Destiny Reports Year to Date Record Revenue Increase Of 47.7%.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)--Nov. 22, 2000 Destiny Destiny goddess of destiny of mankind. [Gk. Myth.: Kravitz, 78] See : Fate Resource Services Corp. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DSC (1) (Digital Signal Controller) A microcontroller and DSP combined on the same chip. It adds the interrupt-driven capabilities normally associated with a microcontroller to a DSP, which typically functions as a continuous process. See microcontroller and DSP. .) today announced its financial and operating results for the third quarter and nine month period ended September September: see month. 30, 2000.
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Three Months Ended Nine Months Ended
September 30 September 30
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(unaudited)
2000 1999 2000 1999
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(thousands, except per share amounts) $ $ $ $
OPERATING RESULTS
Revenue
Front End 19,708 12,972 40,986 22,469
Surface Preparation 5,754 5,840 17,227 12,297
Post Drilling 7,216 5,125 24,884 13,531
International 875 7,325 4,209 10,776
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Total revenue 33,553 31,262 87,306 59,073
Direct expenses 30,767 30,292 77,383 60,454
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Gross margin 2,786 970 9,923 (1,381)
Other expenses (income)
General and administrative 788 715 2,492 2,288
Depreciation, amortization
and depletion 1,739 1,896 4,954 5,473
Interest 1,170 771 2,982 2,398
Writedown of goodwill -- -- -- 5,000
Other 96 144 122 1,179
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3,793 3,526 10,550 16,338
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Income (loss) before minority
interest income taxes (1,007) (2,556) (627) (17,719)
Minority interest 0 (70) -- (107)
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Income (loss) before income tax (1,007) (2,626) (627) (17,826)
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Income tax expense (recovery) 48 (374) 73 (1,019)
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Net income (loss) (1,055) (2,252) (700) (16,807)
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Cash inflow (outflow) (before net
change in non-cash
working capital) 700 (399) 4,354 (5,596)
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EBITDA 1,902 41 7,309 (4,955)
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Earnings (loss) per share
Basic (0.04) (0.10) (0.03) (0.94)
Fully diluted (0.04) (0.10) (0.03) (0.94)
Cash inflow (outflow) from
operations per share
Basic 0.02 (0.02) 0.16 (0.33)
Fully diluted 0.02 (0.01) 0.13 (0.25)
Weighted average shares
outstanding (000s)
Basic 28,742 22,511 26,440 17,147
Fully diluted 34,606 27,793 32,303 22,429
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AS AT September 30, 2000 December 31, 1999
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(unaudited) $ $
BALANCE SHEET
Current assets
Cash -- 1,245
Other current assets 34,712 30,092
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Total current assets 34,712 31,337
Capital assets and other long term assets 34,552 35,026
Goodwill 4,623 4,548
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Total assets 73,887 70,911
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Current liabilities
Bank indebtedness 14,769 11,479
Other current liabilities 17,507 18,582
Current portion of long-term debt 5,623 6,781
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Total current liabilities 37,899 36,842
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Long-term debt 10,444 12,005
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Future income taxes 1,041 99
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Debentures 10,282 9,503
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Share capital 15,866 25,502
Retained earnings (deficit) (1,645) (13,040)
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14,221 12,462
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Total liabilities and shareholders' equity 73,887 70,911
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Destiny Resource Services Corp. posted record revenue for the third quarter and nine months ended September 30, 2000. For the three months ended September 30, 2000, revenue increased 7.3% to $33.6 million compared to $31.3 million a year ago. For the nine months ended September 30, 2000, revenue increased 47.7% to $87.3 million compared to $59.1 million a year ago. The record revenue during the third quarter is the result of strong activity in front-end front-end adj. 1. Of or relating to the initial phase of a project: a front-end investment. 2. Of or relating to the forward parts of a vehicle: a front-end alignment. services, which accounted for 58.7% of the revenue in the quarter and can be attributed to the success of our "all-in all-in adj (BRIT) (also adv) [charge] → todo incluido all-in adj, adv (Brit) [charge] → tout compris " package of services. "This record revenue was produced despite the impact of the wet weather during the quarter and at a time when our international revenues were at an all time low. The search for additional gas reserves is generating strong demand for our services and opens up new areas, particularly in northern Alberta Norhern Alberta is a region located in the Canadian province of Alberta. Its primary industry is oil and gas, with large heavy oil reserves being exploited at the Athabasca Oil Sands and Wabasca Area in the east of the region. , northeastern north·east n. 1. Abbr. NE The direction or point on the mariner's compass halfway between due north and due east, or 45° east of due north. 2. An area or region lying in the northeast. 3. BC and the territories," stated Mr. Adrian Adrian, Roman emperor Adrian, Roman emperor: see Hadrian. Adrian, city, United States Adrian, city (1990 pop. 22,097), seat of Lenawee co., SE Mich., on the Raisin River; inc. 1836. Erickson Erickson can refer to several persons:
