Phoenix Technology Income Fund
TSX : PHX.UN

Phoenix Technology Income Fund

October 25, 2006 20:04 ET

Phoenix Technology Income Fund: Record Quarterly Financial Results

CALGARY, ALBERTA--(CCNMatthews - Oct. 25, 2006) - Phoenix Technology Income Fund (TSX:PHX.UN) is pleased to report on its financial and operating results for the three and nine-month periods ended September 30, 2006. The Fund achieved record financial results, the best for any quarter in the organization's history. From strong customer demand realized from both Canada and the US, revenue increased by 50 percent to $30.1 million for the three-month period ended September 30, 2006, from $20.1 million in the comparable 2005 period. Cash flow for the same 2006 period was $9.2 million as compared to $6.6 million in 2005. Cash distributions made in the 2006 three-month period were $4.3 million, or $0.195 per unit as compared to $2.8 million or $0.135 per unit in 2005. The cash payout ratios for the three-month and nine-month periods ended September 30, 2006, were 47 percent and 58 percent respectfully.



FINANCIAL HIGHLIGHTS
------------------------------------------------------------------------

(Stated in thousands
of dollars Three months Nine months
except per unit ended ended
amounts and units September 30 September 30
outstanding) 2006 2005 % Chg. 2006 2005 % Chg.
------------------------------------------------------------------------
Operating Results
Revenue 30,087 20,064 50 70,464 47,837 47
Net earnings 6,978 4,687 49 14,365 9,252 55
Earnings per unit
- diluted 0.31 0.22 41 0.64 0.44 45
EBITDA 9,872 6,890 43 21,341 14,012 52
EBITDA per unit
- diluted 0.44 0.33 33 0.96 0.67 43

------------------------------------------------------------------------
Cash Flow
Cash flow 9,217 6,596 40 20,507 13,580 51
Cash flow per unit
- diluted 0.41 0.32 28 0.92 0.65 42
Capital
expenditures 3,041 3,689 (18) 10,527 6,586 60
Cash distributions
made 4,340 2,807 55 11,983 7,752 55
Cash distributions
per unit (1) 0.195 0.135 44 0.54 0.375 44
Cash payout ratio (2) 47% 43% 58% 57%

------------------------------------------------------------------------
Sept. 30, Dec. 31,
Financial Position 2006 2005
Working capital 16,582 18,217 (9)
Long-term debt (3) 650 1,775 (63)
Unitholders' equity 56,613 53,588 6
Fund units outstanding 22,269,941 22,120,564 1
------------------------------------------------------------------------

(1) Cash distributions on a per unit basis paid in the period.
(2) Phoenix defines its cash payout ratio as cash distributions
made in the applicable period divided by cash flow for the same
period.
(3) Excludes current portion of long-term debt.


Non-generally accepted accounting principles ("GAAP") measures

The Fund uses earnings before interest, taxes, and depreciation ("EBITDA"), EBITDA per unit, cash flow from operating activities before net changes in non-cash working capital ("cash flow"), cash flow per unit and cash distributions per unit as financial performance measures that are not recognized under GAAP. Management believes that these measures provide supplemental financial information that is useful in the evaluation of the Fund's operations. Investors should be cautioned however, that these measures should not be construed as alternatives to measures determined in accordance with GAAP as an indicator of Phoenix's performance. Phoenix's method of calculating these measures may differ from other organizations, and accordingly, these may not be comparable. Refer to the non-GAAP measures section at the end of this report for a reconciliation of non-GAAP measures to a measure defined under GAAP.

RESULTS OF OPERATIONS

For the three-month period ended September 30, 2006, the Fund increased its consolidated revenue by 50% to $30.1 million, compared to $20.1 million for the comparable 2005 period. This level of revenue was the highest for any quarter in the Company's history. Despite weak North American natural gas prices that prevailed in the period, Phoenix was able to continue to build its market share in both the Canadian and American regions and achieve a substantial increase in activity levels through its diversified operations and client base. A significant portion of the western Canadian operations in the period included oil well service activity in the southern Saskatchewan region. In addition, the United States ("US") drilling market remained very active throughout the third quarter and Phoenix experienced no signs of reduced drilling activity by our clients in that region. MWD equipment utilization, on a consolidated basis, for the three-month period ended September 30, 2006, was 40 percent, as compared to 46 percent in the 2005 period. Although utilization decreased in the 2006 period, the average number of systems in the Fund's fleet increased substantially by 48 percent to 77 in 2006 versus 52 in 2005. Phoenix considers the maximum achievable utilization rate for its operations to be 67 percent due to downtime required for equipment repairs, rig moves and equipment mobilization. As at September 30, 2006, the Fund had 7 CLT systems out on lease with other horizontal and directional service providers that is not included in the utilization numbers.

