FSI Energy Group Inc.

FSI Energy Group Inc.

November 27, 2013 11:46 ET

FSI Announces 2013 Third Quarter Financial Results

CALGARY, ALBERTA--(Marketwired - Nov. 27, 2013) - Richard Ball, Chief Executive Officer of FSI Energy Group Inc. ("FSI" or the "Company") (TSX VENTURE:FSI), is pleased to announce financial results for the three months ended September 30, 2013.

Financial Highlights
(CAD): Nine months ended September 30: Three months ended September 30:
2013 2012 2013 2012
Revenue 11,782,200 2,830,867 1,222,690 522,897
Operating profit (loss) 1,558,814 (710,225 ) 53,345 (611,596 )
Comprehensive income (loss) 1,201,340 (778,964 ) 26,440 (635,590 )
EBITDA1 1,763,691 (596,820 ) 87,171 (576,142 )

In the third quarter of the year, FSI completed installation of its largest brine plant to date, resulting in total year- to-date revenue from the foreign segment of just over $10.3 million, and total revenue for the year-to-date of just under $12 million.

Key highlights:

  • Operating profit for the first nine months of 2013 increased to $1,558,814, up from the same period last year of an operating loss of $710,225
  • Selling, General & Administrative expense for the first nine months of the year decreased by over 22% to $1,143,714 (2013) from $1,470,055 (2012)

Further detail may be found in the Company's Management Discussion and Analysis - which is available on SEDAR.

1 EBITDA does not have a standard definition prescribed by IFRS and therefore may not be comparable to similar measures disclosed by other companies. The Company utilizes these measures in making operating decisions and assessing the Company's financial performance and as an indicator of its ability to service its liabilities. This non-GAAP measure has not been presented as an alternative to net income (loss) or any other measure of performance or liquidity prescribed by IFRS. EBITDA is calculated as follows:

September 30, Three months ended Nine months ended
2013 2012 2013 2012
$ $ $ $
Net income (loss) 26,440 (635,590 ) 1,201,340 (778,964 )
Add back:
Deferred income taxes 12,000 - 418,000 -
Finance costs 11,046 23,620 36,601 71,909
Depreciation included in cost of sales 32,409 31,145 92,373 93,652
Depreciation 5,276 4,683 15,377 16,583
EBITDA 87,171 (576,142 ) 1,763,691 (596,820 )

About FSI

Through its wholly owned subsidiary FSI International Services Ltd., FSI Energy Group 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. In particular, this press release contains forward-looking information about the completion of the Brine Plant export contracts and the revenues associated therewith. 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, the risk factors discussed in FSI's MD&A and other continuous disclosure documents. 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 Group Inc.
    Richard Ball
    President and CEO
    (403) 571-4230
    (403) 230-3106 (FAX)