Cancoil Integrated Services Inc. Releases Fourth Quarter and Year End 2001 Report.Business Editors & Energy Writers CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--March 13, 2002
Three Three Seven
Months Months Year Months
Ended Ended Ended Ended
December December December December
31, 2001 31, 2000 31, 2001 31, 2000(b)
----------------------------------------------------------------------
Average number of rigs 11 7 9 5
----------------------------------------------------------------------
Total number of
rigs - year end 12 8
----------------------------------------------------------------------
Revenue $ 7,026,366 $ 2,731,021 $24,399,539 $ 5,506,053
Gross margin percent 53% 19% 50% 42%
----------------------------------------------------------------------
Net income (Loss) $ 1,559,509 $ (273,164)$ 4,780,736 $ 549,968
Net income (Loss) per
share(a) $ 0.04 $ (0.01)$ 0.13 $ 0.02
----------------------------------------------------------------------
Cash flow $ 2,564,972 $ 36,515 $ 7,975,888 $ 1,021,570
Cash flow per share(a) $ 0.07 $ 0.00 $ 0.22 $ 0.03
----------------------------------------------------------------------
EBITDA $ 3,091,374 $ 60,530 $10,049,454 $ 1,159,308
----------------------------------------------------------------------
Long-term debt $ 8,927,700 $ 7,278,229 $ 8,927,700 $ 7,278,229
Long-term debt
to equity 43% 58% 43% 58%
----------------------------------------------------------------------
Shares outstanding -
issued 37,827,122 27,121,667 37,827,122 27,121,667
Shares outstanding -
diluted 42,337,850 42,089,850 42,337,850 42,089,850
Weighted average
shares - diluted,
treasury stock method 37,714,820 34,492,302 36,763,391 32,483,005
----------------------------------------------------------------------
----------------------------------------------------------------------
(a) Per share figures are on a weighted average diluted basis using
the treasury stock method
(b) Cancoil changed its fiscal year-end during 2000 from May 31 to
December 31.
Cancoil Integrated Services In computer networking, IntServ or integrated services is an architecture that specifies the elements to guarantee quality of service (QoS) on networks. IntServ can for example be used to allow video and sound to reach the receiver without interruption. Inc. (CDNX CDNX See Canadian Venture Exchange (CDNX). :CAN) continued delivering solid financial results in the fourth quarter of 2001, far surpassing the results of the fourth quarter of 2000. Net income for the quarter ended December December: see month. 31, 2001 was $1.6 million or $0.04 per share compared to a loss of $0.3 million for the three months ended December 31, 2000. Cancoil experienced a difficult final quarter in 2000 as significant projects were delayed just as it was taking possession of and commissioning additional new rigs. For the year, net income increased 769 percent compared to the seven month period ended December 31, 2000. On a 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. per share basis net income was $0.13 for the year ended December 31, 2001, compared to $0.02 for the seven month period ended December 31, 2000. The longer earnings period combined with a larger rig fleet and continued high utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be rates under long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contracts delivered the increased earnings. Cancoil continued to experience strong operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: and lowered its general and administrative expenses as a percent of revenue, further contributing to the excellent earnings increases. 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 was $2.6 million in the fourth quarter of 2001 compared with almost break-even cash flows in the fourth quarter of 2000. Cash flow from operations and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become increased 673 percent and 767 percent respectively for the year ended December 31, 2001 compared to the seven month period ended December 31, 2000. Operations After a year of tremendous growth in 2000 Cancoil continued on a rapid pace of expansion that saw its rig fleet grow from eight at the beginning of the year to 12 by the end of 2001. In addition, at the end of 2001 two new generation rigs were under construction for delivery in the second quarter of 2002. The new generation rigs are designed to deliver coil tubing services to greater depths with wider diameter diameter - The diameter of a graph is the maximum value of the minimum distance between any two nodes. coil than any other coil tubing system available today. Operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. began in 2000 under the Technicoil banner Same as banner ad. 1. banner - The title page added to printouts by most print spoolers. Typically includes user or account ID information in very large character-graphics capitals. and became well established during 2001. By the end of the year a third of our rigs were working in the U.S. The majority of Cancoil activities focused on coil fracturing of wells in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . Our customers for this service are other service companies that conduct the fracturing programs and provide the pumping equipment. Cancoil's equipment provides an efficient conduit conduit /con·du·it/ (kon´doo-it) channel. ileal conduit the surgical anastomosis of the ureters to one end