MATRRIX Announces Second Quarter 2012 Results
CALGARY, Aug. 28, 2012 /CNW/ – MATRRIX Energy Technologies Inc.
(“MATRRIX” or the “Corporation”) (TSXV: MXX) announces financial
results for the second quarter of 2012.
-- MATRRIX recorded revenue of $1,169,954 and EBITDA of ($558,111) in Q2 2012 and achieved revenue of $6,598,724 and EBITDA of $292,309 for first half of 2012. -- The Corporation's concurrent job capacity was 13 directional or horizontal drilling systems during Q2. The construction of 7 additional systems is in process, with deployment targeted for Q4 2012. -- MATRRIX introduced EM Telemetry to its MWD fleet, successfully utilized in Canada during Q2. MATRRIX is constructing additional EM Telemetry units to meet anticipated EM demand. -- Continued Balance Sheet strength with $14,148,191 of cash on hand, and working capital of $16,202,203 at June 30, 2012. -- Areas of operation include Alberta, Saskatchewan, British Columbia and Texas (USA).
FINANCIAL SUMMARY HIGHLIGHTS
Three Months Ended Six Months Ended June 30, 2012 June 30, 2012 Revenue $1,169,954 $6,598,724 EBITDA (i) ($558,111) $292,309 EBITDA per share Basic ($0.02) $0.01 Diluted ($0.02) $0.01 Net income ($968,237) ($369,475) Income per share Basic ($0.03) ($0.01) Diluted ($0.03) ($0.01) Weighted Average 31,860,046 31,316,297 diluted shares At June 30, 2012 At December 31, 2011 Working capital $16,202,203 $19,023,869 Total assets $26,952,795 $26,848,999 Long-term debt $ Nil $ Nil Shareholders' $25,741,898 $24,727,378 equity Common shares 32,001,638 30,771,021 outstanding
At the date of this press release MATRRIX had a total of 13 directional
or horizontal systems available for deployment in Alberta, Saskatchewan
and British Columbia. In addition, the Corporation continued its
drilling motor operations in west Texas.
President Richard Ryan states, “Q2 2012 financial results are reflective
of a seasonally wet spring in Canada. We are pleased with our progress
in the last quarter of only our first full year of operation. From a
standing start on July 31, 2011, we are firmly established with over
$10.4 million of revenue in our first full 12 months of operation,
while building loyal Client relationships with the MATRRIX brand, we’re
very encouraged at the level of acceptance from customers with strong
capex plans and forecasted activity. We are executing at a high level,
meeting both internal and client expectations. Within the past twelve
months, we’ve assembled and molded our core team and culture, and
proven to the market that MATRRIX is a solid choice to provide high
quality directional and horizontal drilling services and technology.
Our strong balance sheet, with over $14 million in cash as at June 30(th), 2012, along with our established job capacity, will allow MATRRIX to
exploit opportunities as we create or find them”.
The Corporation’s financial statements and management’s discussion and
analysis for the three and six month periods ended June 30, 2012 will
be available on SEDAR at www.sedar.com.
This press release contains references to EBITDA. This financial measure
is not a measure that has any standardized meaning prescribed by IFRS
and is therefore referred to as a non-GAAP measure. The non-GAAP
measures used by the Corporation may not be comparable to similar
measures used by other companies.
(i) EBITDA is defined as “income (loss) before interest, taxes, business
acquisition transaction costs, reverse takeover adjustments,
depreciation, stock based compensation expense, gains on disposal of
property and equipment and foreign exchange.” Management believes that
in addition to net and total comprehensive income (loss), EBITDA is a
useful supplemental measure as it provides an indication of the results
generated by the Corporation’s principal business activities prior to
consideration of how these activities are financed, how the results are
taxed in various jurisdictions, or how the results are effected by the
accounting standards associated with the Corporation’s stock based
Three Months Ended Six Months Ended June 30, 2012 June 30, 2012 Income (loss) before income $ (1,010,561) $ (504,048) taxes and interest Depreciation 284,350 485,583 Share based 121,673 261,980 payments Foreign exchange 46,427 48,794 (gain)/loss EBITDA $ (558,111) $ 292,309
MATRRIX is engaged in the acquisition and supply of horizontal and
directional drilling technologies for the oil and gas industry in North
This press release contains certain statements or disclosures relating
to MATRRIX that are based on the expectations of MATRRIX as well as
assumptions made by and information currently available to MATRRIX
which may constitute forward-looking information under applicable
securities laws. In particular, this press release contains
forward-looking information related to: the consistency of activity in
both Canada and the USA. Such forward-looking information involves
material assumptions and known and unknown risks and uncertainties,
certain of which are beyond MATRRIX’s control. Many factors could
cause the performance or achievement by MATRRIX to be materially
different from any future results, performance or achievements that may
be expressed or implied by such forward looking information. MATRRIX’s
documents filed with securities regulatory authorities (accessible
through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could
influence actual results and which are incorporated herein by
reference. MATRRIX disclaims any intention or obligation to publicly
update or revise any forward-looking information, whether as a result
of new information, future events or otherwise, except as may be
expressly required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE MATRRIX Energy Technologies Inc.