Phoenix generated consolidated revenue of $70.5 million for the nine-month period ended September 30, 2006, which was 47 percent higher than revenue of $47.8 million for the corresponding 2005 period. Consolidated guidance equipment utilization was 36 percent for the nine-month period ended September 30, 2006, based on an average of 73 guidance systems, compared to 42 percent for the 2005 period, based on an average of 47 guidance systems.

For the three-month period ended September 30, 2006, cash flow from operations, before net changes in non-cash working capital, increased by 40 percent to $9.2 million, $0.41 per unit diluted, compared to $6.6 million, $0.32 per unit diluted in 2005. Cash flow from operations before net changes in non-cash working capital, for the nine-month period ended September 30, 2006, was $20.5 million, $0.92 per unit diluted, compared to $13.6 million, $0.65 per unit diluted in 2005, an increase of 51 percent.

During the three-month period ended September 30, 2006, the Fund's cash payout ratio was 47 percent with paid distributions of $4.3 million to unitholders, or $0.195 per unit. In the comparable 2005 period, the cash payout was 43 percent with paid distributions of $2.8 million or $0.135 per unit. For the nine-month period ended September 30, 2006, the Fund made distributions totaling $12.0 million or $0.54 per unit with the resulting cash payout ratio of 58 percent, as compared to cash distributions of $7.8 million or $0.375 per unit and a cash payout ratio of 57 percent in the 2005 period. The Fund generally targets its ideal cash payout ratio to be 65 percent of cash flow on an annualized basis.

EBITDA for the three-month period ended September 30, 2006, was a record $9.9 million, $0.44 per unit diluted as compared to $6.9 million, $0.33 per unit diluted, a 43 percent increase. For the nine-month period ended September 30, 2006, EBITDA was $21.3 million, $0.96 per unit diluted, compared to $14.0 million, $0.67 per unit diluted in 2005, an increase of 52 percent.

Net earnings for the three-month period ended September 30, 2006, also a record for the Fund, at $7.0 million, $0.31 per unit diluted, increased by 49 percent from $4.7 million, $0.22 per unit diluted, in 2005. For the nine-month period ended September 30, 2006, net earnings increased by 55 percent to $14.4 million, $0.64 per unit diluted as compared to $9.3 million, $0.44 per unit diluted in the 2005 period.

Currently, Phoenix has a measurement-while-drilling ("MWD") guidance system fleet of 86 tools, 45 of which are CLT systems leaving 41 positive / negative pulse systems. During the three-month period ended September 30, 2006 2 pulse systems were added to the organization's MWD fleet. The US operations currently deploy 31 MWD systems with 55 systems in Canada.

SEGMENT REVENUE

The Fund reports its operating segments on a geographical basis through the western regions in Canada and the Gulf, Rocky Mountain and Northeast regions in the US.

Canadian segment

Western Canadian segment revenue was $18.2 million for the three-month period ended September 30, 2006, as compared to $12.8 million in 2005, a 42 percent increase. This level of activity was a quarterly record for that segment. The Fund did experience a slow down of activity during the last week of September 2006 due to wet weather conditions present in northern Alberta. Pricing within the Canadian segment during the third quarter of 2006 remained at similar levels to the first and second quarter. As a comparison to industry activity as measured by statistics from the Daily Oil Bulletin, the number of horizontal and directional wells drilled within Canada for the three month period ended September 30, 2006, increased by 15 percent to 2,075 wells from 1,801 in 2005.

Canadian segment revenue for the nine-month period ended September 30, 2006, was $43.3 million as compared to $29.8 million, an increase of 45 percent.