of a detached segment of ileum, the other end being used to form a stoma on the into the well bore through which our customers pump the fracturing sands and fluids. Coil fracturing represented 77 percent of Cancoil's revenue in 2001 and 86 percent of revenues in 2000. The majority of Cancoil's fracturing revenue in 2001 was from a contract with Halliburton For other uses, see Haliburton. Halliburton Energy Services (NYSE: HAL) is an United States based multinational corporation with operations in over 120 countries. It has been at the forefront of several media and political controversies in relation to its work for the U. Energy Services who committed to the use of Cancoil equipment for their coil fracturing operations in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and the U.S. The current contract with Halliburton expires on March 31, 2002. In 2001 Cancoil continued its effort to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. services beyond coil fracturing. The primary effort in this regard was to build on Cancoil's drilling business. Cancoil had drilled its first wells on a pilot project basis in 2000 and has succeeded in increasing drilling revenue as a percent of overall revenue in 2001. Coil tubing drilling is a relatively new technology to the oil and gas industry. However, the potential is large as there are a large number of wells completed each year that can be competitively and effectively drilled with coil tubing technology. Revenue Analysis by Year ended Seven months ended Type of Activity December 31, 2001 December 31, 2000 --------------------------------------------------------------------- Canada Fracturing $11,994,748 $ 4,086,584 Re-entry drilling 402,507 140,859 Conventional drilling 2,510,089 38,700 --------------------------------------------------------------------- Total Canada 14,907,344 4,266,143 --------------------------------------------------------------------- United States Fracturing 6,794,971 651,426 Re-entry drilling 765,101 285,949 Conventional drilling 1,932,123 302,535 --------------------------------------------------------------------- Total United States 9,492,195 1,239,910 --------------------------------------------------------------------- Consolidated revenue $24,399,539 $ 5,506,053 --------------------------------------------------------------------- --------------------------------------------------------------------- 2001 Management Discussion and Analysis Two key drivers significantly influenced Cancoil's financial results for 2001. The first was an aggressive capital program that resulted in a 50 percent fleet increase during the year. Second, Cancoil signed a major contract with Halliburton Energy Services Inc. that provides high utilization for a majority of the fleet in Canada and the United States for the period from April 1, 2001 to March 31, 2002. NET INCOME Net income increased 769 percent for the year ended December 31, 2001 compared to the seven month period ended December 31, 2000. On a diluted per share basis net income was $0.13 for the year ended December 31, 2000, compared to $0.02 for the seven month period ended December 31, 2000. Revenues Revenues for the year ended December 31, 2001 increased 343 percent compared to the seven month period ended December 31, 2000. If the seven month period in 2000 were to be annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. the 2001 revenue increase was 158 percent. Higher revenues were driven by an increase in the rig fleet and higher utilization in 2001 compared to 2000. The average fleet size was nine rigs for the year ended December 31, 2001 compared to an average of five rigs for the prior seven month period. Significant revenue increases were realized in both of Cancoil's geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. markets. Additionally, progress continued in the development of revenue streams beyond coil fracturing with increased drilling revenue. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. Operating expenses for the year ended December 31, 2001 were up 285 percent compared to the seven month period ended December 31, 2000. On an annualized basis the increase was 125 percent. The increase reflects a higher volume of business due to the increased number of rigs in services for the year ended December 31, 2001. Operating expenses as a percent of revenue decreased by eight percent to 50 percent for the year ended December 31, 2001 compared to the prior seven month period. The lower expense percentage was driven by high utilization rates that enable field expenses to be deployed in an efficient manner. General and Administrative Expenses General and administrative expenses for the year ended December 31, 2001 increased 98 percent compared to the seven month period ended December 31, 2000. On an annualized basis the increase was only 15 percent. The increase in costs reflects increased staffing in Cancoil's head office in Calgary and its Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; office in support of Technicoil. As a percent of revenue general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. declined significantly to 10 percent compared to 21 percent for the seven month period ended December 31, 2000. Management expected this decline as the company had added staff and infrastructure in 2000 to support growth throughout 2001. Further, management does not expect to require