During the third quarter of fiscal 2000, Destiny recorded cash flow (before net change in non-cash working capital) of $700,000. Basic and 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. cash flow per share increased to $0.02 per share compared to basic cash outflow of $0.02 and fully diluted of $0.01 cash outflow a year ago. 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 months ended September 30, 2000 increased to $4.4 million from a cash outflow of $5.6 million a year ago. Basic cash flow per share was $0.16 compared to a cash outflow of $0.33 a year ago, while fully diluted cash flow per share increased to $0.13 from a cash outflow of $0.25. As at September 30, 2000, working capital improved to a deficit of $3.2 million from a deficit of $5.5 million 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. , and with the completion of the $2.8 million rights offering, shareholders equity increased to $14.2 million, from to $12.5 million at year-end. Reduction of 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. and steady improvement in working capital continue to be primary goals of Destiny management. The net loss for the third quarter decreased 53.2 percent to $1.1 million compared with a loss of $2.3 million last year. The Company's basic and fully diluted loss per share was $0.04 compared to a loss of $0.10 a year ago. The net loss for the nine-month period decreased to $700,000 compared to a loss of $16.8 million for the same period last year (which included a write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of goodwill of $5.0 million). The Company's basic and fully diluted loss per share declined to $0.04 from a loss of $0.94 a year ago. "While conditions were a contributing factor in the quarters financial performance, we can also look to certain business segments that underperformed in the period. Specifically, a road- building project in northeastern BC, which was affected more than other projects by the wet weather, accounted for a $700,000 loss in the quarter and a loss of $1.2 million year to date. This project was completed in November November: see month. . Our northern post-drilling segment was also affected by both conditions and competitive pricing, losing $281,000 in the quarter. The environmental division, while performing better during the quarter has lost $182,000 year to date. As a result, the company has entered into an agreement for the sale of this division for $1.25 million and this transaction is expected to close shortly. The Company is confident that these decisions and the continuing integration of our services, particularly in the surface preparation segment, will yield significant operating and overhead savings. The Company has identified additional components of our post-drilling business that do not sit comfortably with our core services The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. and over the coming months, shareholders will see divestment divestment to strip one's investment from an entity. of these assets. Destiny is now able to focus on profitability for its core business segments." "As we enter the winter season we are experiencing an increase in demand for our services, most notably in our Surface preparation division and this is translating into higher pricing for our services. The fourth quarter of 2000 will see a significant improvement over the same period last year as E&P companies are anxious to start their winter programs. Our integration and cost cutting efforts over the past 12 months, combined with strong exploration activity, should produce record results domestically, in the fourth quarter and throughout 2001. On the international scene, we are seeing evidence of increased exploration activity and this will have a positive impact on the bottom line of the company next year," declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. Mr. Erickson. Destiny is the only "full service" company 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 providing survey, line clearing and shothole drilling services form a single source, offering their clients greater convenience and accountability The traceability of actions performed on a system to a specific system entity (user, process, device). For example, the use of unique user identification and authentication supports accountability; the use of shared user IDs and passwords destroys accountability. in a complete front-end package. With over 25 years of operating experience in front-end services, together with a strategic presence in oilfield construction and maintenance, Destiny has provided essential, 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. to the seismic, exploration and production industries in Canada and internationally. |
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