United States segment

For the three-month period ended September 30, 2006, the US segment reported record quarterly revenue of $11.9 million, which was 63 percent higher than $7.3 million in revenue generated in the corresponding 2005 period. The segment continues to be active within the Barnett shale region in Texas and has further diversified its client base through the further addition of new clients. The segment has also benefited from its first full quarter of operations of its Northeast US operations, based in Traverse City, Michigan that commenced operations in April. This operation services the Northeastern States of Ohio, Michigan, West Virginia, Pennsylvania and New York and it has already made a significant contribution to the revenue and client base of the US segment. The segment's growth was constrained in the quarter from general shortages of field labour in the industry. Average US horizontal and directional industry rigs running on a daily basis in the third-quarter of 2006 was 697 as compared to 539, a 29 percent increase. (source: Baker Hughes). Due to its strong result, the US segment made up approximately 40 percent of consolidated third-quarter revenue as compared to 36 percent in 2005.

US segment revenue for the 2006 period increased 51 percent to $27.2 million from $18.0 million in 2005. US revenue for the nine-month period's ended September 30, 2005 and 2006, as a percent of consolidated revenue, was 38 percent.

OPERATING COSTS AND EXPENSES

Direct costs increased from $17.9 million in the three-month period ended September 30, 2006, as compared to $11.8 million in the comparable 2005 period, a 52 percent increase. Direct costs are comprised of field, shop and current research and development expenses. Gross profit, as a percentage of revenue, was 41 percent for both of the three-month periods ended September 30, 2005 and 2006. Increasing field costs and specialty third party equipment rentals in the US had an adverse impact on the overall margin result for the 2006 period. Gross profit, as a percentage of revenue, was 39 percent for both nine-month periods ended September 30, 2005 and 2006. Included in direct costs for the nine-month period are gross research and development costs of $640,000 for the 2006 period as compared to $446,000 in the 2005 period, a 43 percent increase.

SG&A costs for the three-month period ended September 30, 2006, were $2.7 million, as compared to $1.7 million, an increase of 59 percent. As a percentage of revenue, SG&A costs were 9 percent of revenue in the 2006 period compared to 8 percent of revenue in 2005. Included in SG&A for the 2006 period was $270,000 related to stock-based compensation costs from the issue of unit options, compared to $86,000 in 2005. The balance of the increase in the 2006 period is attributable to additional costs incurred for marketing staff compensation and professional fees.

SG&A costs for the nine-month period ended September 30, 2006, increased by 33 percent to $6.8 million, or 10 percent of revenue, as compared to $5.1 million, or 11 percent of revenue in 2005. Included in SG&A costs for the 2006 period are stock based compensation costs of $780,000 as compared to $204,000 in 2005.

Depreciation and amortization for the three-month period ended September 30, 2006, increased 23 percent to $1.6 million from $1.3 million in the 2005 period due to continued capital acquisitions of drilling equipment. Depreciation and amortization for the nine-month period ended September 30, 2006, increased to $4.5 million, up 25 percent from $3.6 million in 2005.

A foreign exchange loss of $34,000 was reported for the three-month period ended September 30, 2006, as compared to $49,000 in the corresponding prior period. The losses result primarily from the translation of US and Canadian denominated trade receivables and payable balances, and movements in US and Canadian dollar exchange rates.

Interest on long-term debt continued to decrease from lower debt levels. For the three-month period ended September 30, 2006, interest on long-term debt was $35,000 as compared to $40,000 in the 2005 period, a 13 percent decrease.

The Fund realized a net gain on disposal of drilling equipment of $387,000 in the three-month period ended September 30, 2006, compared to $395,000 in 2005. The disposals relate to insured equipment lost in well bores and are uncontrollable in nature. The gain reported is net of any asset retirements that are made on capital assets before the end of their useful lives.

Income taxes

The provision for income taxes for the three-month period ended September 30, 2006, was $1,270,000, as compared to $862,000 for the 2005 period. The effective rate for this 2006 period was 15 percent, as compared to an expected federal and provincial rate of 32.5 percent. The Fund reported a provision for income taxes of $2.4 million for the nine-month period ended September 30, 2006, compared to $1.2 million in the 2005 period. The effective tax rate for the 2006 nine-month period was 14 percent, compared to a statutory rate of 32.5 percent. The variance arising from the different rates is primarily due to the deductibility of declared cash distributions in calculating taxable income of the Fund and lower future enacted tax rates. As an investment trust, the Fund is subject to income taxes under the Income Tax Act only on income not distributed to its unitholders.

Investment

Due to the continued high level of demand placed upon Phoenix by its customers, the Fund invested a further $3.0 million in drilling and other equipment in the three-month period ended September 30, 2006, as compared to $3.7 million in 2005. For the nine-month period ended September 30, 2006, Phoenix invested $10.5 million in drilling and other equipment as compared to $6.6 million in 2005. Due to high demand levels, the Fund has revised its planned 2006 capital expenditures up to $17.0 million. The increase in expenditures will allow the Fund to minimize costly third party drilling equipment rentals, increasing profitability.

