Impax Energy Services Income Trust

Impax Energy Services Income Trust

August 14, 2007 18:35 ET

Impax Energy Services Income Trust Releases Financial Results for the Second Quarter Ended June 30, 2007

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2007) - Impax Energy Services Income Trust (TSX:MPX.UN) ("Impax" or the "Trust") today announced its financial results for the second quarter ending June 30, 2007.

During the second quarter of 2007, Impax recorded revenue of $3.8 million, EBITDA(1) of $(1.6) million and net loss of $(12.5) million after a one-time future income tax charge of $8.1 million.


Three months ended Six months ended
June 30, 2007 June 30, 2007
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In 1000's of Dollars In 1000's of Dollars

Revenue $3,847 $21,185
Net loss $(12,492) $(8,971)
EBITDA(1) $(1,562) $6,024
Distributable cash(1) $4,823 $7,963
Total assets $138,477 $138,477
Loss per unit - basic $(1.07) $(0.77)
- diluted $(1.05) $(0.75)

Total distributions to unitholders for the quarter ended June 30, 2007 of $0.31875 per unit were previously announced.

"While seasonality and industry fundamentals have continued to pose challenges to the Canadian energy sector, we anticipate a return to more normal activity levels in the balance of 2007 and 2008. Management also remains committed to the Impax strategy as we continue to look for disciplined growth opportunities." said Impax President & Chief Executive Officer, Scott Delaney.

Impax Energy Services Income Trust is an open-ended trust, providing oilfield services in western Canada. The Trust indirectly owns a 55.5% interest in Impax Energy Services Master Limited Partnership, which indirectly acquired and now operates through its subsidiaries the businesses of McClelland Oilfield Rentals Limited Partnership, EGOC Enviro Group Limited Partnership, Denray Rathole Drilling Limited Partnership and Dwayne Hommy Trucking Limited Partnership. These businesses provide services in the areas of oilfield rental, specialized equipment rental, access mat rental, waste management services, rat hole drilling and specialty fluid hauling.

This news release may contain forward-looking statements relating to expected future events and financial and operating results of the Trust that involve risks and uncertainties. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the risks and uncertainties detailed in the Trust's March 27, 2007 Annual Information Form filed with the Canadian securities regulatory authorities. Due to the potential impact of these factors, the Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.


(1) As discussed in the Management's Discussion and Analysis, EBITDA and distributable cash are not earnings measures recognized by GAAP and do not have a standardized meaning prescribed by GAAP. References to "EBITDA" are to net earnings before interest expense, income taxes, amortization, impairment charges, unit based compensation and non-controlling interest and references to "distributable cash" are to cash available for distribution to Unitholders in accordance with the distribution policies of the Trust. Management believes that, in addition to net earnings, EBITDA is a useful supplemental measure of both performance and cash available for distribution before debt service, changes in working capital, capital expenditures and income taxes. Distributable cash is a measure generally used by income trusts as an indicator of financial performance and is a useful supplemental measure that may assist prospective investors in assessing an investment in the Trust. Management has calculated distributable cash as cash flow from operations less purchases of capital property and equipment.

Additional Financial Information

The full quarterly report including the unaudited interim consolidated financial statements with accompanying notes and Management's Discussion and Analysis will be filed on SEDAR.

Contact Information

  • Impax Energy Services Income Trust
    Scott D. Delaney
    President and Chief Executive Officer
    (416) 304-6867
    Impax Energy Services Income Trust
    John R. Anderson
    Chief Financial Officer
    (416) 913-3684