Destiny Resource Services Corp.: Record Results for Third Quarter.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. 19, 2001 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. .) announced today its results for the third quarter and for the nine months ended September September: see month. 30, 2001. The Company recorded a record profit for the quarter of $4.2 million ($0.09 per 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. share) compared to a loss for the comparable quarter of 2000, restated, of $0.9 million ($0.03 per diluted share). Earnings for the nine months were $8.0 million ($0.20 per diluted share) compared to a loss for the prior year, restated, of $1.4 million ($0.05 per diluted share). Revenues were $36.0 million for the quarter and $81.6 million for the nine months in 2001 compared to $33.7 million and $87.2 million in 2000.
FINANCIAL HIGHLIGHTS
($000s, except per share amounts) (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2000 Change 2001 2000 Change
$ $ % $ $ %
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(restated) (restated)
Revenue 36,016 33,661 +7 81,605 87,201 -6
Net income (loss) 4,204 (947) +544 7,990 (1,441) +654
Per share-basic 0.09 (0.03) +400 0.20 (0.05) +500
Per share-diluted 0.09 (0.03) +400 0.20 (0.05) +500
Cash flow from
operations 5,852 1,024 +471 13,213 4,246 +211
Per share-basic 0.12 0.04 +200 0.34 0.16 +113
Per share-diluted 0.12 0.03 +300 0.33 0.13 +154
EBITDA (1) 6,950 2,010 +246 15,194 6,568 +131
Per share-basic 0.14 0.03 +333 0.39 0.14 +129
Per share-diluted 0.14 0.02 +550 0.38 0.11 +182
Capital expenditures 621 657 -7 2,991 2,976 +1
Weighted average shares outstanding (000s)
Basic 48,273 28,742 +68 39,358 26,440 +49
Diluted 48,976 34,606 +42 39,746 32,303 +23
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As at Sept. 30, Dec. 31,
2001 2000 Change
$ $ %
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Working capital (deficiency) 1,457 (10,072) +114
Total assets 59,265 58,075 +2
Long-term debt and debentures (2) 16,123 19,561 -18
Shareholders' equity 13,926 1,866 +646
Shares outstanding 46,812 29,443 +60
Book value per share outstanding $0.30 $0.06 +400
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(1) Earnings before interest, taxes, depreciation, amortization and
write-down of capital assets.
(2) Not including current portion.
"I am pleased to report on our operations, corporate developments and financial results for the three months and nine months ended September 30, 2001. Our third quarter was our strongest to date in 2001 and solidifies what will be a very good year for Destiny," said Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. Libin Libin is a municipality located in the Belgian province of Luxembourg. On January 1 2006 Libin had a total population of 4,619. The total area is 139.72 km² which gives a population density of 33 inhabitants per km². , Executive Chairman and Chief Executive Officer. "We are pleased to see our successes demonstrate the value of focusing on profitable operations, controlling costs and generating cash from our operations. "Due to very strong demand for our 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, financial and operating results exceeded budget and expectations. Over the nine-month period, each operating division contributed to gross margins and profits, and each continued on the path of our commitment to provide ever better value for our customers and continuous improvement of our services and processes." The following are some of the Q3 highlights: -- Gross margin increased 152% to $7.3 million or 20.3% of revenue compared to $2.9 million or 8.6% in 2000. -- General and administrative expenses were $0.3 million versus $0.8 million a year ago. -- Net income was $4.2 million (11.7% of revenue) compared to a loss of $0.9 million in 2000. -- EBITDA (earnings before interest, taxes, depreciation and amortization and write-down of capital assets) was $7.0 million (19.3% of revenue) versus $2.0 million (6.0% of revenue) in 2000. -- Earnings per diluted share were $0.09 compared to a loss of $0.03 the prior year. -- Working capital improved to $1.5 million compared to a deficiency at year-end of $10.0 million. -- We continued to develop and refine our "under canopy GPS" methodology in the integration of our survey and line clearing operations for select seismic programs, thereby improving our productivity, reducing seismic program costs to our customers and reducing timber damage. Destiny has launched additional initiatives in this area and is seeing further benefits for our customers and for the Company. Mr. Libin added: "Our fourth quarter is well underway and it is clear that 2001 will be a record year for Destiny. The commitment of our employees to quality services and value for our customers is unparalleled and we, the shareholders, are grateful for their efforts. In turn, Destiny is committed to providing our employees with an environment of quality and integrity, and we strive to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. our obligations to each person who works for Destiny. "Commodity price volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the has fostered a cautious approach by energy companies regarding expenditures on future capital projects. This general market weakness for oilfield services is expected to continue as a part of overall economic uncertainty. Demand for Destiny's services during 2002 will be largely dependent on the recovery and stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders of, and expectations for, crude oil and natural gas prices at levels which encourage expenditures by seismic acquisition companies and exploration and production companies 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 . With its offering of services being weighted to the exploration for and production of natural gas, and with the lead time inherent in seismic work in advance of drilling, particularly in the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. foothills and Arctic Arctic area of constant cold. [Geography: WB, A:600] See : Coldness (language, music) Arctic - A real-time functional language, used for music synthesis. ["Arctic: A Functional Language for Real-Time Control", R.B. , Destiny anticipates 2002 will be a year of continued strength - even if not as strong as 2001. "The Company is pleased with the significant progress it has made year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , and the modest progress it expects to make in the fourth quarter of 2001, in earning its way to an improved working capital position and reduced overall debt levels. Destiny believes its strengthened balance sheet and cash generating abilities will enable it not only to withstand the possibility of adverse economic conditions, but also to take advantage of new opportunities as they arise." Destiny provides services to energy explorers and producers in three of the primary phases of oil and gas exploration and production: Seismic Front-End Services is comprised of seismic survey and mapping services, seismic line clearing and shothole drilling. Surface Preparation Services includes wellsite preparation, oilfield road and lease construction and maintenance as well as wellsite reclamation Reclamation A claim for the right to return or the right to demand the return of a security that has been previously accepted as a result of bad delivery or other irregularities in the delivery and settlement process. . Post-Drilling Services focuses on pipeline gathering systems and facility construction, piping and structural fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and managed oilfield maintenance contracting. This release, or any part of it, may include comments that do not refer strictly to historical results or actions and may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company or of the industry to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include general and industry economic and business conditions which, among other things, affect the demand for the services of the Company; competitive factors and industry capacity; the availability of personnel to manage the Company and manage and deliver its services; the ability of the Company to finance and implement its business strategy; changes in, or the failure to comply with, government law and regulations (especially relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc health, safety and environment); weather; and other such risks as may be identified in this release or in other published documents. Accordingly, there is no certainty that the Company's plans will be achieved. |
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