As at September 30, 2006, the Fund had working capital of $16.6 million as compared to $18.2 million at December 31, 2005. Phoenix anticipates that it will be able to fund its remaining 2006 capital expenditure program and maintain the current level of cash distributions through its cash flow from operations, working capital, and debt borrowings if necessary.

OUTLOOK

Phoenix has been pleased with its record financial results for the quarter ended September 30, 2006, the best for any given quarter in the Company's history. Both segments in Canada and the US have realized record operating activity levels that have been supported by increases in operating capacity from capital equipment acquisitions and field labour hiring programs. The new operations for the Northeastern US headquartered at Traverse City, Michigan have already exceeded our expectations. Even with the high activity levels, the Fund was able to meet customer requirements without having to incur excessive third party equipment rental costs, thereby maximizing profitability.

Although most analysts and forecasters have downgraded industry forecasts for wells drilled in Canada in 2006, the Fund to date has not been significantly impacted by the low level of North American natural gas prices and a large slowdown in drilling activity by its customers. Some Canadian natural gas exploration and development customers have indicated some drilling cutbacks, however the Fund's drilling activity for oil in Saskatchewan has remained active as well as oil and natural gas drilling activity throughout the US. As stated in last quarter's report to unitholders, Phoenix is prepared to react quickly to new adverse developments and adjust its expenditures and strategies accordingly.

The Fund will be actively reviewing strategies for reducing costs and achieving further market penetration in both geographical segments, and Phoenix is looking forward to continued success for the balance of 2006.



NON-GAAP MEASURES

The following is a reconciliation of EBITDA to net earnings:

------------------------------------------------------------------------
Three months Nine months
ended ended
September 30 September 30
(in thousands of dollars) 2006 2005 2006 2005
------------------------------------------------------------------------
EBITDA as reported $ 9,872 $ 6,890 $ 21,341 $ 14,012
Add:
Interest income 7 11 83 79
Deduct:
Depreciation and
amortization (1,596) (1,312) (4,529) (3,562)
Interest on long-term
debt (35) (40) (110) (127)
------------------------------------------------------------------------
8,248 5,549 16,785 10,402
Provision for income
taxes (1,270) (862) (2,420) (1,150)
------------------------------------------------------------------------
Net earnings $ 6,978 $ 4,687 $ 14,365 $ 9,252
------------------------------------------------------------------------


The following is a reconciliation of cash flow to cash flow provided by
operating activities:

------------------------------------------------------------------------
Three months Nine months
ended ended
September 30 September 30
(in thousands of dollars) 2006 2005 2006 2005
------------------------------------------------------------------------
Cash flow $ 9,217 $ 6,596 $ 20,507 $ 13,580
Changes in non-cash
working capital (5,418) (4,188) (3,363) (5,004)
------------------------------------------------------------------------
Cash flow provided by
operating activities $ 3,799 $ 2,408 $ 17,144 $ 8,576
------------------------------------------------------------------------
------------------------------------------------------------------------


Diluted EBITDA and cash flow per unit amounts are calculated using the treasury stock method where deemed proceeds on the exercise of the unit options are used to reacquire fund units at an average unit price. The calculation of EBITDA and cash flow per unit, on a dilutive basis, does not include anti-dilutive options. The denominator used in the calculation of diluted EBITDA and cash flow per unit is the same as diluted earnings per unit.

FORWARD-LOOKING STATEMENTS

The MD&A focuses on key information and statistics contained within the consolidated financial statements and the oil field services industry in western Canada and the United States which contain known and unknown risks and uncertainties. It should be noted that this MD&A would exclude any changes that may occur in economic, political and environmental conditions in both Canada and the United States. This MD&A contains statements that are not historical in nature and are forward-looking. These forward-looking statements include statements relating to Phoenix's plans, strategies, objectives, expectations, intentions, resources and business activities which are not guarantees as to future results since there are inherent difficulties in predicting these future results. The use of any of the words: "anticipate", "expect", "project", "may", "will", "should", "believe", "estimate", "forecast", "intends" and similar expressions identify forward-looking statements. Such statements are subject to unknown risks and uncertainties, many of which are beyond the Fund's control. These would include the impact of the general state of the economy, oil and natural gas energy price fluctuations, industry conditions, competition from other organizations, weather conditions and the seasonal nature of business, access to third-party suppliers and contractors, changes in government regulation, access to competent employees including senior management, and currency and interest rate fluctuations. The Fund's assumptions used in these forward-looking statements are believed to be reasonable at the time of preparation; however, no assurance can be given that these assumptions will prove to be correct and consequently, the Fund's actual results could differ materially from those implied by or contained in any forward-looking statement. As a result readers should be cautioned about placing any undue reliance on any forward-looking statement included in this report.