significant additional administrative staff to support 2002 growth plans. Amortization Expense Amortization expense increased 220 percent for the year ended December 31, 2001 compared to the seven month period ended December 31, 2000. Cancoil's fleet increased from one to eight rigs in 2000 with a further increase to 12 in 2001. The higher amortization numbers reflect a full year's amortization of the much larger fleet entering 2001 combined with the additional capital expansion during the year. Interest on Long-term Debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. Interest charges for the year ended December 31, 2001 were up 199 percent compared to the prior seven month period. The capital program for the rig fleet expansion was financed by increases to our bank facilities in addition to cash flow and the conversion of common stock warrants. CASH FLOW Cash flow from operations increased 681 percent for the year ended December 31, 2001 compared to the seven month period ended December 31, 2000. On an annualized basis the 2001 cash flow was up 355 percent from 2000. The increased cash flow reflects the overall increase in business activity with high utilization levels and the larger rig fleet. On a diluted per share basis cash flow from operations for 2001 was $0.22, up 633 percent. Investing Activities Net capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. for the year ended December 31, 2001 was almost unchanged from the seven month period ended December 31, 2000 at $11.5 million vs. $11.4 million. Seven new rigs were delivered in the May to December May to December was a BBC sitcom broadcast 1989-1994 on BBC1 and produced by Cinema Verity. It was set in Pinner and revolved around a solicitor Alec Callender, and his younger girlfriend Zoe Angel. 2000 period while four rigs and two integrated drilling mud Noun 1. drilling mud - a mixture of clays and chemicals and water; pumped down the drill pipe to lubricate and cool the drilling bit and to flush out the cuttings and to strengthen the sides of the hole drilling fluid systems were completed in 2001. Additional spending in 2001 included $0.8 million for the field office, yard and shop equipment in Redcliff, Alberta Redcliff is a town located in Cypress County, southern Alberta, Canada, immediately north of Medicine Hat. The town stands on the banks of the South Saskatchewan River and is bisected by Highway 1 (the Trans-Canada Highway). . During the year Cancoil sold a nitrogen nitrogen (nī`trəjən), gaseous chemical element; symbol N; at. no. 7; at. wt. 14.0067; m.p. −209.86°C;; b.p. −195.8°C;; density 1.25 grams per liter at STP; valence principally −3, +3, or +5. pumping unit for total proceeds of $0.9 million. Financing Activities Cancoil's cash flow financed a majority of the 2001 capital program. Conversion of the "A" Warrants for cash proceeds of $1.5 million and an increase in bank debt of $3.1 million financed the remainder of the capital program. ASSETS and LIABILITIES Working Capital Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and accounts payable increased 142 percent and 180 percent respectively at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. December 31, 2001 compared to December 31, 2000. Both increases reflect the higher operating activity levels driven by the larger rig fleet. The current portion of long-term debt Current Portion Of Long-Term Debt A portion of the balance sheet that represents the total amount of long-term debt that must be paid within the next year. The balance sheet has a liability section, which is broken down into long-term and current debt. doubled to $2.9 million as overall long-term debt increased. The loans for rig construction are repayable re·pay v. re·paid , re·pay·ing, re·pays v.tr. 1. To pay back: repaid a debt. 2. in terms varying from 24 to 48 months. Working capital including the current portion of long-term debt at December 31, 2001 was in a deficit position of $0.7 million, almost unchanged from the December 31, 2000 working capital deficit of $0.5 million. One of Cancoil's bank debt covenants stipulates that the working capital ratio excluding the current portion on long-term debt must remain above 1.25:1. At December 31, 2001 this ratio stood at 1.41:1. Fixed Assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → Under Construction Cancoil's capital spending program has remained very active throughout the 2000 - 2001 period. When major equipment such as rigs and mud (MultiUser Dungeon, MultiUser Dimension, MultiUser Dialogue) Interactive games played by several people at a time on the Internet. systems are ordered deposits are provided to the manufacturer to fund design work and raw material purchases. Progress payments are also made as construction meets certain milestones. Due to the high activity levels in each year deposits on capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) were at a high level at each year end. The balance at December 31, 2001 of $4.9 million was up 12 percent from December 31, 2000 levels. Long-term Debt Long-term debt at December 31, 2001 was $8.9 million, up 23 percent or $1.6 million from December 31, 2000. The increase in debt was to fund the 2001 capital program that resulted in the rig fleet growing by 50 percent. In October October: see month. 