Cancoil Integrated Services Inc. Reports Third Quarter Interim Financial Results.Business Editors 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)--April 28, 2000 Mr. Mark T. Andreychuk Andreychuk is a Ukrainian surname meaning Andrew's son. People
, the President of 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) (www.cancoil.com), is pleased to report interim financial results for the three months ended February February: see month. 29, 2000. FINANCIAL REVIEW Cancoil achieved third quarter revenue of $488,328 with its one operating coiled tubing Coiled tubing refers to metal piping, normally 1" to 2" in diameter, used for interventions in oil and gas wells, which comes spooled on a large drum. The main benefits over wireline are the ability to pump chemicals through the coil and the ability to push it into hole rather than unit as compared to second quarter revenue of $533,000. The comparable quarter in the previous fiscal year had nominal Trifling, token, or slight; not real or substantial; in name only. Nominal capital, for example, refers to extremely small or negligible funds, the use of which in a particular business is incidental. NOMINAL. Relating to a name. revenue as the unit had just commenced operations. Lower revenues resulted from a low 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 rate in the month of December December: see month. . Net earnings for the third quarter were $35,000, down from net earnings of $54,000 achieved in the second quarter. Because Cancoil has a tax loss carried forward of $705,000, it has not incurred any income taxes. OPERATIONAL REVIEW Cancoil's first unit, Rig rig see cryptorchid. 2001, continues to operate successfully and efficiently and was employed primarily in coiled tubing fracturing during the third quarter. The company currently has seven coiled tubing rigs under construction scheduled to be operational in the early May to September September: see month. time period. Mr. E. A. (Andy) Rike Jr., President and Chief Executive Officer of Technicoil Integrated Services Inc., Cancoil's U.S. subsidiary company based in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the is awaiting delivery of one or more of these coiled tubing rigs to commence coiled tubing operations in the U.S. OUTLOOK Interest in Cancoil's unique coiled tubing technology remains high. It is anticipated that all eight of Cancoil's units will be contracted and operational as they become available. The company continues to investigate new opportunities outside of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and expanded applications for its technology. Information about Cancoil's technology can be obtained from our website at www.cancoil.com
CANCOIL INTEGRATED SERVICES INC.
(Formerly J&L Capital Venture Corp.)
BALANCE SHEET
(Unaudited)
February 29 February 28
2000 1999
----------- -----------
ASSETS
Current
Cash and term deposits $1,481,211 $ 212,130
Accounts receivable 401,069 117,805
Prepaid expenses and deposits 14,508 22,156
----------- -----------
1,896,788 352,091
----------- -----------
Loan receivable from shareholder 60,000 -
Capital assets
Coiled tubing rigs under
construction 1,350,000 -
Coiled tubing rig and ancillary
equipment 3,010,487 2,895,972
----------- -----------
4,360,487 2,895,972
Less accumulated amortization 182,330 15,900
----------- -----------
4,178,157 2,880,072
----------- -----------
$6,134,945 $3,232,163
----------- -----------
----------- -----------
LIABILITIES
Current
Accounts payable and accrued
charges $ 206,919 $ 107,602
Current portion of long term debt 412,083 252,710
----------- -----------
619,002 360,312
----------- -----------
Long term debt 1,143,959 1,589,754
----------- -----------
SHAREHOLDERS' EQUITY
Share capital 4,357,885 1,482,885
Retained earnings (deficit) 14,099 (200,788)
----------- -----------
4,371,984 1,282,097
----------- -----------
$6,134,945 $3,232,163
----------- -----------
----------- -----------
Approved on behalf of the Board:
Mark Andreychuk, Director
John Niedermaier, Director
CANCOIL INTEGRATED SERVICES INC.
(Formerly J&L Capital Venture Corp.)
STATEMENT OF EARNINGS
(Unaudited)
Three months ended Nine months ended
Feb 29 Feb 28 Feb 29 Feb 28
2000 1999 2000 1999
---- ---- ---- ----
Coiled tubing
drilling and
service revenue $488,328 $136,885 $1,642,487 $136,885
-------- -------- --------- --------
Coiled tubing
drilling and
service expense 285,410 130,457 727,901 130,457
General and
administrative
expense 86,436 79,510 283,029 134,416
Interest short
term (12,208) (1,217) (18,178) (6,588)
Interest on long
term debt 44,307 34,601 136,734 34,601
Amortization 49,142 15,900 147,426 15,900
-------- -------- --------- --------
453,087 259,251 1,276,912 308,786
-------- -------- --------- --------
Net earnings (loss)
for the period $ 35,241 $(122,366) $ 365,575 $(171,901)
-------- -------- --------- --------
-------- -------- --------- --------
EARNINGS (LOSS) PER SHARE
Basic $ .002 $ (.019) $ .023 $ (.028)
-------- -------- --------- --------
-------- -------- --------- --------
Fully diluted $ .002 $ (.017) $ .019 $ (.021)
-------- -------- --------- --------
-------- -------- --------- --------
CANCOIL INTEGRATED SERVICES INC.
(Formerly J & L Capital Venture Corp.)
STATEMENT OF CASH FLOW
(Unaudited)
Three months ended Nine months ended
Feb 29 Feb 28 Feb 29 Feb 28
2000 1999 2000 1999
---- ---- ---- ----
Net inflow (outflow) of
cash related to the
following activities
Operating activities
Net income (loss) $ 35,241 $ (122,366) $ 365,575 $ (171,901)
Adjustment for
amortization of
capital assets 49,142 15,900 147,426 15,900
Future income
tax expense - - - -
-------- -------- -------- --------
84,383 (106,466) 513,001 (156,001)
Changes in non-cash
working capital
(Increase) in
accounts
receivable 23,762 (112,611) (304,310) (114,972)
(Increase) in
prepaid expenses (1,499) (20,419) (2,702) (22,156)
Increase (decrease)in
accounts payable 43,790 104,838 82,270 94,918
-------- -------- -------- --------
150,436 (134,658) 288,259 (198,211)
-------- -------- -------- --------
Financing activities
Common shares issued - 1,065,000 2,865,000 1,065,000
Increase (decrease)
in long term debt (69,259) 1,842,464 (227,746) 1,842,464
Decrease in major
transactions costs - 25,000 - 25,000
-------- --------- --------- ---------
(69,259) 2,932,464 2,637,254 2,932,464
-------- --------- --------- ---------
Investing activities
Acquisition of
capital assets (495,118) (2,890,972) (1,440,862) (2,895,972)
Loan receivable
from shareholder - - (60,000) -
-------- --------- --------- ---------
(495,118) (2,890,972) (1,500,862) (2,895,972)
-------- --------- --------- ---------
Net cash inflow
(outflow) (413,941) (93,166) 1,424,651 (161,719)
Cash, beginning
of period 1,895,152 305,296 56,560 373,849
---------- --------- ---------- ---------
Cash, end of
period $1,481,211 $ 212,130 $1,481,211 $ 212,130
---------- --------- ---------- ---------
---------- --------- ---------- ---------
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) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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