PHOENIX TECHNOLOGY INCOME FUND

Phoenix is in the business of providing horizontal and directional technology and drilling services in western Canada and the United States. In addition to this core business, the Fund also rents down-hole, high-performance drilling motors, drilling jars, and other ancillary equipment in western Canada. Current Loop Telemetry ("CLT") technology which was developed in Phoenix's research and development center is used to manufacture CLT guidance systems for use in the Fund's internal operations, and for short-term leases to other horizontal and directional service providers within North America. Phoenix maintains sales, service and operational centers in Calgary, Alberta; Houston, Texas; Casper, Wyoming and Traverse City, Michigan. The Fund's head office and research and development center are both located in Calgary.



Consolidated Balance Sheets
September 30, 2006 and December 31, 2005


September 30 December 31
2006 2005
------------------------------------------------------------------------
ASSETS (unaudited) (audited)

Current assets
Cash and cash equivalents $ - $ 3,964,950
Accounts receivable 31,245,293 24,481,382
Inventory 801,936 725,538
Prepaid expenses 771,663 488,246
------------------------------------------------------------------------
32,818,892 29,660,116

Drilling and other equipment 34,582,912 29,807,982
Goodwill 8,876,351 8,876,351
Cash in trust - 250,000
Intangibles - 37,500
------------------------------------------------------------------------
$ 76,278,155 $ 68,631,949
------------------------------------------------------------------------
------------------------------------------------------------------------
LIABILITIES AND UNITHOLDERS' EQUITY

Current liabilities
Bank Indebtedness $ 1,015,160 $ -
Accounts payable and accrued liabilities 11,678,766 8,705,496
Income taxes payable 595,000 132,000
Distributions payable 1,447,547 1,106,028
Current portion of long-term debt 1,500,000 1,500,000
------------------------------------------------------------------------
16,236,473 11,443,524

Long-term debt 650,000 1,775,000
Future income taxes 2,779,000 1,825,411
------------------------------------------------------------------------
19,665,473 15,043,935

Unitholders' equity
Unitholders' capital 43,934,212 43,377,923
Contributed surplus 1,757,319 1,071,465
Foreign currency adjustment (2,121,456) (1,863,172)
Retained earnings 13,042,607 11,001,798
------------------------------------------------------------------------
56,612,682 53,588,014

------------------------------------------------------------------------
------------------------------------------------------------------------
$ 76,278,155 $ 68,631,949
------------------------------------------------------------------------
------------------------------------------------------------------------


Consolidated Statements of Earnings
Three and nine months ended September 30, 2006 and 2005

Three months ended Nine months ended
September 30 September 30
2006 2005 2006 2005
------------------------------------------------------------------------
------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)

Revenue $ 30,087,375 $ 20,064,291 $ 70,464,396 $ 47,836,878
Direct costs 17,856,277 11,793,081 42,648,670 29,262,024
------------------------------------------------------------------------
Gross profit 12,231,098 8,271,210 27,815,726 18,574,854
------------------------------------------------------------------------

Expenses
Selling,
general and
administrative 2,711,225 1,727,592 6,829,756 5,119,330
Depreciation
and
amortization 1,596,068 1,312,100 4,529,305 3,562,228
Foreign
exchange
loss 33,955 48,923 198,373 105,220
Interest on
long-term
debt 34,555 39,828 109,886 127,355
Interest
income (6,514) (10,835) (83,326) (80,259)
Gain on
disposition
of
drilling
equipment (386,524) (395,192) (553,489) (661,418)
------------------------------------------------------------------------
3,982,765 2,722,416 11,030,505 8,172,456
------------------------------------------------------------------------
Earnings
before
income taxes 8,248,333 5,548,794 16,785,221 10,402,398

