Highlights
Revenue for the three-month period ended
Over 68 percent of the revenue generated during the first quarter of 2020 came from large and small padding machine rentals, 40 percent from small padders and 28 percent from large padders. Activity levels for large padding machines were down from 15 padding months during the first quarter of 2019 to 9 padding months during the first quarter of 2020, a decrease of 40 percent. Activity levels for small padders were up by 125 percent to 27 padding months during the first quarter of 2020, compared with 12 padding months during the same period in 2019. Virtually all the revenue from small padding machines was generated from renewables (wind and solar) construction as well as approximately 28 percent of the large padder months. OPP-200 padding machines are used for both pipeline and renewables construction, whereas OPP-300 machines are used exclusively for large diameter pipeline construction.
Gross margin for the three months ended
The Company generated a net loss in the amount of
Funds flow from operations for the first quarter of 2020 was a deficit of
Working capital at
Long-term debt and lease obligation decreased by
About ESI
ESI is a publicly traded company listed on the Canadian Securities Exchange under the stock symbol "OPI". ESI is a pipeline and renewables equipment rental and sales company with principal operations in
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance. The use of the word "will", and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions inherent in forward-looking information, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE
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