CWC Energy Services Corp. Announces Management Changes
Dec 12 14
CWC Energy Services Corp. announced the changes to its Board of Directors and Senior Management Team. Effective immediately, Mr. Dean Schultz has been appointed as a Director to the Board of CWC. Mr. Schultz is a Chartered Accountant with over 14 years of accounting, investment management and energy industry experience. He is currently the Vice President, Energy with Brookfield Asset Management Inc. He currently holds and has previously held, directorships on numerous public and private company Boards. In conjunction with Mr. Schultz's appointment, CWC has accepted the resignation of Mr. Alexander D. Greene as a Director of the Company. Effective January 5, 2015, Mr. Craig S. Flint will be joining CWC as Chief Financial Officer. Mr. Flint is a Chartered Accountant with over 23 years of accounting, finance and energy related experience. He has spent the last 16 years with Superior Plus Corp. and its subsidiaries in various capacities including Vice President, Finance of Superior Propane; Vice President, Business Development & Compliance at Superior Plus Corp., Corporate Controller at Winroc; and Team Leader, Tax & Treasury at Superior Plus Income Fund. Effective December 31, 2014, Mr. Rick Dawson will be retiring as Vice President, Business Development after a successful 44 year career in the service rig industry. In conjunction with Mr. Dawson's retirement, CWC has promoted Mr. Michael DuBois to the position of Vice President, Sales & Marketing (Well Services) effective January 1, 2015. Mr. DuBois is currently the Sales & Marketing Manager for CWC. He has 19 years of experience in the service rig industry having started as a Floorhand and progressively moving up in responsibility to the position of Rig Manager with Alberta Gold Well Servicing and Nabors Production Services.
CWC Energy Services Corp. Declares Dividend for the Fourth Quarter Ending December 2014, Payable on January 15, 2015; Reports Earnings Results for the Third Quaretr and Nine Months Ended September 30, 2014; Revised Capital Expenditure Guidance for 2014
Nov 12 14
CWC Energy Services Corp. announced that its Board of Directors has declared dividend for the fourth quarter ending December 2014 of $0.0175 per common share. The dividend will be paid on January 15, 2015 to shareholders of record on December 31, 2014. The ex-dividend date is December 29, 2014. This dividend is an eligible dividend for Canadian income tax purposes.
The company reported earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, revenue of $38,846,000 compared to $28,559,000 in the prior year. EBITDAS was $9,886,000 or $0.04 basic and diluted earnings per share compared with $7,578,000 or $0.05 per share a year ago. Funds from operations were $9,886,000 compared with $7,578,000 a year ago. Net income was $2,246,000 or $0.01 basic and diluted earnings per share compared with $1,629,000 or $0.01 per share a year ago. Cash flows from operating activities were $2,491,000 compared with $1,468,000 a year ago. Net debt was 43,680,000. The revenue decline in the Production Services segment was primarily due to abnormally wet weather conditions during the quarter and reduced activity levels as a result of certain internal operational issues with three of CWC's top five senior exploration and production ("E&P") customers. In addition, CWC sold its snubbing division in September 2014 which contributed to the reduced revenue in the Production Services segment.
For the nine months, revenue of $97,707,000 compared to $81,782,000 in the prior year. EBITDAS was $20,518,000 or $0.09 basic and diluted earnings per share compared with $18,573,000 or $0.12 per share a year ago. Funds from operations were $19,730,000 compared with $18,573,000 a year ago. Net income was $2,309,000 or $0.01 basic and diluted earnings per share compared with $2,667,000 or $0.02 per share a year ago. Cash flows from operating activities were $14,935,000 compared with $19,296,000 a year ago. Net debt was 29,502,000. The decrease in net income is directly attributable to $2.2 million of additional depreciation expense primarily as a result of the newly operated Contract Drilling segment in 2014 without a corresponding expense in 2013. This additional depreciation expense was partially offset by a decrease of $1.2 million in finance costs as a result of lower interest charges on the credit facility in 2014 compared to 2013.
The company approved a 2014 capital expenditure budget by $45.6 million, consisting of growth capital of $14.4 million of maintenance and infrastructure capital. The additional $20.4 million of growth capital consists of: one new telescopic double drilling rig complete with top drive (Rig 10); two new slant service rigs; and two Class II coil tubing units. As at September 30, 2014, the company has spent $20.7 million of the $45.6 million 2014 capital expenditure budget and taken delivery. Of the $45.6 million capital expenditure budget, it is expected that $17.8 million is expected to be carried over into 2015 due primarily to long lead time items for the drilling rig that are not expected to be received in 2014.
CWC Energy Services Corp. Announces Executive Changes
Oct 8 14
CWC Energy Services Corp. announced the promotion of Ms. Karen Dilon, CA, to the position of Vice President, Finance and Controller effective immediately. Ms. Dilon is a Chartered Accountant with over 14 years of accounting and finance experience with the last 8 years being in the oilfield services sector. She has been CWC's Corporate Controller for over 6 years. Prior to CWC, Ms. Dilon was the Corporate Controller for Collicutt Energy Services. In conjunction with Ms. Dilon's appointment, CWC has accepted the resignation of Ryan A. Michaluk as Chief Financial Officer of the Company. Ms. Dilon has been appointed interim Chief Financial Officer until a suitable replacement is found for Mr. Michaluk.