Impax Energy Services Income Trust
TSX : MPX.UN

Impax Energy Services Income Trust

August 14, 2006 16:45 ET

Impax Energy Services Income Trust Reports Results For Initial 17-Day Period Ended June 30, 2006

TORONTO, ONTARIO--(CCNMatthews - Aug. 14, 2006) - Impax Energy Services Income Trust (TSX:MPX.UN)("Impax" or the "Trust") today announced its financial results for the 17-day period from its Initial Public Offering ("IPO") on June 14, 2006, to June 30, 2006.

On June 14, 2006, Impax completed its IPO, which included the concurrent closing of the acquisitions of four oilfield service companies. The operations and financial results of Impax only include operating activities for the 17-day period from June 14, 2006 through June 30, 2006. Impax's financial results do not include comparative information because quarterly financial information for the prior period is not available. In addition, the acquired companies were all private companies with different accounting periods.

During the 17 days, Impax recorded revenue of $3.0 million and net earnings of $0.6 million. On a per unit basis, basic and diluted earnings were $0.05 per unit.

At June 30, 2006, the Trust's assets were $153.9 million and long-term debt was $37.7 million. Working capital was $3.1 million, comprised of current assets of $8.1 million and current liabilities of $5.0 million.

Distributions to unitholders for the 17-day period ended June 30, 2006 of $0.06 per unit and for the month of July 2006 of $0.10625 per unit were previously announced.

"We are very pleased that our revenue and operating margins are meeting our expectations and are consistent with the historical results disclosed in the May 30, 2006 prospectus." said Impax President & Chief Executive Officer Scott Delaney. "The transition of business operations into the Trust structure has been successfully completed, and we are looking forward to continuing strong financial results in the third quarter of 2006."

Impax Energy Services Income Trust is an open-ended trust, providing oilfield services in western Canada. The Trust indirectly owns a 55.3% 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 May 30, 2006 prospectus 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.

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
    or
    Impax Energy Services Income Trust
    John R. Anderson
    Chief Financial Officer
    (416) 601-2428