2001 the $1.5 million convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. was converted at the election of the debenture debenture (dəbĕn`chər), document acknowledging indebtedness. In Great Britain a debenture is practically the same as a bond, and debenture stock is similar to preferred stock. holder for 3.0 million common shares, which reduced the overall debt burden. Non-Controlling Interest The non-controlling interest at December 31, 2001 was related to the 25 percent minority interest in Cancoil's United States subsidiary, Technicoil. On January January: see month. 10, 2002 Cancoil purchased the minority interest in Technicoil and became its 100 percent owner. OUTLOOK Cancoil is nearing the end of a rapid phase of growth that has seen its fleet grow from a single unit in early 2000 to a projected 14 coil tubing rigs including three complete drilling systems by the end of May 2002. Management does not plan to expand the fleet further at this time. The decline in crude oil and natural gas prices has caused our customers to be more cautious with capital spending plans and many have announced reduced spending in 2002. Management expects to continue to conduct a base of business with Halliburton but at significantly reduced levels compared to the contract that expires on March 31, 2002. However, with reduced requirements by Halliburton, Cancoil has equipment available to market to other customers particularly in the coil fracturing market. We are pleased to have worked with two additional coil fracturing customers early in 2002 and expect further work from these and other customers as Cancoil broadens its marketing effort in Canada and the United States. On the drilling side, despite current weak prices, management believes there is a bright future in natural gas drilling in both conventional and coal bed reservoirs to meet increasing demand. Natural gas is the "fuel of choice" for many new industrial and power generation projects. In Canada, major industry growth plans in tar sands Tar sands is a common name of what are more properly called bituminous sands, but also commonly referred to as oil sands or (in Venezuela) extra-heavy oil. They are a mixture of sand or clay, water, and extremely heavy crude oil. development will also increase demand for this clean burning fuel. Cancoil's equipment is well suited for drilling shallow This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. This article has been tagged since October 2007. Shallow means not very deep. and medium depth wells and is particularly well suited for coal bed methane methane (mĕth`ān), CH4, colorless, odorless, gaseous saturated hydrocarbon; the simplest alkane. It is less dense than air, melts at −184°C;, and boils at −161.4°C;. drilling. Canada's coal bed methane industry is still in its early stages with little commercial production to date. In the United States there has been extensive coal bed methane drilling and production has grown considerably. To date we have been very pleased with the performance of our technology especially in coil tubing fracturing. Cancoil has completed a number of drilling projects in the past year and early 2002. Certain programs experienced excellent periods of performance convincing management that Cancoil's technology is cost competitive while drilling faster than conventional drilling rigs. Well abandonment abandonment, in law, voluntary, intentional, and absolute relinquishment of rights or property without conveying them to any other person. Abandonment also means willfully leaving one's spouse or children, intending not to return (see desertion). , cleanout and stimulation stimulation /stim·u·la·tion/ (stim?u-la´shun) the act or process of stimulating; the condition of being stimulated. deep brain stimulation work are other service areas where Cancoil's equipment can be used. However, we have not pursued opportunities in these areas and have no current plans for business in these other services. Geographical ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge expansion has been a success with our U.S. operation currently running four rigs on both drilling and fracturing operations. Coil tubing fracturing is a new technology that was only introduced in the United States in the autumn Autumn Autumnus personification; portrayed as mature and manly. [Rom. Myth.: LLEI, I: 322] Bacchus god of this season. [Rom. Myth.: Hall, 130] Carpo goddess of autumn and corn season. [Gk. Myth. of 2000. Management believes there is significant opportunity to grow our business in the U.S. On the drilling side, Cancoil's small set up is attractive to customers in the United States who are required to demonstrate minimal environmental disturbance DISTURBANCE, torts. A wrong done to an incorporeal hereditament, by hindering or disquieting the owner in the enjoyment of it. Finch. L. 187; 3 Bl. Com. 235; 1 Swift's Dig. 522; Com. Dig. Action upon the case for a disturbance, Pleader, 3 I 6; 1 Serg. & Rawle, 298. when drilling on lands administered by U.S. federal and state authorities. The company's debt levels likely peaked near year-end 2001. The majority of the cash required to complete the two new generation rigs was on deposit with the manufacturer by the end of 2001. After completion of these rigs a modest capital program is planned until such time as management sees a more robust customer spending environment. Cash flows will be mainly targeted to reduce debt during 2002 to ensure that financial flexibility is maintained.
Cancoil Integrated Services Inc.
