FSI Energy Services Inc.
TSX VENTURE : FSI

FSI Energy Services Inc.

June 29, 2011 18:57 ET

FSI Announces 2011 First Quarter Financial Results and Returns to Profitability

CALGARY, ALBERTA--(Marketwire - June 29, 2011) - Richard Ball, Chief Executive Officer of FSI Energy Services Inc. (TSX VENTURE:TSI) ("FSI"), is pleased to announce financial results for the three months ended March 31, 2011.

Financial Highlights Quarter Quarter
ended ended
March 31, 2011 March 31, 2010
($ ) ($ ) Change
Revenue $ 683,644 735,437 7 %
Earnings (loss) before interest, taxes, depreciation
and amortization (EBITDA) 113,675 (88,347 ) 229 %
EBITDA margin (% of sales revenue) 17 % (12 %)
Profit (Loss) for the period 55,991 (147,863 ) 138 %
Gross margin (% of sales revenue) 8 % (20 %)

The company is beginning to realize the effects of the recovery in the Canadian energy sector ($683,644 – Q1 2011, $630,003 – Q1 2010). The first quarter of 2011 saw FSI return to profitability, primarily as a result of continued aggressive cost cutting combined with increased filtration service revenue in the domestic energy sector.

More in-depth analysis of financial results is contained within the company's Management Discussion and Analysis, available on SEDAR.

About FSI

Through its wholly owned subsidiary FSI International Services Ltd., FSI Energy Services Inc. is a Calgary-based manufacturing and service company specializing in customized filtration, filtration-related technologies and Brine Plants for the energy, chemical, and water treatment industries.

Forward-looking Information Cautionary Statement

Certain information contained in this press release, including information and statements which may contain words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking information. Forward-looking statements are based on the opinions and estimates of management relying on their experience at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSX Venture Exchange, changes in the business environment that might impact the intended use of proceeds and terms of the financing and changes in the intention of the parties to subscribe to the private placement. All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by FSI, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on FSI or its business operations. FSI disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.

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.

Contact Information

  • FSI Energy Services Inc.
    Richard Ball
    President and CEO
    (403) 571-4230
    (403) 230-3106 (FAX)
    www.fsigroup.ca