Provision
for income
taxes
Current 539,000 16,000 1,121,000 36,000
Future 731,000 846,000 1,299,000 1,114,000
------------------------------------------------------------------------
1,270,000 862,000 2,420,000 1,150,000
------------------------------------------------------------------------

Net earnings $ 6,978,333 $ 4,686,794 $ 14,365,221 $ 9,252,398
------------------------------------------------------------------------
------------------------------------------------------------------------

Earnings per
unit - basic $ 0.31 $ 0.23 $ 0.65 $ 0.45
Earnings per
unit
- diluted $ 0.31 $ 0.22 $ 0.64 $ 0.44
------------------------------------------------------------------------
------------------------------------------------------------------------


Consolidated Statements of Retained Earnings

Three months ended Nine months ended
September 30 September 30
2006 2005 2006 2005
------------------------------------------------------------------------
------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)

Retained
earnings,
beginning of
period 10,405,918 7,519,974 11,001,798 8,009,997
Net earnings 6,978,333 4,686,794 14,365,221 9,252,398
Distributions (4,341,644) (2,810,042) (12,324,412) (7,865,669)
------------------------------------------------------------------------
Retained
earnings,
end of
period $ 13,042,607 $ 9,396,726 $ 13,042,607 $ 9,396,726
------------------------------------------------------------------------
------------------------------------------------------------------------


Consolidated Statements of Cash Flows
Three and nine months ended September 30, 2006 and 2005

Three months ended Nine months ended
September 30 September 30
2006 2005 2006 2005
------------------------------------------------------------------------
------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)

Cash flows
from
operating
activities
Net earnings $ 6,978,333 $ 4,686,794 $ 14,365,221 $ 9,252,398
Add (deduct)
items not
affecting
cash
Depreciation
and
amortization 1,596,068 1,312,100 4,529,305 3,562,228
Future
income taxes 731,000 846,000 1,299,000 1,114,000
Unrealized
foreign
exchange
loss 27,577 60,740 235,820 108,642
Gain on
disposition
of drilling
equipment (386,524) (395,192) (553,489) (661,418)
Provision
for
(recovery)
of bad debt 539 - (149,771) -
Stock-based
compensation 270,360 85,545 780,418 203,841
------------------------------------------------------------------------
9,217,353 6,595,987 20,506,504 13,579,691

Change in
non-cash
working
capital (5,418,399) (4,187,932) (3,362,529) (5,003,351)
------------------------------------------------------------------------
3,798,954 2,408,055 17,143,975 8,576,340
------------------------------------------------------------------------

Cash flows
from
investing
activities
Proceeds on
disposition
of drilling
equipment 887,095 923,724 1,630,843 1,602,878
Acquisition
of drilling
and other
equipment (3,041,447) (3,688,607) (10,527,256) (6,585,962)
Change in
non-cash
working
capital (1,502,841) - (581,502) -
------------------------------------------------------------------------
(3,657,193) (2,764,883) (9,477,915) (4,983,084)
------------------------------------------------------------------------

Cash flows
from
financing
activities
Issuance of
units 66,786 121,945 461,723 363,488
Repayment of
long-term
debt (375,000) (375,000) (1,125,000) (1,125,000)
Distributions
to
unitholders' (4,339,672) (2,806,854) (11,982,893) (7,752,209)
------------------------------------------------------------------------
(4,647,886) (3,059,909) (12,646,170) (8,513,721)
------------------------------------------------------------------------

Decrease in
cash and
cash
equivalents (4,506,125) (3,416,737) (4,980,110) (4,920,465)
Cash and
cash
equivalents,
beginning of
period 3,490,965 4,430,196 3,964,950 5,933,924
------------------------------------------------------------------------

(Bank
indebtedness),
cash and
cash
equivalents,
end of
period $ (1,015,160) $ 1,013,459 $ (1,015,160) $ 1,013,459
------------------------------------------------------------------------
------------------------------------------------------------------------



Contact Information

  • Phoenix Technology Services Inc.
    John Hooks
    President and CEO
    (403) 543-4466
    or
    Phoenix Technology Services Inc.
    Cameron Ritchie
    Senior Vice President Finance and CFO
    (403) 543-4466
    or
    Phoenix Technology Services Inc.
    Suite 630, 435 4th Avenue SW
    Calgary, Alberta T2P 3A8
    (403) 543-4466
    (403) 543-6025 (FAX)
    Website: www.phoenixcan.com