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2001 2000
---------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 1,439,152 -
Accounts receivable 5,967,712 $ 2,469,302
Prepaid expenses and other 242,094 237,948
Due from shareholder 60,000 60,000
---------------------------------------------------------------------
7,708,958 2,767,250
Fixed assets under construction 4,935,102 4,417,337
Capital assets - net 24,269,962 14,533,884
---------------------------------------------------------------------
$36,914,022 $21,718,471
---------------------------------------------------------------------
---------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank operating loan $ 1,150,000 $ 160,179
Accounts payable and accrued
liabilities 4,307,608 1,539,266
Current portion of long-term debt 2,939,750 1,470,729
Deferred revenue - 100,232
---------------------------------------------------------------------
8,397,358 3,270,406
Long-term debt 5,987,950 4,307,500
Convertible debenture - 1,500,000
Future income taxes 1,680,013 65,341
Non-controlling interest 318,015 40,039
Shareholders' equity:
Capital stock 15,255,672 12,040,907
Retained earnings 5,275,014 494,278
---------------------------------------------------------------------
20,530,686 12,535,185
---------------------------------------------------------------------
$36,914,022 $21,718,471
---------------------------------------------------------------------
---------------------------------------------------------------------
Cancoil Integrated Services Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND RETAINED EARNINGS (DEFICIT)
Three Three Seven
months months Year months
ended ended ended ended
December December December December
31, 2000 31, 2001 31, 2000 31, 2001
----------------------------------------------------------------------
Coil tubing drilling
and service revenue $ 7,026,366 $ 2,731,021 $24,399,539 $ 5,506,053
Expenses:
Operating 3,273,955 2,215,100 12,209,698 3,168,194
General and
administrative 661,037 455,391 2,330,136 1,178,551
Amortization 469,858 250,697 1,415,074 442,409
Interest on long-term
debt 126,857 60,892 638,208 213,614
Gain on sale of fixed
assets - - (189,749) -
Other income (5,671) (36,877) (25,132) (75,876)
----------------------------------------------------------------------
4,526,036 2,945,203 16,378,235 4,926,892
----------------------------------------------------------------------
Net income (loss)
before non-controlling
interest 2,500,330 (214,182) 8,021,304 579,161
Non-controlling
interest in net
(income) loss of
subsidiary (27,302) 6,359 (277,976) 36,148
----------------------------------------------------------------------
Net income (loss)
before income taxes 2,473,028 (207,823) 7,743,328 615,309
Income tax expense:
Current 405,216 - 1,270,741 -
Future 508,303 65,341 1,691,851 65,341
----------------------------------------------------------------------
Net income (loss) for
the period 1,559,509 (273,164) 4,780,736 549,968
Retained earnings
(deficit), beginning
of period 3,715,505 767,442 494,278 (55,690)
----------------------------------------------------------------------
Retained earnings,
end of period $ 5,275,014 $ 494,278 $ 5,275,014 $ 494,278
----------------------------------------------------------------------
----------------------------------------------------------------------
Net earnings per share:
Basic $ 0.05 $ (0.01)$ 0.17 $ 0.02
Diluted $ 0.04 $ (0.01)$ 0.13 $ 0.02
----------------------------------------------------------------------
----------------------------------------------------------------------
Cancoil Integrated Services Inc.
CONSOLIDATED STATEMENTS OF CASH FLOW
Three Three Seven
months months Year months
ended ended ended ended
December December December December
31, 2000 31, 2001 31, 2000 31, 2001
----------------------------------------------------------------------
Cash provided by (used in):
Operating activities:
Net income (loss) for
the period $ 1,559,509 $ (273,164)$ 4,780,736 $ 549,968
Add (deduct) non-cash
items:
Amortization 469,858 250,697 1,415,074 442,409
Future income tax 505,303 65,341 1,691,851 65,341
Gain on sale of asset - - (189,749) -
Non-controlling
interest 27,302 (6,359) 277,976 (36,148)
----------------------------------------------------------------------
Cash flow from
operations 2,564,972 36,515 7,975,888 1,021,570
Change in non-cash
working capital 753,375 (808,171) (834,446) (640,478)
----------------------------------------------------------------------
3,318,347 (771,656) 7,141,442 381,092
Financing activities:
Common shares and
warrants issued 1,500,000 4,810,909 1,637,586 4,850,909
Increase in long-term
debt 892,184 2,190,417 3,149,471 4,325,625
Change in deferred
revenue - (150,350) - -
----------------------------------------------------------------------
2,392,184 6,850,976 4,787,057 9,176,534
Investing activities:
Acquisition of capital
assets (3,997,849) (5,145,828)(11,865,876) (9,218,473)
Proceeds from
asset sold - - 904,473 -
Fixed assets under
construction 849,780 (3,086,157) (517,765) 2,192,431
----------------------------------------------------------------------
(3,148,069) (8,231,985)(11,479,168)(11,410,904)
----------------------------------------------------------------------
Net increase (decrease)
in cash and cash
equivalents 2,562,462 (2,152,665) 449,331 1,853,278
Cash and cash
equivalents (bank
operating loan net of
cash), beginning of
period (2,273,310) 1,992,486 (160,179) 1,693,099
----------------------------------------------------------------------
Cash and cash
equivalent (bank
operating loan net
of cash), end
of period $ 289,152 $ (160,179)$ 289,152 $ (160,179)
----------------------------------------------------------------------
----------------------------------------------------------------------
Cash flow from operations per share:
Basic $ 0.08 $ 0.00 $ 0.28 $ 0.04
Diluted $ 0.07 $ 0.00 $ 0.22 $ 0.03
----------------------------------------------------------------------
----------------------------------------------------------------------
The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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