VANCOUVER, British Columbia, Feb. 07, 2019 (GLOBE NEWSWIRE) -- Hanwei Energy Services Corp. (TSX: HE) (“Hanwei” or the “Company”) today reported its financial results for the three and nine months ended December 31, 2018. All amounts are in Canadian Dollars unless otherwise noted.
The Company has two reportable segments for its continuing operations: its FRP pipe manufacturing and its oil and gas production. The pipe segment produces and sells fiberglass reinforced plastic (“FRP”) pipe for the oil and gas industry and other infrastructure applications. The oil and gas segment is engaged in the exploration and production of oil and natural gas in Western Canada.
For the three months ended December 31, 2018:
|•||Total Company revenues were approximately $4.2 million as compared to $3.6 million for the same period of the prior year. |
|For the nine months ended December 31, 2018:|
|•||Total Company Adjusted EBITDA from continuing operations was negative $0.2 million as compared to $0.9 million for the same period of the prior year. The $1.1 million decrease for the period was mainly due to the costs of system commissioning and improvements at the Leduc Lands as well as certain one-time recoveries in the prior year period in the FRP pipe business. |
|•||The Company had a loss from continuing operations of $1.9 million as compared to loss from continuing operations of $0.4 million for the same period of the prior year.|
As of December 31, 2018, the Company had:
- Cash balance (inclusive of short-term investments) of $0.8 million
- Net Asset Value per share for its continuing operations of $0.13 (on total shares outstanding of approximately 194.2 million)
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp.’s principal business operations are in two complementary key segments of the oil and gas industry as both an equipment supplier to the industry (as a leading manufacturer of high pressure, fiberglass reinforced plastic (“FRP”) pipe products and associated technologies serving major energy customers in the global energy market) and as oil and gas producer with properties in Alberta and joint venture interests in Manitoba.
For more information, please contact:
Executive Vice President, Strategic Development and Corporate Affairs
Chief Financial Officer
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING INFORMATION AND NON-GAAP MEASURES
Certain information in this press release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions a description of which is set out in the risk factors section of the Company’s Annual Information Form dated June 19, 2018 and Management Discussion and Analysis for the year ended March 31, 2018 both of which are filed with Canadian securities regulators and available on SEDAR at www.sedar.com. The forward-looking information in this press release describes the Company’s expectations as of the date of this press release.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE PRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, THE COMPANY DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS REQUIRED BY APPLICABLE SECURITIES LEGISLATION.