Canadian Energy Services & Technology Corp. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Year 2013; Appoints Jason Waugh as Vice President and Officer; Declares Cash Dividend, Payable on or About April 15, 2013
For the full year, the company reported revenue of $471,299,000 against $459,257,000 a year ago. Income before taxes was $43,890,000 or $0.76 per diluted share against $61,145,000 or $1.08 per diluted share a year ago. Net income was $27,869,000 or $0.49 per diluted share against $41,695,000 or $0.74 per diluted share a year ago. Year-over-year net income was negatively impacted by weaker gross margins, higher tax expense, and higher non-cash depreciation and amortization expenses and stock-based compensation. EBITDAC was $64,928,000 or $1.13 per diluted share against $76,320,000 or $1.35 per diluted share a year ago. Funds flow from operations was $48,234,000 or $0.84 per diluted share against $68,663,000 or $1.22 per diluted share a year ago.
The company expected range of consolidated gross revenue for 2013 will be approximately $580 million to $620 million and expected consolidated EBITDAC will be approximately $95 million to $105 million.
The company appointed Mr. Jason Waugh as a Vice President and Officer effective March 7, 2013.
The company declared a cash dividend of $0.055 per common share to shareholders of record on March 28, 2013. The company expects to pay this dividend on or about April 15, 2013.