CALGARY, ALBERTA--(Marketwire - Nov. 29, 2012) - Enseco Energy Services Corp. ("Enseco" or the "Company") (TSX VENTURE:ENS) announces that it has refiled its Management's Discussion and Analysis ("MD&A") for the quarter ended September 30, 2012. In the previously filed MD&A and accompanying press release dated November 26, 2012, Enseco incorrectly presented its EBITDA numbers using net income (loss) from continuing operations, before tax plus deferred tax expense. The calculation should have used net income (loss) rather than net income (loss) from continuing operations.
In addition to the following table summarizing Enseco's results from operations included in the Company's November 26, 2012 press release which has been updated to reflect the adjusted EBITDA numbers, adjusted EBITDA as a percentage of revenue did not remain constant over the period but decreased slightly to approximately 19%.
|RESULTS FROM OPERATIONS|
| ||Three months ended September 30,||Six months ended September 30,|
|In thousands of dollars||2012|| ||2011||2012|| ||2011|
|Revenue||$||19,167|| ||$||22,294||$||33,086|| ||$||32,890|
|Adjusted gross margin1||$||7,575|| ||$||8,784||$||11,570|| ||$||11,641|
|EBITDAS1||$||2,339|| ||$||5,085||$||2,493|| ||$||4,669|
|Net income (loss) from continuing operations, before tax|| $|
| ||Per common share - basic and diluted||$||(0.04||)||$||0.17||$||(0.15||)||$||0.01|
| ||Deferred taxes included in cash flow beforechanges in non-cash working capital items|| |
| $|| ||$|
| || |
|Cash flow, before changes in non-cash working capital items 1|| || || || || || || || || || |
| $||3,086|| ||$||5,035||$||2,493|| ||$||4,619|
|Cash flow from/(used in), operating activities||$||(106||)||$||55||$||6,193|| ||$||6,740|
|1||See definition within the Non-IFRS Measures section of this press release.|
ABOUT ENSECO ENERGY SERVICES CORP.
Enseco is a premier supplier of directional drilling, production testing and frac flowback services operating throughout the Western Canadian Sedimentary Basin and select markets in the United States, Our corporate office is located in Calgary and sales offices are located in both Calgary and Denver. Enseco is led by an experienced management team with a focus on continued value creation through accretive acquisitions and organic growth.
EBITDAS means earnings before interest, taxes, depreciation and amortization, and stock-based compensation and is equal to earnings before income taxes from continuing operations plus interest on debt, other charges and interest expense, depreciation and amortization, stock-based compensation, unrealized foreign exchange loss, and loss on sale of equipment. Adjusted gross margin equals gross margin, plus interest on debt, other charges and interest expense, depreciation and amortization, stock-based compensation, impairment loss/recovery, and loss on sale of equipment. Cash flow means cash flows provided by continuing operations before changes in non-cash working capital items.
EBITDAS, adjusted gross margin, and cash flows from continuing operations before changes in non-cash working capital items are not recognized measures under International Financial Reporting Standards ("IFRS"). Management believes that in addition to net losses, EBITDAS, adjusted gross margin and cash flows, are useful supplemental measures as they provide an indication of the results generated by the Company's primary business activities prior to consideration of how those activities are financed, amortized or how the results are taxed in various jurisdictions as well as the cash generated by the Company's primary business activities. Readers should be cautioned, however, that EBITDAS, adjusted gross margins and cash flows from continuing operations before changes in non-cash working capital items should not be construed as an alternative to net losses determined in accordance with IFRS as an indicator of Enseco's performance. Enseco's method of calculating operating losses, EBITDAS, adjusted gross margin and cash flows from continuing operations before changes in non-cash working capital items may differ from other organizations and, accordingly, such measures may not be comparable to measures used by other organizations. For reconciliation to the appropriate IFRS measure, see our MD&A.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.