the Alberta Stock Exchange and trades under the symbol AIR.A. -0- The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Airgen Corporation Mr. Spencer Fried, 403/216-7711 403/216-7709 (FAX) Mr. Cameron Rees, 403/216-7705 |
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